Exhibit 12.1
RATIO OF EARNINGS TO FIXED CHARGES
ARC Properties Operating Partnership, L.P. | ||||||||||||||||
Post-Mergers | Pre-Mergers | |||||||||||||||
Six months Ended | Year Ended December 31, | Year Ended | ||||||||||||||
Ratio of Earnings to Fixed Charges (dollars in thousands): | June 30, 2014 | 2013 | 2012 | December 31, 2011 | ||||||||||||
Earnings: | ||||||||||||||||
Pre-tax loss from continuing operations | $ | (364,000 | ) | $ | (480,436 | ) | $ | (41,492 | ) | $ | (3,952 | ) | ||||
Add: | ||||||||||||||||
Fixed charges | 188,592 | 73,436 | 11,856 | 960 | ||||||||||||
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Distributed income of equity investees | — | — | — | — | ||||||||||||
Share of pre-tax losses for equity investees | — | — | — | — | ||||||||||||
Less: | ||||||||||||||||
Interest capitalized | — | — | — | — | ||||||||||||
Preference security dividend of subsidiaries | — | — | — | — | ||||||||||||
NCI of pre-tax income of subs that have fixed charges | — | — | — | — | ||||||||||||
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Total Earnings | $ | (175,408 | ) | $ | (407,000 | ) | $ | (29,636 | ) | $ | (2,992 | ) | ||||
Fixed charges: | ||||||||||||||||
Interest expensed and capitalized | $ | 188,592 | $ | 73,436 | $ | 11,856 | $ | 960 | ||||||||
Amortized premiums, discounts and capitalized expenses related to indebtedness | — | — | — | |||||||||||||
Estimate of the interest within rental expense | — | — | — | — | ||||||||||||
Preference security dividend requirements | — | — | ||||||||||||||
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Total Fixed Charges | $ | 188,592 | $ | 73,436 | $ | 11,856 | $ | 960 | ||||||||
Ratio of Earnings to fixed charges calculation | -0.93 | x | -5.54 | x | -2.50 | x | -3.12 | x | ||||||||
Deficiency | $ | 364,000 | $ | 480,436 | $ | 41,492 | $ | 3,952 |