Attached files
| file | filename |
|---|---|
| EX-10.8 - EXHIBIT 10.8 - RPT Realty | rpt-12312015_ex108.htm |
| EX-32.1 - EXHIBIT 32.1 - RPT Realty | rpt-12312015_ex321.htm |
| EX-21.1 - EXHIBIT 21.1 - RPT Realty | rpt-12312015_ex211.htm |
| EX-31.2 - EXHIBIT 31.2 - RPT Realty | rpt-12312015_ex312.htm |
| EX-3.1 - EXHIBIT 3.1 - RPT Realty | rpt-12312015_ex31.htm |
| EX-32.2 - EXHIBIT 32.2 - RPT Realty | rpt_12312015xex322.htm |
| EX-31.1 - EXHIBIT 31.1 - RPT Realty | rpt-12312015_ex311.htm |
| EX-23.1 - EXHIBIT 23.1 - RPT Realty | rpt-12312015_ex231.htm |
| 10-K - 10-K - RPT Realty | rpt-12312015_10k.htm |
Exhibit 12.1
Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Dividends | ||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||||
(In thousands, except ratio computation) | ||||||||||||||||||||||
Income (loss) from continuing operations before adjustment for noncontrolling interest | $ | 66,895 | $ | (2,412 | ) | $ | 8,371 | $ | 7,171 | $ | (29,418 | ) | ||||||||||
Add back: | ||||||||||||||||||||||
Fixed charges | 44,039 | 37,274 | 31,918 | 28,618 | 29,867 | |||||||||||||||||
Distributed income of equity investees | 15,842 | 1,881 | 4,919 | 3,793 | 4,413 | |||||||||||||||||
Deduct: | ||||||||||||||||||||||
Equity in (earnings) loss of equity investees | (17,696 | ) | (75 | ) | 4,759 | (3,248 | ) | (1,669 | ) | |||||||||||||
Capitalized interest | (1,613 | ) | (1,862 | ) | (1,161 | ) | (996 | ) | (325 | ) | ||||||||||||
Earnings as Defined | $ | 107,467 | $ | 34,806 | $ | 48,806 | $ | 35,338 | $ | 2,868 | ||||||||||||
Fixed Charges | ||||||||||||||||||||||
Interest expense including amortization of deferred financing fees | $ | 42,211 | $ | 35,188 | $ | 30,522 | $ | 27,344 | $ | 29,240 | ||||||||||||
Capitalized interest | 1,613 | 1,862 | 1,161 | 996 | 325 | |||||||||||||||||
Interest portion of rent expense | 215 | 224 | 235 | 278 | 302 | |||||||||||||||||
Fixed Charges | $ | 44,039 | $ | 37,274 | $ | 31,918 | $ | 28,618 | $ | 29,867 | ||||||||||||
Preferred share dividends | 6,838 | 7,250 | 7,250 | 7,250 | 5,244 | |||||||||||||||||
Combined Fixed Charges and Preferred Dividends | $ | 50,877 | $ | 44,524 | $ | 39,168 | $ | 35,868 | $ | 35,111 | ||||||||||||
Ratio of Earnings to Combined Fixed Charges and Preferred Dividends | 2.11 | (a) | 1.25 | (b) | (c) | |||||||||||||||||
(a) Due to the loss from continuing operations, as restated for discontinued operations, for year ended December 31, 2014, the ratio coverage was less than 1:1. We would have needed to generate additional earnings from continuing operations of $9.7 million to achieve a coverage of 1:1 for 2014.
(b) Due to the reduced income from continuing operations, as restated for discontinued operations, for year ended December 31, 2012, the ratio coverage was less than 1:1. We would have needed to generate additional earnings from continuing operations of $0.5 million to achieve a coverage of 1:1 for 2012.
(c) Due to the loss from continuing operations, as restated for discontinued operations, for year ended December 31, 2011, the ratio coverage was less than 1:1. We would have needed to generate additional earnings from continuing operations of $32.2 million to achieve a coverage of 1:1 for 2011.