EX-12.1 3 exhibit12_1x2015x10k.htm RATIOS Exhibit


EXHIBIT 12.1

Kite Realty Group Trust

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

($ in thousands, except ratios)
 
Years ended December 31
 
 
2015
 
2014
 
2013
 
2012
 
2011
Earnings:
 
 
 
 
 
 
 
 
 
 
Net income (loss) from continuing operations
 
$
25,249

 
$
(16,452
)
 
$
(726
)
 
$
(11,455
)
 
$
3,753

Add:
 
 
 
 
 
 
 
 
 
 
 
Income taxes expense (benefit)
 
186

 
24

 
262

 
(106
)
 
(1
)
 
Fixed charges, net of capitalized interest
 
56,488

 
45,549

 
28,026

 
23,423

 
21,660

Less:
 
 
 
 
 
 
 
 
 
 
 
Income (loss) from unconsolidated entities
 
—

 
—

 
—

 
—

 
4,320

Earnings before fixed charges and preferred dividends
 
$
81,923

 
$
29,121

 
$
27,562

 
$
11,862

 
$
21,092

 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
 
 
 
 
 
Interest expense
 
$
56,432

 
$
45,513

 
$
27,994

 
$
23,392

 
$
21,625

 
Capitalized interest
 
4,633

 
4,789

 
5,081

 
7,444

 
8,487

 
Interest within rental expense
 
56

 
36

 
33

 
31

 
34

Total fixed charges
 
61,121

 
50,338

 
33,108

 
30,867

 
30,146

 
Preferred dividends
 
7,877

 
8,456

 
8,456

 
7,920

 
5,775

Total fixed charges and preferred dividends
 
$
68,998

 
$
58,794

 
$
41,564

 
$
38,787

 
$
35,921

 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges and preferred dividends
 
1.19

 
(1)

 
(2)

 
(3)

 
(4)



____________________
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
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.