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. |