Attached files
| file | filename |
|---|---|
| 10-Q - IRET FORM 10-Q - CENTERSPACE | form10q-10312014.htm |
| EX-31.2 - CERTIFICATION BY CHIEF FINANCIAL OFFICER PURSUANT TO SECTION 302 OF THE SARBANES - CENTERSPACE | iretexhibit312-10312014.htm |
| EX-31.1 - CERTIFICATION BY CHIEF EXECUTIVE OFFICER PURSUANT TO SECTION 302 OF THE SARBANES - CENTERSPACE | iretexhibit311-10312014.htm |
| EXCEL - IDEA: XBRL DOCUMENT - CENTERSPACE | Financial_Report.xls |
| EX-32 - CERTIFICATIONS OF CHIEF EXECUTIVE OFFICER AND CHIEF FINANCIAL OFFICER PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002. - CENTERSPACE | iretexhibit32-10312014.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, 2014
|
2014
|
2013
|
2012
|
2011
|
2010
|
||||||||
|
Earnings
|
|||||||||||||
|
Income (loss) from continuing operations
|
$
|
5,671
|
$
|
(23,390)
|
$
|
20,677
|
$
|
8,644
|
$
|
4,679
|
$
|
5,710
|
|
|
Add:
|
|||||||||||||
|
Combined fixed charges and preferred distributions (see below)
|
37,252
|
73,933
|
73,657
|
68,172
|
64,954
|
71,497
|
|||||||
|
Amortization of capitalized interest
|
29
|
0
|
0
|
0
|
0
|
0
|
|||||||
|
Less:
|
|||||||||||||
|
(Income) loss noncontrolling interests – consolidated real estate entities
|
(747)
|
(910)
|
(809)
|
(135)
|
180
|
(22)
|
|||||||
|
Interest capitalized
|
(2,232)
|
(2,856)
|
(742)
|
(571)
|
(57)
|
(19)
|
|||||||
|
Preferred distributions
|
(5,757)
|
(11,514)
|
(9,229)
|
(2,372)
|
(2,372)
|
(2,372)
|
|||||||
|
Total earnings
|
$
|
34,216
|
$
|
35,263
|
$
|
83,554
|
$
|
73,738
|
$
|
67,384
|
$
|
74,794
|
|
|
Fixed charges
|
|||||||||||||
|
Interest expensed
|
$
|
29,263
|
$
|
59,563
|
63,686
|
65,229
|
62,525
|
69,106
|
|||||
|
Interest capitalized
|
2,232
|
2,856
|
742
|
571
|
57
|
19
|
|||||||
|
Total fixed charges
|
$
|
31,495
|
$
|
62,419
|
$
|
64,428
|
$
|
65,800
|
$
|
62,582
|
$
|
69,125
|
|
|
Preferred distributions
|
5,757
|
11,514
|
9,229
|
2,372
|
2,372
|
2,372
|
|||||||
|
Total combined fixed charges and preferred distributions
|
$
|
37,252
|
$
|
73,933
|
$
|
73,657
|
$
|
68,172
|
$
|
64,954
|
$
|
71,497
|
|
|
Ratio of earnings to fixed charges
|
1.09x
|
(2)
|
1.30x
|
1.12x
|
1.08x
|
1.08x
|
|||||||
|
Ratio of earnings to combined fixed charges and preferred distributions
|
(1)
|
(2)
|
1.13x
|
1.08x
|
1.04x
|
1.05x
|
|||||||
|
(1)
|
Due to non-cash asset impairment and loss on sale charges of $7.3 million, earnings were inadequate to cover combined fixed charges and preferred distributions by $3.0 million. Excluding the asset impairment and loss on sale charges, the ratio of earnings to combined fixed charges and preferred distributions would have been 1.12 for the six months ended October 31, 2014.
|
|
(2)
|
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.
|