EX-12.1 8 exhibit12_1.htm RATIOS exhibit12_1.htm
 
 
EXHIBIT 12.1
 
 
Kite Realty Group Trust
 
 
Calculation of Ratio of Earnings to Combined Fixed Charges and Preferred Dividends
 
 

 
   
Years ended December 31
  
   
2014
    
2013
    
2012
    
2011
    
2010
  
Earnings:
                              
Net (loss) income from continuing operations
   $ (16,452 )   $ (726 )   $ (11,455 )   $ 3,753     $ (9,256 )
Add:
                                        
Income taxes expense (benefit)
     24       262       (106 )     (1 )     266  
Fixed charges, net of capitalized interest
     45,549       28,026       23,423       21,660       24,859  
Less:
                                        
Income (loss) from unconsolidated entities
     —       —       —       4,320       —  
Earnings before fixed charges and preferred dividends
   $ 29,121     $ 27,562     $ 11,862     $ 21,092     $ 15,869  
                                         
Fixed charges:
                                        
Interest expense
   $ 45,513     $ 27,994     $ 23,392     $ 21,625     $ 24,831  
Capitalized interest
     4,789       5,081       7,444       8,487       8,807  
Interest within rental expense
     36       33       31       34       28  
Total fixed charges
   $ 50,338     $ 33,108     $ 30,867     $ 30,146     $ 33,666  
Preferred dividends
     8,456       8,456       7,920       5,775       377  
Total fixed charges and preferred dividends
   $ 58,794     $ 41,564     $ 38,787     $ 35,921     $ 34,043  
                                         
Ratio of earnings to fixed charges and preferred dividends
     (1 )     (2 )     (3 )     (4 )     (5 )
 
 
(1)  
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.
 
(2)  
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.
 
(3)  
The ratio is less than 1.0; the amount of coverage deficiency for the year ended December 31, 2012 was $26.9 million.  The calculation of earnings includes $38.8 million of non-cash depreciation expense and a $8.0 million non-cash remeasurement loss on consolidation of Parkside Town Commons, net.
 
(4)  
The ratio is less than 1.0; the amount of coverage deficiency for the year ended December 31, 2011 was $14.8 million.  The calculation of earnings includes $33.1 million of non-cash depreciation expense.
 
(5)  
The ratio is less than 1.0; the amount of coverage deficiency for the year ended December 31, 2010 was $18.2 million.  The calculation of earnings includes $36.1 million of non-cash depreciation expense.