KITE REALTY GROUP TRUST - FORM 10-K - EX-12.2 - RATIOS - February 20, 2018

Attached files

file filename
EX-99.1 - TAX DISCLOSURE - KITE REALTY GROUP TRUSTexhibit99_1x2017x10k.htm
EX-32.2 - CEO AND CFO CERTIFICATION - KITE REALTY GROUP TRUSTexhibit32_2x2017x10k.htm
EX-32.1 - CEO AND CFO CERTIFICATION - KITE REALTY GROUP TRUSTexhibit32_1x2017x10k.htm
EX-31.4 - CFO CERTIFICATION - KITE REALTY GROUP TRUSTexhibit31_4x2017x10k.htm
EX-31.3 - CEO CERTIFICATION - KITE REALTY GROUP TRUSTexhibit31_3x2017x10k.htm
EX-31.2 - CFO CERTIFICATION - KITE REALTY GROUP TRUSTexhibit31_2x2017x10k.htm
EX-31.1 - CEO CERTIFICATION - KITE REALTY GROUP TRUSTexhibit31_1x2017x10k.htm
EX-23.2 - CONSENT - KITE REALTY GROUP TRUSTexhibit23_2x2017x10k.htm
EX-23.1 - CONSENT - KITE REALTY GROUP TRUSTexhibit23_1x2017x10k.htm
EX-21.1 - SUBSIDIARIES - KITE REALTY GROUP TRUSTexhibit21_1x2017x10k.htm
EX-12.1 - RATIOS - KITE REALTY GROUP TRUSTexhibit12_1x2017x10k.htm
EX-10.49 - TRUSTEE FEES - KITE REALTY GROUP TRUSTexhibit10_49x2017x10k.htm
10-K - FORM 10K FOR THE YEAR ENDED DECEMBER 31, 2017 - KITE REALTY GROUP TRUSTkrg-20171231x10k.htm


EXHIBIT 12.2

Kite Realty Group, L.P. and subsidiaries

Calculation of Ratio of Earnings to Combined Fixed Charges and Preferred Dividends

($ in thousands, except ratios)
 
Years ended December 31
 
 
2017
 
2016
 
2015
 
2014
 
2013
Earnings:
 
 
 
 
 
 
 
 
 
 
Net (loss) income from continuing operations
 
$
(1,272
)
 
$
(1,137
)
 
$
25,249

 
$
(16,452
)
 
$
(726
)
Add:
 
 
 
 
 
 
 
 
 
 
 
Income tax (benefit) expense
 
(100
)
 
814

 
186

 
24

 
262

 
Fixed charges, net of capitalized interest
 
65,788

 
65,669

 
56,488

 
45,549

 
28,026

Earnings before fixed charges and preferred dividends
 
$
64,416

 
$
65,346

 
$
81,923

 
$
29,121

 
$
27,562

 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
 
 
 
 
 
Interest expense
 
$
65,702

 
$
65,577

 
$
56,432

 
$
45,513

 
$
27,994

 
Capitalized interest
 
3,081

 
4,061

 
4,633

 
4,789

 
5,081

 
Interest within rental expense
 
86

 
92

 
56

 
36

 
33

Total fixed charges
 
68,869

 
69,730

 
61,121

 
50,338

 
33,108

 
Preferred dividends
 
—

 
—

 
7,877

 
8,456

 
8,456

Total fixed charges and preferred dividends
 
$
68,869

 
$
69,730

 
$
68,998

 
$
58,794

 
$
41,564

 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges and preferred dividends
 
(1)

 
(2)

 
1.19

 
(3)

 
(4)



____________________
1
The ratio is less than 1.0; the amount of coverage deficiency for the year ended December 31, 2017 was $4.5 million. The calculation of earnings includes $172.1 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, 2016 was $4.4 million. The calculation of earnings includes $174.6 million of non-cash depreciation expense.
3
The ratio is less than 1.0; the amount of coverage deficiency for the year ended December 31, 2014 was $29.7 million. The calculation of earnings includes $121.0 million of non-cash depreciation expense
4
The ratio is less than 1.0; the amount of coverage deficiency for the year ended December 31, 2013 was $14.0 million. The calculation of earnings includes $54.5 million of non-cash depreciation expense.



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