Exhibit 12.1
RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
American Realty Capital Properties, Inc. | ARC Predecessor Companies | |||||||||||||||||||||||||||
9-months ended | Year Ended | September 6, 2011 | January 1, 2011 | Year Ended | June 5, 2008 | |||||||||||||||||||||||
Period: | September 30, | December 31, | to December 31, 2011 | to September 5, 2011 | December 31, 2010 | December 31, 2009 | to December 31, 2008 | |||||||||||||||||||||
Earnings | ||||||||||||||||||||||||||||
Pre-tax loss from continuing operations | (248,840 | ) | (38,700 | ) | (1,759 | ) | (5,302 | ) | (7,421 | ) | (8,614 | ) | (1,182 | ) | ||||||||||||||
Add: | ||||||||||||||||||||||||||||
Fixed charges | 33,887 | 12,220 | 924 | 7,941 | 10,805 | 6,963 | 1,608 | |||||||||||||||||||||
Total Earnings | (214,953 | ) | (26,480 | ) | (835 | ) | 2,639 | 3,384 | (1,651 | ) | 426 | |||||||||||||||||
Fixed charges | ||||||||||||||||||||||||||||
Interest expensed and capitalized (1) | 25,374 | 11,856 | 924 | 7,941 | 10,805 | 6,963 | 1,608 | |||||||||||||||||||||
Preference security dividend requirements | 8,513 | 364 | — | — | — | — | — | |||||||||||||||||||||
Total Fixed Charges | 33,887 | 12,220 | 924 | 7,941 | 10,805 | 6,963 | 1,608 | |||||||||||||||||||||
Ratio of Earnings to fixed charges calculation | (6.34 | )x | (2.17 | )x | (0.90 | )x | 0.33 | x | 0.31 | x | (0.24 | )x | 0.26 | x | ||||||||||||||
Deficiency | 248,840 | 38,700 | 1,759 | NA | NA | 8,614 | NA |
(1) | Interest expensed includes amortization of premiums and discounts on borrowings and amortization of capitalized expenses related to indebtedness. |
(2) | On February 28, 2013, American Realty Capital Properties, Inc. merged with American Realty Capital Trust III, Inc. The ratios for this period are presented as if the companies were reporting on a combined basis. |