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10-Q - IRET FORM 10-Q - CENTERSPACEiretform10q-12102010.htm
EX-32 - CERTIFICATION BY THE CHIEF EXECUTIVE OFFICER AND CHIEF FINANCIAL OFFICER - CENTERSPACEiretexhibit32-12102010.htm
EX-31.1 - CERTIFICATIONS TIMOTHY P. MIHALICK - CENTERSPACEiretexhibit311-12102010.htm
EX-31.2 - CERTIFICATIONS DIANE K. BRYANTT - CENTERSPACEiretexhibit312-12102010.htm

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, 2010
   
2010
   
2009
   
2008
   
2007
   
2006
 
Earnings
                                   
Income from continuing operations
  $ 4,052     $ 5,684     $ 10,985     $ 14,948     $ 14,622     $ 11,609  
Add:
                                               
 
Combined fixed charges and preferred distributions (see below)
    35,327       71,497       72,027       66,317       61,280       53,970  
Less:
                                                 
 
(Income) loss noncontrolling interests – consolidated real estate entities
    44       (22 )     40       136       26       (484 )
 
Interest capitalized
    (33 )     (19 )     (912 )     (506 )     (69 )     (21 )
 
Preferred distributions
    (1,186 )     (2,372 )     (2,372 )     (2,372 )     (2,372 )     (2,372 )
Total earnings
  $ 38,204     $ 74,768     $ 79,768     $ 78,523     $ 73,487     $ 62,702  
                                                   
Fixed charges
                                               
 
Interest expensed
  $ 34,108     $ 69,106     $ 68,743     $ 63,439     $ 58,839     $ 51,577  
 
Interest capitalized
    33       19       912       506       69       21  
Total Fixed charges
  $ 34,141     $ 69,125     $ 69,655     $ 63,945     $ 58,908     $ 51,598  
 
Preferred distributions
    1,186       2,372       2,372       2,372       2,372       2,372  
Total Combined fixed charges and preferred distributions
  $ 35,327     $ 71,497     $ 72,027     $ 66,317     $ 61,280     $ 53,970  
                                                   
Ratio of earnings to fixed charges
    1.12       1.08       1.15       1.23       1.25       1.22  
Ratio of earnings to combined fixed charges and preferred distributions
    1.08       1.05       1.11       1.18       1.20       1.16