Exhibit 12.1
CEDAR REALTY TRUST, INC.
Computation of Ratios of Earnings to Combined Fixed Charges and Preferred Stock Dividends
| September 30, | Year ended December 31, | |||||||||||||||||||||||
| 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||||||
| Earnings: |
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| Net income before discontinued operations |
$ | 13,973,000 | $ | 8,764,000 | $ | 21,616,000 | $ | 17,611,000 | $ | 4,519,000 | $ | 24,094,000 | ||||||||||||
| Undistributed earnings of equity investees |
— | — | — | — | — | — | ||||||||||||||||||
| Fixed charges (excluding capitalized interest) |
16,933,000 | 29,672,000 | 28,886,000 | 33,634,000 | 35,397,000 | 41,424,000 | ||||||||||||||||||
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| Total earnings (A) |
$ | 30,906,000 | $ | 38,436,000 | $ | 50,502,000 | $ | 51,245,000 | $ | 39,916,000 | $ | 65,518,000 | ||||||||||||
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| Fixed charges: |
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| Interest expense (including amortization of financing) |
$ | 16,638,000 | $ | 29,152,000 | $ | 28,377,000 | $ | 33,126,000 | $ | 34,868,000 | $ | 40,896,000 | ||||||||||||
| Capitalized interest and amortization |
483,000 | 743,000 | 409,000 | 757,000 | 915,000 | 1,314,000 | ||||||||||||||||||
| Portion of rents representing interest |
295,000 | 520,000 | 509,000 | 508,000 | 529,000 | 528,000 | ||||||||||||||||||
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| Total fixed charges (B) |
$ | 17,416,000 | $ | 30,415,000 | $ | 29,295,000 | $ | 34,391,000 | $ | 36,312,000 | $ | 42,738,000 | ||||||||||||
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| Preferred stock dividends |
$ | 10,739,000 | $ | 14,408,000 | $ | 14,408,000 | $ | 14,408,000 | $ | 14,413,000 | $ | 14,819,000 | ||||||||||||
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| Total fixed charges and preferred stock |
$ | 28,155,000 | $ | 44,823,000 | $ | 43,703,000 | $ | 48,799,000 | $ | 50,725,000 | $ | 57,557,000 | ||||||||||||
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| Ratio of earnings to fixed charges (A divided by B)(x) |
1.77 | 1.26 | 1.72 | 1.49 | 1.10 | 1.53 | ||||||||||||||||||
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| Ratio of earnings to fixed charges and preferred stock dividends (A divided by C)(y) |
1.10 | (z) | 1.16 | 1.05 | (z) | 1.14 | ||||||||||||||||||
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| Deficit - Fixed charges |
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| Deficit - Combined fixed charges and preferred stock dividends |
$ | 6,387,000 | $ | 10,809,000 | ||||||||||||||||||||
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| (x) | The ratio of earnings to fixed charges is computed by dividing earnings by fixed charges. In computing the ratio of earnings to fixed charges: (a) earnings consist of (loss) income before discontinued operations plus distributed income of equity investees and fixed charges (excluding capitalized interest) and (b) fixed charges consist of interest expense including amortization of debt discounts and issuance costs (including capitalized interest) and the estimated portion of rents payable by us representing interest. |
| (y) | The ratio of earnings to combined fixed charges and preferred stock dividends is computed by dividing earnings by the total of fixed charges and preferred stock dividends. In computing the ratio of earnings to combined fixed charges and preferred stock dividends: (a) earnings consist of (loss) income before discontinued operations plus distributed income of equity investees and fixed charges (excluding capitalized interest), (b) fixed charges consist of interest expense including amortization of debt discounts and issuance costs (including capitalized interest) and the estimated portion of rents payable by us representing interest; and (c) preferred stock dividends consist of preferred stock dividends. |
| (z) | During the fiscal years ended December 31, 2016 and 2013, earnings were insufficient to cover fixed charges and preferred stock dividends by $6.4 million and $10.8 million, respectively. |