EX-12 2 iretexhibit12-01312014.htm CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES AND EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED SHARE DISTRIBUTIONS
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)

 
 
Nine Months
Ended
Fiscal Year Ended
April 30,
 
 
January 31, 2014
 
2013
 
2012
 
2011
 
2010
 
2009
Earnings
 
 
 
 
 
 
 
 
 
 
 
 
Income from continuing operations
$
11,132
$
20,677
$
8,644
$
4,679
$
5,710
$
8,913
Add:
 
 
 
 
 
 
 
 
 
 
 
 
 
Combined fixed charges and preferred distributions (see below)
 
55,721
 
73,657
 
68,172
 
64,954
 
71,497
 
72,027
Less:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(Income) loss noncontrolling interests – consolidated real estate entities
 
(808)
 
(809)
 
(135)
 
180
 
(22)
 
40
 
Interest capitalized
 
(2,139)
 
(742)
 
(571)
 
(57)
 
(19)
 
(912)
 
Preferred distributions
 
(8,636)
 
(9,229)
 
(2,372)
 
(2,372)
 
(2,372)
 
(2,372)
Total earnings
$
55,270
$
83,554
$
73,738
$
67,384
$
74,794
$
77,696
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed charges
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expensed
$
44,946
$
63,686
 
65,229
 
62,525
 
69,106
 
68,743
 
Interest capitalized
 
2,139
 
742
 
571
 
57
 
19
 
912
Total fixed charges
$
47,085
$
64,428
$
65,800
$
62,582
$
69,125
$
69,655
 
Preferred distributions
 
8,636
 
9,229
 
2,372
 
2,372
 
2,372
 
2,372
Total combined fixed charges and preferred distributions
$
55,721
$
73,657
$
68,172
$
64,954
$
71,497
$
72,027
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
 
1.17x
 
1.30x
 
1.12x
 
1.08x
 
1.08x
 
1.12x
Ratio of earnings to combined fixed charges and preferred distributions
$
(451)
 
1.13x
 
1.08x
 
1.04x
 
1.05x
 
1.08x