Exhibit 12.1
Monogram Residential Trust, Inc.
Computation of Ratio of Earnings to Fixed Charges
(1) Effective as of January 1, 2014, we adopted the revised guidance regarding discontinued operations. As a result of this early adoption, a gain on sale of real estate of $16.2 million has been included in our reported income (loss) from continuing operations for the nine month period ended September 30, 2014. Gains on sale of real estate in periods prior to 2014 were reflected in discontinued operations and therefore not included in income (loss) from continuing operations.
(2) The ratio was less than 1:1 for the nine months ended September 30, 2014 and the years ended December 31, 2013, December 31, 2012, December 31, 2010 and December 31, 2009 as earnings were inadequate to cover fixed charges by deficiencies of $7.5 million, $29.1 million, $42.1 million, $19.6 million and $2.1 million, respectively.