EXHIBIT 12.1
GLOBAL NET LEASE, INC.
CALCULATION OF RATIOS OF EARNINGS TO FIXED CHARGES
Global Net Lease, Inc.’s ratios of earnings to fixed charges and ratios of earnings to combined fixed charges for the five years ended December 31, 2016 were as follows:
Year Ended December 31, | ||||||||||||||||||||
2016 | 2015 | 2014 | 2013 | 2012 | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Earnings: | ||||||||||||||||||||
Pre-tax income/(loss) from continuing operations before adjustment for non-controlling interests in consolidated subsidiaries | $ | 51,999 | $ | 3,874 | $ | (55,025 | ) | $ | (6,989 | ) | $ | (413 | ) | |||||||
Add: Interest expense | 32,860 | 26,826 | 11,597 | 720 | 9 | |||||||||||||||
Amortization of deferred financing costs | 6,698 | 8,527 | 3,753 | 250 | 1 | |||||||||||||||
Amortization of mortgage (discount) premium, net and mezzanine discount | (437 | ) | (489 | ) | (498 | ) | (1 | ) | - | |||||||||||
Earnings | $ | 91,120 | $ | 38,738 | $ | (40,173 | ) | $ | (6,020 | ) | $ | (403 | ) | |||||||
Fixed Charges: | ||||||||||||||||||||
Interest expense | $ | 32,860 | $ | 26,826 | $ | 11,597 | $ | 720 | $ | 9 | ||||||||||
Amortization of deferred financing costs | 6,698 | 8,527 | 3,753 | 250 | 1 | |||||||||||||||
Amortization of mortgage (discount) premium, net and mezzanine discount | (437 | ) | (489 | ) | (498 | ) | (1 | ) | - | |||||||||||
Fixed Charges | $ | 39,121 | $ | 34,864 | $ | 14,852 | $ | 969 | $ | 10 | ||||||||||
Preferred distributions | - | - | - | - | - | |||||||||||||||
Combined fixed charges | $ | 39,121 | $ | 34,864 | $ | 14,852 | $ | 969 | $ | 10 | ||||||||||
Ratio of earnings to fixed charges | 2.33 | 1.11 | (2.70 | ) | (6.21 | ) | (40.30 | ) | ||||||||||||
Ratio of earnings to combined fixed charges | 2.33 | 1.11 | (2.70 | ) | (6.21 | ) | (40.30 | ) |