Exhibit 12.1
Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Share Dividends
(In thousands)
City Office REIT, Inc. | City Office REIT, Inc. Predecessor | |||||||||||||||||||||||
Nine months ended September 30, 2018 | Year ended December 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 | |||||||||||||||||||
Earnings | ||||||||||||||||||||||||
Add: | ||||||||||||||||||||||||
Income/(Loss) from continuing operations before adjustment for income or loss from equity investees | 45,352 | 9,158 | 376 | (7,667 | ) | (6,855 | ) | (2,530 | ) | |||||||||||||||
Fixed charges | 17,481 | 20,173 | 14,761 | 11,353 | 7,180 | 3,772 | ||||||||||||||||||
Distributed income of equity investees | — | — | — | — | — | — | ||||||||||||||||||
Subtract: | ||||||||||||||||||||||||
Capitalized interest | — | — | — | — | — | — | ||||||||||||||||||
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Total Earnings | 62,833 | 29,331 | 15,137 | 3,686 | 325 | 1,242 | ||||||||||||||||||
Fixed Charges | ||||||||||||||||||||||||
Interest expense | 17,481 | 20,173 | 14,761 | 11,353 | 7,180 | 3,772 | ||||||||||||||||||
Capitalized interest | ||||||||||||||||||||||||
Rental expense at computed interest factor(1) | — | — | — | — | — | — | ||||||||||||||||||
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Total Fixed charges | 17,481 | 20,173 | 14,761 | 11,353 | 7,180 | 3,772 | ||||||||||||||||||
Preferred Stock Dividends | 5,565 | 7,411 | 1,781 | — | — | — | ||||||||||||||||||
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Consolidated Fixed Charges and Preferred Stock Dividends | 23,046 | 27,584 | 16,542 | 11,353 | 7,180 | 3,772 | ||||||||||||||||||
Consolidated ratio of earnings to fixed charges | 2.73 | 1.06 | 0.92 | 0.32 | 0.05 | 0.33 | ||||||||||||||||||
Inadequate amount | — | — | 1,405 | 7,667 | 6,855 | 2,530 |
(1) | Amounts represent those portions of rent expense that are reasonable approximations of interest costs. |