Exhibit 12.1
Cedar Realty Trust, Inc.
Ratio of Earnings to Combined Fixed Charges and Preferred Share Dividends
| March
31, 2012 |
Year ended December 31, | |||||||||||||||||||||||
| 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||||
| Earnings: |
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| Net (loss) income before discontinued operations |
$ | (7,922,000 | ) | $ | (25,953,000 | ) | $ | (6,256,000 | ) | $ | (21,063,000 | ) | $ | 9,971,000 | $ | 13,762,000 | ||||||||
| Undistributed earnings of equity investees |
— | (272,000 | ) | — | (177,000 | ) | (122,000 | ) | (105,000 | ) | ||||||||||||||
| Fixed charges (excluding capitalized interest) |
12,911,000 | 42,422,000 | 46,037,000 | 41,931,000 | 36,897,000 | 31,136,000 | ||||||||||||||||||
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| Total earnings (A) |
$ | 4,989,000 | $ | 16,197,000 | $ | 39,781,000 | $ | 20,691,000 | $ | 46,746,000 | $ | 44,793,000 | ||||||||||||
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| Fixed charges: |
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| Interest expense (including amortization of financing) |
$ | 12,786,000 | $ | 41,870,000 | $ | 45,690,000 | $ | 41,669,000 | $ | 36,667,000 | $ | 30,947,000 | ||||||||||||
| Capitalized interest and amortization |
295,000 | 2,629,000 | 2,309,000 | 5,906,000 | 6,228,000 | 3,697,000 | ||||||||||||||||||
| Portion of rents representing interest |
125,000 | 552,000 | 347,000 | 262,000 | 230,000 | 189,000 | ||||||||||||||||||
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| Total fixed charges (B) |
13,206,000 | 45,051,000 | 48,346,000 | 47,837,000 | 43,125,000 | 34,833,000 | ||||||||||||||||||
| Preferred stock dividends |
3,531,000 | 14,200,000 | 10,196,000 | 7,876,000 | 7,877,000 | 7,877,000 | ||||||||||||||||||
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| Total fixed charges and preferred stock dividends (C) |
$ | 16,737,000 | $ | 59,251,000 | $ | 58,542,000 | $ | 55,713,000 | $ | 51,002,000 | $ | 42,710,000 | ||||||||||||
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| Ratio of earnings to fixed charges (A divided by B) |
1.08 | 1.29 | ||||||||||||||||||||||
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| Ratio of earnings to fixed charges and preferred stock dividends (A divided by C) |
1.05 | |||||||||||||||||||||||
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| Deficit - Fixed charges |
$ | 8,217,000 | $ | 28,854,000 | $ | 8,565,000 | $ | 27,146,000 | ||||||||||||||||
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| Deficit - Combined fixed charges and preferred stock dividends |
$ | 11,748,000 | $ | 43,054,000 | $ | 18,761,000 | $ | 35,022,000 | $ | 4,256,000 | ||||||||||||||
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