Exhibit 12.1
Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Share Dividends
(In thousands, except share and per share data)
| City Office REIT Inc. | City Office REIT, Inc. Predecessor | |||||||||||||||||||||||
| Year ended December 31, 2016 | Year ended December 31, 2015 | Period from April 21, 2014 to December 31, 2014 | Period from January 1, 2014 to April 20, 2014 | Year ended December 31, 2013 | Year ended December 31, 2012 | |||||||||||||||||||
Earnings | ||||||||||||||||||||||||
Add: | ||||||||||||||||||||||||
(Loss) Income from continuing operations before adjustment for income or loss from equity investees | $ | 376 | $ | (7,667 | ) | $ | (6,855 | ) | $ | (2,530 | ) | $ | (4,580 | ) | $ | (2,388 | ) | |||||||
Fixed charges | 14,761 | 11,353 | 7,180 | 3,772 | 5,368 | 3,686 | ||||||||||||||||||
Distributed income of equity investees | — | — | — | — | 403 | 506 | ||||||||||||||||||
Subtract: | ||||||||||||||||||||||||
Capitalized interest | — | — | — | — | — | — | ||||||||||||||||||
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Total Earnings | $ | 15,137 | $ | 3,686 | $ | 325 | $ | 1,242 | $ | 1,191 | $ | 1,804 | ||||||||||||
Fixed Charges | ||||||||||||||||||||||||
Interest expense | 14,761 | 11,353 | 7,180 | 3,772 | 5,368 | 3,686 | ||||||||||||||||||
Capitalized interest | ||||||||||||||||||||||||
Rental expense at computed interest factor(1) | — | — | — | — | — | — | ||||||||||||||||||
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Fixed charges | $ | 14,761 | $ | 11,353 | $ | 7,180 | $ | 3,772 | $ | 5,368 | $ | 3,686 | ||||||||||||
Consolidated ratio of earnings to fixed charges | 1.03 | 0.32 | 0.05 | 0.33 | 0.22 | 0.49 | ||||||||||||||||||
Inadequate amount | — | $ | 7,667 | $ | 6,855 | $ | 2,530 | $ | 4,177 | $ | 1,882 | |||||||||||||
| (1) | Amounts represent those portions of rent expense that are reasonable approximations of interest costs. |
