EX-12.1 2 exhibit12_1.htm EXHIBIT 12.1 RATIO exhibit12_1.htm
 
EXHIBIT 12.1
 
Kite Realty Group
 
Calculation of Ratio of Earnings to Combined Fixed Charges and Preferred Dividends
 
 
Three Months ended March 31, 2011
    
Years ended December 31
   
2010
  
2009
  
2008
  
2007
  
2006
  
Earnings:
                            
Net (loss) income from continuing operations
$
(777,311)
  
$
(9,186,140)
$
4,939,365
$
10,183,056
$
13,876,074
$
11,601,854
  
Add:
                            
 
Income taxes expense (benefit)
  
(16,073)
    
265,986
  
(22,293)
  
1,927,830
  
761,628
  
965,532
  
 
Fixed charges, net of capitalized interest
  
5,910,187
    
28,560,292
  
27,350,287
  
29,649,915
  
26,257,879
  
21,528,608
  
 
Distributions and income from majority-owned unconsolidated entity
  
—  
    
—  
  
381,514
  
825,747
  
621,793
  
504,713
  
Less:
                            
 
Loss (income) from unconsolidated entities
  
87,625
    
51,964
  
(226,041)
  
(842,425)
  
(290,710)
  
(286,452)
  
Earnings before fixed charges and preferred dividends
$
5,204,428
  
$
19,692,102
  
32,422,832
  
41,744,123
  
41,226,664
  
34,314,255
  
                                 
Fixed charges:
                            
 
Interest expense
$
5,901,625
  
$
28,532,440
$
27,151,054
$
29,372,181
$
25,965,141
$
21,221,758
  
 
Capitalized interest
  
2,142,262
    
8,807,062
  
8,892,218
  
10,061,770
  
12,824,398
  
10,680,000
  
 
Interest within rental expense
  
8,562
    
27,852
  
20,056
  
16,690
  
16,673
  
16,673
  
 
Fixed charges of unconsolidated entities
  
—  
    
—  
  
179,177
  
261,044
  
276,065
  
290,177
  
Total fixed charges
  
8,052,449
    
37,367,354
$
36,242,505
$
39,711,685
$
39,082,277
$
32,208,608
  
 
Preferred dividends
  
1,443,750
    
376,979
  
—  
  
—  
  
—  
  
—  
  
Total fixed charges and preferred dividends
$
9,496,199
  
$
37,744,333
$
36,242,505
$
39,711,685
$
39,082,277
$
32,208,608
  
                                 
Ratio of earnings to fixed charges and preferred dividends
  
(1)
    
(2)
  
(3)
  
1.05
  
1.05
  
1.07
  

 
(1)  
The ratio is less than 1.0; the amount of coverage deficiency for the three months ended March 31, 2011 was $4.3 million.  The calculation of earnings includes $9.2 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, 2010 was $18.1 million.  The calculation of earnings includes $40.7 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, 2009 was $3.8 million.  The calculation of earnings includes $32.1 million of non-cash depreciation expense.