Gramercy Property Trust 8-K Gramercy Property Trust Announces Pricing of Public Offering of 7.125% Series B Cumulative Redeemable Preferred Stock

 Exhibit 12.1

Gramercy Property Trust Inc.

Statement of Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends

(Unaudited, Dollar Amounts in Thousands)

	For the Six
	Months Ended
	June 30,			Years Ended December 31,
	2014			2013			2012			2011			2010			2009
Earnings:
Net loss from continuing operations, pretax	$	63,331		$	(1,779	)	$	(15,011	)	$	(20,340	)	$	(25,962	)	$	63,781
Add (Subtract):
Loss (income) from Equity Investees		(1,753	)		5,662			2,904			(121	)		303			(113	)
Distributions from Equity Investees		-			-			-			-			-			-
Fixed charges		6,272			16,386			88,159			186,620			201,653			235,924
Capitalized interest		-			-			-			-			-			-
Income (loss) before fixed charges and preferred stock dividends	$	67,850		$	20,269		$	76,052		$	166,159		$	175,994		$	299,592
Fixed charges:
Interest expense	$	6,272		$	16,386		$	88,159		$	186,620		$	201,653		$	235,924
Capitalized interest		-			-			-			-			-			-
Total fixed charges	$	6,272		$	16,386		$	88,159		$	186,620		$	201,653		$	235,924
Preferred stock dividends		3,581			7,162			7,162			7,162			8,798			9,414
Total fixed charges and preferred stock dividends	$	9,853		$	23,548		$	95,321		$	193,782		$	210,451		$	245,338
Ratio of earnings to fixed charges and preferred stock dividends		6.9	x		0.9	x		0.8	x		0.9	x		0.8	x		1.2	x
Deficiency	$	N/A		$	3,279		$	19,269		$	27,623		$	34,457		$	N/A