Exhibit 12.2
RATIO OF EARNINGS TO FIXED CHARGES
Ratio of Earnings to Fixed Charges (dollars | American Realty Capital Properties, Inc. | |||||||||||||||||||||||||||||||
Post-Mergers | Pre-Mergers | ARC Predecessor Companies | ||||||||||||||||||||||||||||||
Six months Ended June 30, 2014 | Year Ended December 31, | September 6, 2011 to December 31, 2011 | January 1, 2011 to September 5, 2011 | Year Ended December 31, | June 5, 2008 to December 31, 2008 | |||||||||||||||||||||||||||
2013 | 2012 | 2010 | 2009 | |||||||||||||||||||||||||||||
Earnings: | ||||||||||||||||||||||||||||||||
Pre-tax loss from continuing operations | $ | (349,009 | ) | $ | (474,721 | ) | $ | (41,237 | ) | $ | (1,759 | ) | $ | (5,302 | ) | $ | (7,421 | ) | $ | (8,614 | ) | $ | (1,182 | ) | ||||||||
Add: | ||||||||||||||||||||||||||||||||
Fixed charges | 188,592 | 73,436 | 11,856 | 924 | 7,941 | 10,805 | 6,963 | 1,608 | ||||||||||||||||||||||||
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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 | $ | (160,417 | ) | $ | (401,285 | ) | $ | (29,381 | ) | $ | (835 | ) | $ | 2,639 | $ | 3,384 | $ | (1,651 | ) | $ | 426 | |||||||||||
Fixed charges: | ||||||||||||||||||||||||||||||||
Interest expensed and capitalized | $ | 188,592 | $ | 73,436 | $ | 11,856 | $ | 924 | $ | 7,941 | $ | 10,805 | $ | 6,963 | $ | 1,608 | ||||||||||||||||
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 | $ | 924 | $ | 7,941 | $ | 10,805 | $ | 6,963 | $ | 1,608 | ||||||||||||||||
Ratio of Earnings to fixed charges calculation | -0.85 | x | -5.46 | x | -2.48x | -0.90 | x | 0.33 | x | 0.31 | x | -0.24 | x | 0.26 | x | |||||||||||||||||
Deficiency | $ | 349,009 | $ | 474,721 | $ | 41,237 | $ | 1,759 | $ | 5,302 | $ | 7,421 | $ | 8,614 | $ | NA |