EX-12 2 iretexhibit12-01312014.htm CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES AND EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED SHARE DISTRIBUTIONS
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)

|  | Nine Months Ended | Fiscal Year Ended April 30,
|  | January 31, 2014 |  | 2013 |  | 2012 |  | 2011 |  | 2010 |  | 2009
Earnings |  |  |  |  |  |  |  |  |  |  |  |
Income from continuing operations | $ | 11,132 | $ | 20,677 | $ | 8,644 | $ | 4,679 | $ | 5,710 | $ | 8,913
Add: |  |  |  |  |  |  |  |  |  |  |  |
| Combined fixed charges and preferred distributions (see below) |  | 55,721 |  | 73,657 |  | 68,172 |  | 64,954 |  | 71,497 |  | 72,027
Less: |  |  |  |  |  |  |  |  |  |  |  |  |
| (Income) loss noncontrolling interests – consolidated real estate entities |  | (808) |  | (809) |  | (135) |  | 180 |  | (22) |  | 40
| Interest capitalized |  | (2,139) |  | (742) |  | (571) |  | (57) |  | (19) |  | (912)
| Preferred distributions |  | (8,636) |  | (9,229) |  | (2,372) |  | (2,372) |  | (2,372) |  | (2,372)
Total earnings | $ | 55,270 | $ | 83,554 | $ | 73,738 | $ | 67,384 | $ | 74,794 | $ | 77,696
Fixed charges |  |  |  |  |  |  |  |  |  |  |  |
| Interest expensed | $ | 44,946 | $ | 63,686 |  | 65,229 |  | 62,525 |  | 69,106 |  | 68,743
| Interest capitalized |  | 2,139 |  | 742 |  | 571 |  | 57 |  | 19 |  | 912
Total fixed charges | $ | 47,085 | $ | 64,428 | $ | 65,800 | $ | 62,582 | $ | 69,125 | $ | 69,655
| Preferred distributions |  | 8,636 |  | 9,229 |  | 2,372 |  | 2,372 |  | 2,372 |  | 2,372
Total combined fixed charges and preferred distributions | $ | 55,721 | $ | 73,657 | $ | 68,172 | $ | 64,954 | $ | 71,497 | $ | 72,027
Ratio of earnings to fixed charges |  | 1.17x |  | 1.30x |  | 1.12x |  | 1.08x |  | 1.08x |  | 1.12x
Ratio of earnings to combined fixed charges and preferred distributions | $ | (451) |  | 1.13x |  | 1.08x |  | 1.04x |  | 1.05x |  | 1.08x