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:

               

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  
  

 

 

    

 

 

   

 

 

    

 

 

    

 

 

   

 

 

 

Total earnings (A)

   $ 30,906,000      $ 38,436,000     $ 50,502,000      $ 51,245,000      $ 39,916,000     $ 65,518,000  
  

 

 

    

 

 

   

 

 

    

 

 

    

 

 

   

 

 

 

Fixed charges:

               

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  
  

 

 

    

 

 

   

 

 

    

 

 

    

 

 

   

 

 

 

Total fixed charges (B)

   $ 17,416,000      $ 30,415,000     $ 29,295,000      $ 34,391,000      $ 36,312,000     $ 42,738,000  
  

 

 

    

 

 

   

 

 

    

 

 

    

 

 

   

 

 

 

Preferred stock dividends

   $ 10,739,000      $ 14,408,000     $ 14,408,000      $ 14,408,000      $ 14,413,000     $ 14,819,000  
  

 

 

    

 

 

   

 

 

    

 

 

    

 

 

   

 

 

 

Total fixed charges and preferred stock
dividends (C)

   $ 28,155,000      $ 44,823,000     $ 43,703,000      $ 48,799,000      $ 50,725,000     $ 57,557,000  
  

 

 

    

 

 

   

 

 

    

 

 

    

 

 

   

 

 

 

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

     1.77        1.26       1.72        1.49        1.10       1.53  
  

 

 

    

 

 

   

 

 

    

 

 

    

 

 

   

 

 

 

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  
  

 

 

      

 

 

    

 

 

      

 

 

 

Deficit - Fixed charges

               

Deficit - Combined fixed charges and preferred stock dividends

      $ 6,387,000           $ 10,809,000    
     

 

 

         

 

 

   

 

(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.