Attached files
| file | filename |
|---|---|
| EX-10.8 - EXHIBIT 10.8 - RPT Realty | rpt-12312017_ex108.htm |
| 10-K - 10-K - RPT Realty | rpt-12312017_10k.htm |
| EX-32.2 - EXHIBIT 32.2 - RPT Realty | rpt-12312017_ex322.htm |
| EX-32.1 - EXHIBIT 32.1 - RPT Realty | rpt-12312017_ex321.htm |
| EX-31.2 - EXHIBIT 31.2 - RPT Realty | rpt-12312017_ex312.htm |
| EX-31.1 - EXHIBIT 31.1 - RPT Realty | rpt-12312017_ex311.htm |
| EX-23.1 - EXHIBIT 23.1 - RPT Realty | rpt-12312017_ex231.htm |
| EX-21.1 - EXHIBIT 21.1 - RPT Realty | rpt-12312017_ex211.htm |
| EX-10.1 - EXHIBIT 10.1 - RPT Realty | rpt-12312017_ex101.htm |
Exhibit 12.1
Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Dividends | ||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||
(In thousands, except ratio computation) | ||||||||||||||||||||||
Net income (loss) before adjustment for noncontrolling interest | $ | 70,719 | $ | 61,112 | $ | 66,895 | $ | (2,412 | ) | $ | 8,371 | |||||||||||
Add back: | ||||||||||||||||||||||
Fixed charges | 45,820 | 45,416 | 44,039 | 37,274 | 31,918 | |||||||||||||||||
Distributed income of equity investees | 738 | 1,799 | 15,842 | 4,919 | 3,793 | |||||||||||||||||
Deduct: | ||||||||||||||||||||||
Equity in (earnings) loss of equity investees | (273 | ) | (454 | ) | (17,696 | ) | 4,759 | (3,248 | ) | |||||||||||||
Capitalized interest | (345 | ) | (743 | ) | (1,613 | ) | (1,862 | ) | (1,161 | ) | ||||||||||||
Earnings as Defined | $ | 116,659 | $ | 107,130 | $ | 107,467 | $ | 42,678 | $ | 39,673 | ||||||||||||
Fixed Charges | ||||||||||||||||||||||
Interest expense including amortization of deferred financing fees | $ | 44,866 | $ | 44,514 | $ | 42,211 | $ | 35,188 | $ | 30,522 | ||||||||||||
Capitalized interest | 345 | 743 | 1,613 | 1,862 | 1,161 | |||||||||||||||||
Interest portion of rent expense | 609 | 159 | 215 | 224 | 235 | |||||||||||||||||
Fixed Charges | $ | 45,820 | $ | 45,416 | $ | 44,039 | $ | 37,274 | $ | 31,918 | ||||||||||||
Preferred share dividends | 6,701 | 6,838 | 7,250 | 7,250 | 7,250 | |||||||||||||||||
Combined Fixed Charges and Preferred Dividends | $ | 52,521 | $ | 52,254 | $ | 51,289 | $ | 44,524 | $ | 39,168 | ||||||||||||
Ratio of Earnings to Combined Fixed Charges and Preferred Dividends | 2.22 | 2.06 | 2.11 | (a) | 1.25 | |||||||||||||||||
(a) Due to the loss, 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 of $9.7 million to achieve a coverage of 1:1 for 2014.