Attached files
| file | filename |
|---|---|
| EX-31.2 - EXHIBIT 31.2 - RPT Realty | rpt-12312014_ex312.htm |
| EX-31.1 - EXHIBIT 31.1 - RPT Realty | rpt-12312014_ex311.htm |
| EX-23.1 - EXHIBIT 23.1 - RPT Realty | rpt-12312014_ex231.htm |
| EX-10.9 - EXHIBIT 10.9 - RPT Realty | rpt-12312014_ex109.htm |
| EX-32.2 - EXHIBIT 32.2 - RPT Realty | rpt_12312014xex322.htm |
| EX-32.1 - EXHIBIT 32.1 - RPT Realty | rpt-12312014_ex321.htm |
| EX-21.1 - EXHIBIT 21.1 - RPT Realty | rpt-12312014_ex211.htm |
| EX-10.31 - EXHIBIT 10.31 - RPT Realty | rpt-12312014_ex1031.htm |
| EXCEL - IDEA: XBRL DOCUMENT - RPT Realty | Financial_Report.xls |
| 10-K - 10-K - RPT Realty | rpt-12312014_10k.htm |
Exhibit 12.1
Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Dividends | ||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||||
(In thousands, except ratio computation) | ||||||||||||||||||||||
(Loss) income from continuing operations before adjustment for noncontrolling interest | $ | (2,412 | ) | $ | 8,371 | $ | 7,171 | $ | (29,418 | ) | $ | (24,063 | ) | |||||||||
Add back: | ||||||||||||||||||||||
Fixed charges | 37,274 | 31,918 | 28,618 | 29,867 | 33,928 | |||||||||||||||||
Distributed income of equity investees | 1,881 | 3,232 | 3,793 | 4,413 | 2,904 | |||||||||||||||||
Deduct: | ||||||||||||||||||||||
Equity in (earnings) loss of equity investees | (75 | ) | 4,759 | (3,248 | ) | (1,669 | ) | 221 | ||||||||||||||
Capitalized interest | (1,862 | ) | (1,161 | ) | (996 | ) | (325 | ) | (1,158 | ) | ||||||||||||
Earnings as Defined | $ | 34,806 | $ | 47,119 | $ | 35,338 | $ | 2,868 | $ | 11,832 | ||||||||||||
Fixed Charges | ||||||||||||||||||||||
Interest expense including amortization of deferred financing fees | $ | 35,188 | $ | 30,522 | $ | 27,344 | $ | 29,240 | $ | 32,450 | ||||||||||||
Capitalized interest | 1,862 | 1,161 | 996 | 325 | 1,158 | |||||||||||||||||
Interest portion of rent expense | 224 | 235 | 278 | 302 | 320 | |||||||||||||||||
Fixed Charges | $ | 37,274 | $ | 31,918 | $ | 28,618 | $ | 29,867 | $ | 33,928 | ||||||||||||
Preferred share dividends | 7,250 | 7,250 | 7,250 | 5,244 | — | |||||||||||||||||
Combined Fixed Charges and Preferred Dividends | $ | 44,524 | $ | 39,168 | $ | 35,868 | $ | 35,111 | $ | 33,928 | ||||||||||||
Ratio of Earnings to Combined Fixed Charges and Preferred Dividends | (a) | 1.20 | (b) | (c) | (d) | |||||||||||||||||
(a) Due to the loss from continuing operations, as restated for discontinued operations, for year ended December 31, 2014, the ratio coverage was less than 1:1. We would have needed to generate additional earnings from continuing operations of $9.7 million to achieve a coverage of 1:1 for 2014.
(b) Due to the reduced income from continuing operations, as restated for discontinued operations, for year ended December 31, 2012, the ratio coverage was less than 1:1. We would have needed to generate additional earnings from continuing operations of $0.5 million to achieve a coverage of 1:1 for 2012.
(c) Due to the loss from continuing operations, as restated for discontinued operations, for year ended December 31, 2011, the ratio coverage was less than 1:1. We would have needed to generate additional earnings from continuing operations of $32.2 million to achieve a coverage of 1:1 for 2011.
(d) Due to the loss from continuing operations, as restated for discontinued operations, for year ended December 31, 2010, the ratio coverage was less than 1:1. We would have needed to generate additional earnings from continuing operations of $22.1 million to achieve a coverage of 1:1 for 2010.