Attached files
| file | filename |
|---|---|
| EX-31.1 - EXHIBIT 31.1 CEO CERTIFICATION - KITE REALTY GROUP TRUST | exhibit31_1.htm |
| EX-31.2 - EXHIBIT 31.2 CFO CERTIFICATION - KITE REALTY GROUP TRUST | exhibit31_2.htm |
| EX-32.1 - EXHIBIT 32.1 CEO AND CFO CERTIFICATION - KITE REALTY GROUP TRUST | exhibit32_1.htm |
| 10-Q - FORM 10-Q Q1 2011 - KITE REALTY GROUP TRUST | form10q_q12011.htm |
EXHIBIT 12.1
Kite Realty Group
Calculation of Ratio of Earnings to Combined Fixed Charges and Preferred Dividends
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Three Months ended March 31, 2011
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Years ended December 31
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|||||||||||||||||
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2010
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2009
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2008
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2007
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2006
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||||||||||||||
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Earnings:
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||||||||||||||||||
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Net (loss) income from continuing operations
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$
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(777,311)
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$
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(9,186,140)
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$
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4,939,365
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$
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10,183,056
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$
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13,876,074
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$
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11,601,854
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||||||
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Add:
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||||||||||||||||||
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Income taxes expense (benefit)
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(16,073)
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265,986
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(22,293)
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1,927,830
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761,628
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965,532
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||||||||||||
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Fixed charges, net of capitalized interest
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5,910,187
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28,560,292
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27,350,287
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29,649,915
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26,257,879
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21,528,608
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||||||||||||
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Distributions and income from majority-owned unconsolidated entity
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—
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—
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381,514
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825,747
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621,793
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504,713
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||||||||||||
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Less:
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||||||||||||||||||
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Loss (income) from unconsolidated entities
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87,625
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51,964
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(226,041)
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(842,425)
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(290,710)
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(286,452)
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||||||||||||
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Earnings before fixed charges and preferred dividends
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$
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5,204,428
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$
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19,692,102
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32,422,832
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41,744,123
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41,226,664
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34,314,255
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||||||||||
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Fixed charges:
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||||||||||||||||||
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Interest expense
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$
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5,901,625
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$
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28,532,440
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$
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27,151,054
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$
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29,372,181
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$
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25,965,141
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$
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21,221,758
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||||||
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Capitalized interest
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2,142,262
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8,807,062
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8,892,218
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10,061,770
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12,824,398
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10,680,000
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||||||||||||
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Interest within rental expense
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8,562
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27,852
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20,056
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16,690
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16,673
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16,673
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||||||||||||
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Fixed charges of unconsolidated entities
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—
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—
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179,177
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261,044
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276,065
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290,177
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||||||||||||
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Total fixed charges
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8,052,449
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37,367,354
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$
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36,242,505
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$
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39,711,685
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$
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39,082,277
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$
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32,208,608
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||||||||
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Preferred dividends
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1,443,750
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376,979
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—
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—
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—
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—
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||||||||||||
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Total fixed charges and preferred dividends
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$
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9,496,199
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$
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37,744,333
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$
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36,242,505
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$
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39,711,685
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$
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39,082,277
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$
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32,208,608
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||||||
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Ratio of earnings to fixed charges and preferred dividends
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(1)
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(2)
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(3)
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1.05
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1.05
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1.07
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(1)
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The ratio is less than 1.0; the amount of coverage deficiency for the three months ended March 31, 2011 was $4.3 million. The calculation of earnings includes $9.2 million of non-cash depreciation expense.
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(2)
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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.
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(3)
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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.
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