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:

           

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   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total earnings (A)

  $ 4,989,000      $ 16,197,000      $ 39,781,000      $ 20,691,000      $ 46,746,000      $ 44,793,000   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Fixed charges:

           

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   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

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   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

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   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Ratio of earnings to fixed charges (A divided by B)

            1.08        1.29   
         

 

 

   

 

 

 

Ratio of earnings to fixed charges and preferred stock dividends (A divided by C)

              1.05   
           

 

 

 

Deficit - Fixed charges

  $ 8,217,000      $ 28,854,000      $ 8,565,000      $ 27,146,000       
 

 

 

   

 

 

   

 

 

   

 

 

     

Deficit - Combined fixed charges and preferred stock dividends

  $ 11,748,000      $ 43,054,000      $ 18,761,000      $ 35,022,000      $ 4,256,000