Exhibit 12.1
VEREIT, INC. and VEREIT OPERATING PARTNERSHIP, L.P.
CONSOLIDATED RATIOS OF EARNINGS TO FIXED CHARGES
The following table sets forth the Company's consolidated ratios of earnings to fixed charges for the periods as shown (dollars in thousands):
|
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Nine Months Ended September 30, | | Year Ended December 31, |
| | | 2017 | | 2016 | | 2015 | | 2014 | | 2013 | | 2012 |
| Earnings: | | | | | | | | | | | | |
| Pre-tax income (loss) from continuing operations before income (loss) from equity investees | | $ | 73,543 |
| | $ | (214,308 | ) | | $ | (368,887 | ) | | $ | (1,044,100 | ) | | $ | (505,620 | ) | | $ | (40,451 | ) |
| | | | | | | | | | | | | |
| Add: | | | | | | | | | | | | |
| Fixed charges | | 220,036 |
| | 319,289 |
| | 361,407 |
| | 454,983 |
| | 105,644 |
| | 11,856 |
|
| Amortization of capitalized interest | | 23 |
| | 46 |
| | 41 |
| | 10 |
| | 2 |
| | — |
|
| Distributed income of equity investees | | 2,782 |
| | 46,305 |
| | 11,352 |
| | 8,335 |
| | — |
| | — |
|
| Less: | | | | | | | | | | | | |
| Interest capitalized | | (11 | ) | | (204 | ) | | (1,208 | ) | | (330 | ) | | (82 | ) | | — |
|
| Preference security dividend of subsidiaries | | (53,919 | ) | | (71,892 | ) | | (71,892 | ) | | (82,226 | ) | | (3,313 | ) | | (497 | ) |
| Total earnings | | $ | 242,454 |
|
| $ | 79,236 |
| | $ | (69,187 | ) | | $ | (663,328 | ) | | $ | (403,369 | ) | | $ | (29,092 | ) |
| | | | | | | | | | | | | |
| Fixed Charges: | | | | | | | | | | | | |
| Interest expensed and capitalized | | 205,334 |
| | 304,085 |
| | 344,777 |
| | 367,870 |
| | 64,397 |
| | 9,871 |
|
| Amortized premiums, discounts and capitalized expenses related to indebtedness | | 13,546 |
| | 13,186 |
| | 14,823 |
| | 85,108 |
| | 41,233 |
| | 1,985 |
|
| Estimate of interest within rental expense | | 1,156 |
| | 2,018 |
| | 1,807 |
| | 2,005 |
| | 14 |
| | — |
|
| Total Fixed Charges | | $ | 220,036 |
| | $ | 319,289 |
| | $ | 361,407 |
| | $ | 454,983 |
| | $ | 105,644 |
| | $ | 11,856 |
|
| | | | | | | | | | | | | |
| Ratio of earnings to fixed charges | | 1.10 | x | | 0.25 | x | | (0.19 | )x | | (1.46 | )x | | (3.82 | )x | | (2.45 | )x |
| Deficiency | | $ | — |
|
| $ | 240,053 |
| | $ | 430,594 |
| | $ | 1,118,311 |
| | $ | 509,013 |
| | $ | 40,948 |
|
Exhibit 12.1
VEREIT, INC. and VEREIT OPERATING PARTNERSHIP, L.P.
CONSOLIDATED RATIOS OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
The following table sets forth the Company's consolidated ratios of earnings to fixed charges for the periods as shown (dollars in thousands):
|
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Nine Months Ended September 30, | | Year Ended December 31, |
| | | 2017 | | 2016 | | 2015 | | 2014 | | 2013 | | 2012 |
| Earnings: | | | | | | | | | | | | |
| Pre-tax income (loss) from continuing operations before income (loss) from equity investees | | $ | 73,543 |
| | $ | (214,308 | ) | | $ | (368,887 | ) | | $ | (1,044,100 | ) | | $ | (505,620 | ) | | $ | (40,451 | ) |
| | | | | | | | | | | | | |
| Add: | | | | | | | | | | | | |
| Fixed charges | | 273,955 |
| | 391,181 |
| | 433,299 |
| | 537,209 |
| | 108,957 |
| | 12,353 |
|
| Amortization of capitalized interest | | 23 |
| | 46 |
| | 41 |
| | 10 |
| | 2 |
| | — |
|
| Distributed income of equity investees | | 2,782 |
| | 46,305 |
| | 11,352 |
| | 8,335 |
| | — |
| | — |
|
| Less: | | | | | | | | | | | | |
| Interest capitalized | | (11 | ) | | (204 | ) | | (1,208 | ) | | (330 | ) | | (82 | ) | | — |
|
| Preference security dividend of subsidiaries | | (53,919 | ) | | (71,892 | ) | | (71,892 | ) | | (82,226 | ) | | (3,313 | ) | | (497 | ) |
| Total earnings | | $ | 296,373 |
| | $ | 151,128 |
| | $ | 2,705 |
| | $ | (581,102 | ) | | $ | (400,056 | ) | | $ | (28,595 | ) |
| | | | | | | | | | | | | |
| Fixed Charges: | | | | | | | | | | | | |
| Interest expensed and capitalized | | 205,334 |
| | 304,085 |
| | 344,777 |
| | 367,870 |
| | 64,397 |
| | 9,871 |
|
| Amortized premiums, discounts and capitalized expenses related to indebtedness | | 13,546 |
| | 13,186 |
| | 14,823 |
| | 85,108 |
| | 41,233 |
| | 1,985 |
|
| Estimate of interest within rental expense | | 1,156 |
| | 2,018 |
| | 1,807 |
| | 2,005 |
| | 14 |
| | — |
|
| Preference security dividend of subsidiaries | | 53,919 |
| | 71,892 |
| | 71,892 |
| | 82,226 |
| | 3,313 |
| | 497 |
|
| Total Fixed Charges | | $ | 273,955 |
| | $ | 391,181 |
| | $ | 433,299 |
| | $ | 537,209 |
| | $ | 108,957 |
| | $ | 12,353 |
|
| | | | | | | | | | | | | |
| Ratio of earnings to fixed charges | | 1.08 | x | | 0.39 | x |
| 0.01 | x | | (1.08 | )x | | (3.67 | )x | | (2.31 | )x |
| Deficiency | | $ | — |
| | $ | 240,053 |
| | $ | 430,594 |
| | $ | 1,118,311 |
| | $ | 509,013 |
| | $ | 40,948 |
|
