Exhibit 12.1
Computation of Ratio of Earnings to Fixed Charges
Physicians Realty Trust
(amounts in thousands)
Years Ended December 31, | |||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | |||||||||||||||
Net income (loss) | $ | 39,773 | $ | 31,522 | $ | 12,741 | $ | (4,418 | ) | $ | (2,636 | ) | |||||||
Adjustment for equity investees | (183 | ) | (115 | ) | (104 | ) | (95 | ) | — | ||||||||||
Net income (loss) before adjustment for equity investees | 39,590 | 31,407 | 12,637 | (4,513 | ) | (2,636 | ) | ||||||||||||
Plus fixed charges: | |||||||||||||||||||
Interest expense | $ | 44,847 | $ | 21,540 | $ | 9,263 | $ | 5,988 | $ | 3,785 | |||||||||
Amortization and write-off of debt issuance costs, amortization of bond discount, and capitalized interest | 2,161 | 2,324 | 1,373 | 919 | 510 | ||||||||||||||
Estimated interest portion of rental expense | 652 | 634 | 430 | 361 | 6 | ||||||||||||||
Fixed charges | 47,660 | 24,498 | 11,066 | 7,268 | 4,301 | ||||||||||||||
Earnings | $ | 87,250 | $ | 55,905 | $ | 23,703 | $ | 2,755 | $ | 1,665 | |||||||||
Ratio of Earnings to Fixed Charges (1) | 1.83 | x | 2.28 | x | 2.14 | x | — | — |
(1) | The computation of ratio of earnings to fixed charges indicates that earnings were inadequate to cover fixed charges on the basis of our historical financial statements by approximately $4.5 million and $2.6 million for the years ended December 31, 2014 and 2013, respectively. |