Attached files
| file | filename |
|---|---|
| 8-K - 8-K - INLAND REAL ESTATE CORP | a12-5978_48k.htm |
| EX-5.1 - EX-5.1 - INLAND REAL ESTATE CORP | a12-5978_4ex5d1.htm |
| EX-1.1 - EX-1.1 - INLAND REAL ESTATE CORP | a12-5978_4ex1d1.htm |
| EX-3.1 - EX-3.1 - INLAND REAL ESTATE CORP | a12-5978_4ex3d1.htm |
| EX-8.1 - EX-8.1 - INLAND REAL ESTATE CORP | a12-5978_4ex8d1.htm |
| EX-3.2 - EX-3.2 - INLAND REAL ESTATE CORP | a12-5978_4ex3d2.htm |
| EX-99.1 - EX-99.1 - INLAND REAL ESTATE CORP | a12-5978_4ex99d1.htm |
Exhibit 12.1
Inland Real Estate Corporation
Ratios of Earnings to Fixed Charges
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Pro Forma (1) |
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Fiscal year |
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Fiscal year |
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Fiscal year |
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Fiscal year |
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Fiscal year |
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Fiscal year |
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ended |
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ended |
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ended |
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ended |
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ended |
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ended |
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12/31/11 |
|
12/31/11 |
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12/31/10 |
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12/31/09 |
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12/31/08 |
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12/31/07 |
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Fixed Charges |
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Interest expense(2) |
|
39,001 |
|
41,668 |
|
36,293 |
|
34,155 |
|
46,052 |
|
48,807 |
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|
Interest capitalized |
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— |
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— |
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— |
|
659 |
|
1,271 |
|
1,636 |
|
|
Amortized discount related to indebtedness |
|
(1,288 |
) |
(1,288 |
) |
(1,426 |
) |
(1,422 |
) |
(1,804 |
) |
(1,721 |
) |
|
Estimate of interest with rental expense |
|
— |
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— |
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— |
|
— |
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— |
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— |
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Preference security dividend requirements |
|
8,938 |
|
948 |
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— |
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— |
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— |
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— |
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Total fixed charges |
|
46,651 |
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41,328 |
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34,867 |
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33,392 |
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45,519 |
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48,722 |
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Earnings |
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Income (loss) from continuing operations |
|
(6,331 |
) |
(8,998 |
) |
(314 |
) |
6,453 |
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29,038 |
|
39,395 |
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Exclude income or loss from equity investees |
|
8,124 |
|
8,124 |
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4,365 |
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16,494 |
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(4,727 |
) |
(5,731 |
) |
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Exclude non-controlling interest in consolidated subsidiaries |
|
— |
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— |
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— |
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— |
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— |
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— |
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Exclude income tax benefit (expense) of taxable REIT subsidiary |
|
(632 |
) |
(632 |
) |
719 |
|
(513 |
) |
198 |
|
633 |
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Plus: |
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Fixed charges |
|
46,651 |
|
41,328 |
|
34,867 |
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33,392 |
|
45,519 |
|
48,722 |
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Amortization of capitalized interest |
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— |
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— |
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— |
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— |
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— |
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— |
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Distributed income of equity investees |
|
1,146 |
|
1,146 |
|
904 |
|
42 |
|
1,740 |
|
6,449 |
|
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Pre-tax losses of equity investees |
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— |
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— |
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— |
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— |
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— |
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— |
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Less: |
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Interest capitalized |
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— |
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— |
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— |
|
659 |
|
1,271 |
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1,636 |
|
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Preference security dividend requirements |
|
8,938 |
|
948 |
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— |
|
— |
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— |
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— |
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Minority interest in pre-tax income of subsidiaries |
|
— |
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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 earnings |
|
40,020 |
|
40,020 |
|
40,541 |
|
55,209 |
|
70,497 |
|
87,832 |
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Ratio of Earnings to Fixed Charges |
|
0.86 |
(3) |
0.97 |
(4) |
1.16 |
|
1.65 |
|
1.55 |
|
1.80 |
|
(1) Pro forma calculation assumes both Series A Preferred Stock Offerings were considered effective January 1, 2011.
(2) Includes amortized premiums and discounts related to indebtedness
(3) For this period, earnings were less than fixed charges. The amount of the deficiency, or the amount of fixed charges in exces of earnings, was approximately $6,555.
(4) For this period, earnings were less than fixed charges. The amount of the deficiency, or the amount of fixed charges in exces of earnings, was approximately $1,308.