CENTERSPACE - FORM 10-K - EX-12.1 - EXHIBIT 12.1 - June 27, 2018

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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 loss (income) 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, 
 
 
 
 
2018

 
2017

 
 
 
2016

 
 
 
2015

 
 
 
2014

 
 
Earnings
 
 

 
 

 
    
 
 

 
    
 
 

 
    
 
 

 
    
(Loss) income from continuing operations
 
$
(37,194
)
 
$
(38,150
)
 
 
 
$
17,105

 
 
 
$
17,330

 
 
 
$
4,136

 
 
Add:
 
 
 
 

 
 
 
 

 
 
 
 

 
 
 
 

 
 
Combined fixed charges and preferred distributions (see below)
 
46,919

 
56,919

 
 
 
70,595

 
 
 
75,437

 
 
 
73,933

 
 
Amortization of capitalized interest
 
295

 
234

 
 
 
203

 
 
 
74

 
 
 
—

 
 
Less:
 
 

 
 

 
 
 
 

 
 
 
 

 
 
 
 

 
 
Loss (Income) noncontrolling interests – consolidated real estate entities
 
1,861

 
16,881

 
 
 
2,436

 
 
 
(3,071
)
 
 
 
(910
)
 
 
Interest capitalized
 
—

 
(431
)
 
 
 
(4,907
)
 
 
 
(4,903
)
 
 
 
(2,856
)
 
 
Preferred distributions
 
(8,569
)
 
(10,546
)
 
 
 
(11,514
)
 
 
 
(11,514
)
 
 
 
(11,514
)
 
 
Total earnings
 
$
3,312

 
$
24,907

 
 
 
$
73,918

 
 
 
$
73,353

 
 
 
$
62,789

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed charges
 
 

 
 

 
 
 
 

 
 
 
 

 
 
 
 

 
 
Interest expensed
 
$
38,350

 
$
45,942

 
 
 
$
54,174

 
 
 
$
59,020

 
 
 
$
59,563

 
 
Interest capitalized
 
—

 
431

 
 
 
4,907

 
 
 
4,903

 
 
 
2,856

 
 
Total fixed charges
 
$
38,350

 
$
46,373

 
 
 
$
59,081

 
 
 
$
63,923

 
 
 
$
62,419

 
 
Preferred distributions
 
8,569

 
10,546

 
 
 
11,514

 
 
 
11,514

 
 
 
11,514

 
 
Total combined fixed charges and preferred distributions
 
$
46,919

 
$
56,919

 
 
 
$
70,595

 
 
 
$
75,437

 
 
 
$
73,933

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
 
(a)

 
(b)

 

 
1.25

 
x
 
1.15

 
x
 
1.01

 
x
Ratio of earnings to combined fixed charges and preferred distributions
 
(a)

 
(b)

 

 
1.05

 
x
 
(c)

 
 
 
(d)

 
 
 
(a)
Earnings were inadequate to cover (1)  fixed charges and (2) combined fixed charges and preferred distributions by $35.0 million and $43.6 million, respectively. Excluding non-cash asset impairment charges of $18.1 million and additional depreciation due to the change in asset lives of $14.4 million, the ratio of earnings to fixed charges and of earnings to combined fixed charges and preferred distributions would have been 0.93x and 0.76x, respectively, for the fiscal year ended April 30, 2018
(b)
Earnings were inadequate to cover (1)  fixed charges and (2) combined fixed charges and preferred distributions by $21.5 million and $32.0 million, respectively. Excluding non-cash asset impairment charges of $57.1 million, the ratio of earnings to fixed charges and of earnings to combined fixed charges and preferred distributions would have been 1.77x and 1.44x, respectively, for the fiscal year ended April 30, 2017.
(c)
Earnings were inadequate to cover combined fixed charges and preferred distributions by $2.1 million. Excluding non-cash asset impairment charges of $4.5 million, the ratio of earnings to combined fixed charges and preferred distributions would have been 1.03x, for the fiscal year ended April 30, 2015.
(d)
Earnings were inadequate to cover combined fixed charges and preferred distributions by $11.1 million. Excluding non-cash asset impairment charges of $7.8 million, the ratio of earnings to combined fixed charges and preferred distributions would have been 0.95x, for the fiscal year ended April 30, 2014.



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