Exhibit 12.1
Gramercy Property Trust
Ratio of Earnings to Combined Fixed Charges and Preferred Share Dividends
(Dollars in Thousands)
| Years Ended December 31, | ||||||||||||||||||||
| 2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||
| Earnings: | ||||||||||||||||||||
| Net income (loss) from continuing operations, pretax | $ | (48,280 | ) | $ | 56,002 | $ | (1,779 | ) | $ | (15,011 | ) | $ | (20,340 | ) | ||||||
| Add (Subtract): | ||||||||||||||||||||
| Loss (income) from unconsolidated equity investments | 1,107 | (1,959 | ) | 5,662 | 2,904 | (121 | ) | |||||||||||||
| Distributions from unconsolidated equity investments | 5,704 | 3,373 | 7,985 | - | - | |||||||||||||||
| Fixed charges | 35,166 | 16,857 | 16,386 | 88,159 | 186,620 | |||||||||||||||
| Capitalized interest | - | - | - | - | - | |||||||||||||||
| Income (loss) before fixed charges and preferred share dividends | $ | (6,303 | ) | $ | 74,273 | $ | 28,254 | $ | 76,052 | $ | 166,159 | |||||||||
| Fixed charges: | ||||||||||||||||||||
| Interest expense | $ | 35,166 | $ | 16,857 | $ | 16,386 | $ | 88,159 | $ | 186,620 | ||||||||||
| Capitalized interest | - | - | - | - | - | |||||||||||||||
| Total fixed charges | $ | 35,166 | $ | 16,857 | $ | 16,386 | $ | 88,159 | $ | 186,620 | ||||||||||
| Preferred share dividends | 6,234 | 7,349 | 7,162 | 7,162 | 7,162 | |||||||||||||||
| Total fixed charges and preferred share dividends | $ | 41,400 | $ | 24,206 | $ | 23,548 | $ | 95,321 | $ | 193,782 | ||||||||||
| Ratio of earnings to fixed charges(1) | (0.2x | ) | 4.4x | 1.7x | 0.9x | 0.9x | ||||||||||||||
| Deficiency | $ | 41,469 | N/A | N/A | $ | 12,107 | $ | 20,461 | ||||||||||||
| Ratio of earnings to combined fixed charges and preferred share dividends(1) | (0.2x | ) | 3.1x | 1.2x | 0.8x | 0.9x | ||||||||||||||
| Deficiency | $ | 47,703 | N/A | N/A | $ | 19,269 | $ | 27,623 | ||||||||||||
(1)For the years ended December 31, 2015, 2012, and 2011, earnings were not sufficient to cover fixed charges by $41,469, $12,107, and $20,461, respectively. For the years ended December 31, 2015, 2012, and 2011 earnings were not sufficient to cover combined fixed charges and preferred share dividends by $47,703, $19,269, and $27,623, respectively.
