EX-12.1 2 ex12_1.htm EXHIBIT 12.1
Exhibit 12.1
 
CALCULATION OF RATIOS OF EARNINGS TO FIXED CHARGES AND
EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED SHARE DISTRIBUTIONS
(Unaudited)
 
The following table sets forth our ratios of earnings to fixed charges and earnings to combined fixed charges and preferred share dividends for the periods indicated. The ratio of earnings to fixed charges was computed by dividing earnings by our fixed charges. The ratio of earnings to combined fixed charges and preferred share dividends was computed by dividing earnings by our combined fixed charges and preferred share dividends. For purposes of calculating these ratios, earnings consist of income from continuing operations plus fixed charges, less (income) loss from non-controlling interests and interest capitalized. Fixed charges consist of interest charges on all indebtedness, whether expensed or capitalized, the interest component of rental expense and the amortization of debt discounts and issue costs, whether expensed or capitalized. Preferred share dividends consist of dividends on our Series A and Series B preferred shares.

   
(in thousands, except ratios)
  
   
Fiscal Year Ended April 30,
  
   
2015
    
2014
    
2013
    
2012
    
2011
  
Earnings
                    
Income (loss) from continuing operations
  
$
28,684
    
$
(23,390
)
  
$
20,677
    
$
8,644
    
$
4,679
  
Add:
                                        
Combined fixed charges and preferred distributions (see below)
    
75,437
      
73,933
      
73,657
      
68,172
      
64,954
  
Amortization of capitalized interest
    
74
      
0
      
0
      
0
      
0
  
Less:
                                        
(Income) loss noncontrolling interests – consolidated real estate entities
    
(3,071
)
    
(910
)
    
(809
)
    
(135
)
    
180
  
Interest capitalized
    
(4,903
)
    
(2,856
)
    
(742
)
    
(571
)
    
(57
)
Preferred distributions
    
(11,514
)
    
(11,514
)
    
(9,229
)
    
(2,372
)
    
(2,372
)
Total earnings
  
$
84,707
    
$
35,263
    
$
83,554
    
$
73,738
    
$
67,384
  
                                         
Fixed charges
                                        
Interest expensed
  
$
59,020
      
59,563
      
63,686
      
65,229
      
62,525
  
Interest capitalized
    
4,903
      
2,856
      
742
      
571
      
57
Total fixed charges
$
63,923
$
62,419
$
64,428
$
65,800
$
62,582
Preferred distributions
    
11,514
      
11,514
      
9,229
      
2,372
      
2,372
  
Total combined fixed charges and preferred distributions
  
$
75,437
    
$
73,933
    
$
73,657
    
$
68,172
    
$
64,954
  
                                         
Ratio of earnings to fixed charges
    
1.33x
 
    
(1
)
    
1.30x
 
    
1.12x
 
    
1.08x
 
Ratio of earnings to combined fixed charges and preferred distributions
    
1.12x
 
    
(1
)
    
1.13x
 
    
1.08x
 
    
1.04x
 
 
(1)
Due to non-cash asset impairment charges of $42.6 million, earnings were inadequate to cover fixed charges and combined fixed charges and preferred distributions by $27.2 million and $38.7 million, respectively. Excluding the asset impairment charge, the ratios of earnings to fixed charges and earnings to combined fixed charges and preferred distributions would have been 1.25 and 1.05, respectively, for the fiscal year ended April 30, 2014.