EX-12.1 6 iretexhibit121-12102012.htm CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES

Exhibit 12.1
CALCULATION OF RATIO 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 before noncontrolling interests plus fixed charges.  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 preferred shares.
 
  
(in thousands, except ratios)
  
 
  
Fiscal Year Ended April 30,
  
 
  
2012
    
2011
    
2010
    
2009
    
2008
  
Earnings
  
   
   
   
   
 
Income from continuing operations
  
$
9,783
    
$
4,475
    
$
5,996
    
$
9,858
    
$
13,945
  
Add:
                                        
Combined fixed charges and preferred distributions (see below)
    
68,172
      
64,954
      
71,497
      
72,027
      
66,317
  
Less:
                                        
(Income) loss noncontrolling interests – consolidated real estate entities
    
(135
)
    
180
      
(22
)
    
40
      
136
  
Interest capitalized
    
(571
)
    
(57
)
    
(19
)
    
(912
)
    
(506
)
Preferred distributions
    
(2,372
)
    
(2,372
)
    
(2,372
)
    
(2,372
)
    
(2,372
)
Total earnings
  
$
74,877
    
$
67,180
    
$
75,080
    
$
78,641
    
$
77,520
  
 
                                        
Fixed charges
                                        
Interest expensed
  
$
65,229
    
$
62,525
    
$
69,106
    
$
68,743
    
$
63,439
  
Interest capitalized
    
571
      
57
      
19
      
912
      
506
  
Total fixed charges
  
$
65,800
    
$
62,582
    
$
69,125
    
$
69,655
    
$
63,945
  
Preferred distributions
    
2,372
      
2,372
      
2,372
      
2,372
      
2,372
  
Total combined fixed charges and preferred distributions
  
$
68,172
    
$
64,954
    
$
71,497
    
$
72,027
    
$
66,317
  
 
                                        
Ratio of earnings to fixed charges
    
1.14
      
1.07
      
1.09
      
1.13
      
1.21
  
Ratio of earnings to combined fixed charges and preferred distributions
    
1.10
      
1.03
      
1.05
      
1.09
      
1.17
  

2012 Annual Report