Attached files
EXHIBIT 12.1
Kite Realty Group
Calculation of Ratio of Earnings to Combined Fixed Charges and Preferred Dividends
|
Years ended December 31
|
||||||||||||||||||||
|
2010
|
2009
|
2008
|
2007
|
2006
|
||||||||||||||||
|
Earnings:
|
||||||||||||||||||||
|
Net (loss) income from continuing operations
|
$ | (9,186,140 | ) | $ | 4,939,365 | $ | 10,183,056 | $ | 13,876,074 | $ | 11,601,854 | |||||||||
|
Add:
|
||||||||||||||||||||
|
Income taxes expense (benefit)
|
265,986 | (22,293 | ) | 1,927,830 | 761,628 | 965,532 | ||||||||||||||
|
Fixed charges, net of capitalized interest
|
28,560,292 | 27,350,287 | 29,649,915 | 26,257,879 | 21,528,608 | |||||||||||||||
|
Distributions and income from majority-owned unconsolidated entity
|
— | 381,514 | 825,747 | 621,793 | 504,713 | |||||||||||||||
|
Less:
|
||||||||||||||||||||
|
(Loss) income from unconsolidated entities
|
51,964 | (226,041 | ) | (842,425 | ) | (290,710 | ) | (286,452 | ) | |||||||||||
|
Earnings before fixed charges and preferred dividends
|
$ | 19,692,102 | 32,422,832 | 41,744,123 | 41,226,664 | 34,314,255 | ||||||||||||||
|
Fixed charges:
|
||||||||||||||||||||
|
Interest expense
|
$ | 28,532,440 | $ | 27,151,054 | $ | 29,372,181 | $ | 25,965,141 | $ | 21,221,758 | ||||||||||
|
Capitalized interest
|
8,807,062 | 8,892,218 | 10,061,770 | 12,824,398 | 10,680,000 | |||||||||||||||
|
Interest within rental expense
|
27,852 | 20,056 | 16,690 | 16,673 | 16,673 | |||||||||||||||
|
Fixed charges of unconsolidated entities
|
— | 179,177 | 261,044 | 276,065 | 290,177 | |||||||||||||||
|
Total fixed charges
|
37,367,354 | $ | 36,242,505 | $ | 39,711,685 | $ | 39,082,277 | $ | 32,208,608 | |||||||||||
|
Preferred dividends
|
376,979 | — | — | — | — | |||||||||||||||
|
Total fixed charges and preferred dividends
|
$ | 37,744,333 | $ | 36,242,505 | $ | 39,711,685 | $ | 39,082,277 | $ | 32,208,608 | ||||||||||
|
Ratio of earnings to fixed charges and preferred dividends
|
(1) | (2) | 1.05 | 1.05 | 1.07 | |||||||||||||||
|
(1)
|
The ratio is less than 1.0; the amount of coverage deficiency for the year ended December 31, 2010 was $18.1 million. The calculation of earnings includes $40.7 million of non-cash depreciation expense.
|
|
(2)
|
The ratio is less than 1.0; the amount of coverage deficiency for the year ended December 31, 2009 was $3.8 million. The calculation of earnings includes $32.1 million of non-cash depreciation expense.
|