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EXCEL - IDEA: XBRL DOCUMENT - CENTERSPACEFinancial_Report.xls
EX-31.2 - CERTIFICATION BY CHIEF FINANCIAL OFFICER PURSUANT TO SECTION 302 OF THE SARBANES - CENTERSPACEiretexhibit312-01312015.htm
EX-31.1 - CERTIFICATION BY CHIEF EXECUTIVE OFFICER PURSUANT TO SECTION 302 OF THE SARBANES - CENTERSPACEiretexhibit311-01312015.htm
10-Q - IRET FORM 10-Q - CENTERSPACEform10q-01312015.htm
EX-32 - CERTIFICATIONS OF CHIEF EXECUTIVE OFFICER AND CHIEF FINANCIAL OFFICER PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002. - CENTERSPACEiretexhibit32-01312015.htm
Exhibit 12
CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES AND
EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED SHARE DISTRIBUTIONS
(In Thousands, Except Ratios; Unaudited)

   
Nine Months
Ended
Fiscal Year Ended
April 30,
   
January 31, 2015
 
2014
 
2013
 
2012
 
2011
 
2010
Earnings
                       
Income (loss) from continuing operations
$
14,822
$
(23,390)
$
20,677
$
8,644
$
4,679
$
5,710
Add:
                       
 
Combined fixed charges and preferred distributions (see below)
 
56,122
 
73,933
 
73,657
 
68,172
 
64,954
 
71,497
 
Amortization of capitalized interest
 
50
 
0
 
0
 
0
 
0
 
0
Less:
                         
 
(Income) loss noncontrolling interests – consolidated real estate entities
 
(870)
 
(910)
 
(809)
 
(135)
 
180
 
(22)
 
Interest capitalized
 
(3,628)
 
(2,856)
 
(742)
 
(571)
 
(57)
 
(19)
 
Preferred distributions
 
(8,636)
 
(11,514)
 
(9,229)
 
(2,372)
 
(2,372)
 
(2,372)
Total earnings
$
57,860
$
35,263
$
83,554
$
73,738
$
67,384
$
74,794
                           
Fixed charges
                       
 
Interest expensed
$
43,858
$
59,563
 
63,686
 
65,229
 
62,525
 
69,106
 
Interest capitalized
 
3,628
 
2,856
 
742
 
571
 
57
 
19
Total fixed charges
$
47,486
$
62,419
$
64,428
$
65,800
$
62,582
$
69,125
 
Preferred distributions
 
8,636
 
11,514
 
9,229
 
2,372
 
2,372
 
2,372
Total combined fixed charges and preferred distributions
$
56,122
$
73,933
$
73,657
$
68,172
$
64,954
$
71,497
                           
Ratio of earnings to fixed charges
 
1.22x
 
(1)
 
1.30x
 
1.12x
 
1.08x
 
1.08x
Ratio of earnings to combined fixed charges and preferred distributions
 
1.03x
 
(1)
 
1.13x
 
1.08x
 
1.04x
 
1.05x

(1)
Due to non-cash asset impairment charges of $42.6 million, earnings were inadequate to cover fixed charges and combined fixed charges and preferred distributions by $27.2 million and $38.7 million, respectively. Excluding the asset impairment charge, the ratios of earnings to fixed charges and earnings to combined fixed charges and preferred distributions would have been 1.25 and 1.05, respectively, for the fiscal year ended April 30, 2014.