Exhibit 12.1
Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
(In thousands, except share and per share data)
| City Office REIT Inc. | City Office REIT, Inc. Predecessor | |||||||||||||||||||||||||||
| Three months ended March 31, 2017 | 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 | $ | (1,299 | ) | $ | 376 | $ | (7,667 | ) | $ | (6,855 | ) | $ | (2,530 | ) | $ | (4,580 | ) | $ | (2,388 | ) | ||||||||
Fixed charges | 4,395 | 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 | $ | 3,096 | $ | 15,137 | $ | 3,686 | $ | 325 | $ | 1,242 | $ | 1,191 | $ | 1,804 | ||||||||||||||
Fixed Charges | ||||||||||||||||||||||||||||
Interest expense | 4,395 | 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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Total Fixed Charges | 4,395 | 14,761 | 11,353 | 7,180 | 3,772 | 5,368 | 3,686 | |||||||||||||||||||||
Preferred Stock Dividends | 1,846 | 1,781 | — | — | — | — | — | |||||||||||||||||||||
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Combined Fixed Charges and Preferred Stock Dividends | $ | 6,241 | $ | 16,542 | $ | 11,353 | $ | 7,180 | $ | 3,772 | $ | 5,368 | $ | 3,686 | ||||||||||||||
Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends | 0.50 | 0.92 | 0.32 | 0.05 | 0.33 | 0.22 | 0.49 | |||||||||||||||||||||
Inadequate amount | $ | 3,145 | $ | 1,405 | $ | 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. |
