EX-12 2 iretexhibit12-10312012.htm CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES
Exhibit 12
CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES AND
EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED SHARE DISTRIBUTIONS
(In Thousands, Except Ratios; Unaudited)

 
  
Six Months
Ended
    
Fiscal Year Ended
April 30,
  
 
  
October 31, 2012
    
2012
    
2011
    
2010
    
2009
    
2008
  
Earnings
  
   
   
   
   
   
 
Income from continuing operations
  
$
9,252
    
$
9,783
    
$
4,475
    
$
5,996
    
$
9,858
    
$
13,945
  
Add:
                                                
Combined fixed charges and preferred distributions (see below)
    
36,638
      
68,172
      
64,954
      
71,497
      
72,027
      
66,317
  
Less:
                                                
(Income) loss noncontrolling interests – consolidated real estate entities
    
(274
)
    
(135
)
    
180
      
(22
)
    
40
      
136
  
Interest capitalized
    
(281
)
    
(571
)
    
(57
)
    
(19
)
    
(912
)
    
(506
)
Preferred distributions
    
(3,471
)
    
(2,372
)
    
(2,372
)
    
(2,372
)
    
(2,372
)
    
(2,372
)
Total earnings
  
$
41,864
    
$
74,877
    
$
67,180
    
$
75,080
    
$
78,641
    
$
77,520
  
 
                                                
Fixed charges
                                                
Interest expensed
  
$
32,886
    
$
65,229
    
$
62,525
    
$
69,106
    
$
68,743
    
$
63,439
  
Interest capitalized
    
281
      
571
      
57
      
19
      
912
      
506
  
Total fixed charges
  
$
33,167
    
$
65,800
    
$
62,582
    
$
69,125
    
$
69,655
    
$
63,945
  
Preferred distributions
    
3,471
      
2,372
      
2,372
      
2,372
      
2,372
      
2,372
  
Total combined fixed charges and preferred distributions
  
$
36,638
    
$
68,172
    
$
64,954
    
$
71,497
    
$
72,027
    
$
66,317
  
 
                                                
Ratio of earnings to fixed charges
    
1.26
      
1.14
      
1.07
      
1.09
      
1.13
      
1.21
  
Ratio of earnings to combined fixed charges and preferred distributions
    
1.14
      
1.10
      
1.03
      
1.05
      
1.09
      
1.17