Gramercy Property Trust Inactive 10-K2016 FY Annual report

Filed: 1 Mar 17, 12:00am

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Exhibit 12.1



Gramercy Property Trust
Ratio of Earnings to Combined Fixed Charges and Preferred Share Dividends
(Dollars in Thousands)

	Year Ended December 31,
	2016			2015			2014			2013			2012
Earnings:
Net income (loss) from continuing operations, before provision for taxes	$	21,908		$	(48,280	)	$	56,002		$	(1,779	)	$	(15,011	)
Add (Subtract):
Loss (income) from unconsolidated equity investments	(2,409		)	1,107			(1,959		)	5,662			2,904
Distributions from unconsolidated equity investments	50,891			5,704			3,373			7,985			—
Fixed charges	76,241			35,166			16,857			16,386			88,159
Capitalized interest	—			—			—			—			—
Income (loss) before fixed charges and preferred share dividends	$	146,631		$	(6,303	)	$	74,273		$	28,254		$	76,052

Fixed charges:
Interest expense	$	76,241		$	35,166		$	16,857		$	16,386		$	88,159
Capitalized interest	—			—			—			—			—
Total fixed charges	$	76,241		$	35,166		$	16,857		$	16,386		$	88,159
Preferred share dividends	6,234			6,234			7,349			7,162			7,162
Total fixed charges and preferred share dividends	$	82,475		$	41,400		$	24,206		$	23,548		$	95,321

Ratio of earnings to fixed charges⁽¹⁾	1.9x			(0.2x)			4.4x			1.7x			0.9x
Deficiency	N/A			$	41,469		N/A			N/A			$	12,107

Ratio of earnings to combined fixed charges and preferred share dividends⁽¹⁾	1.8x			(0.2x)			3.1x			1.2x			0.8x
Deficiency	N/A			$	47,703		N/A			N/A			$	19,269


(1)	For the years ended December 31, 2015 and 2012, earnings were not sufficient to cover fixed charges by $41,469 and $12,107, respectively. For the years ended December 31, 2015 and 2012, earnings were not sufficient to cover combined fixed charges and preferred share dividends by $47,703 and $19,269, respectively.