Exhibit 12.1
PARAMOUNT GROUP, INC. AND PARAMOUNT PREDECESSOR
COMPUTATION OF EARNINGS TO FIXED CHARGES
AND PREFERRED STOCK DISTRIBUTIONS RATIOS
| Paramount Group, Inc. | Paramount Predecessor | |||||||||||||||||||||||
(Amounts in thousands, except ratios) | Nine Months Ended September 30, 2015 | Period from November 24, 2014 to December 31, 2014 | Period from January 1, 2014 to November 23, 2014 | Year Ended December 31, 2013 | Year Ended December 31, 2012 | Year Ended December 31, 2011 | ||||||||||||||||||
Earnings: | ||||||||||||||||||||||||
Income (loss) before income taxes (1) | $ | (660 | ) | $ | 72,289 | $ | 123,618 | $ | 312,806 | $ | 142,870 | $ | 438,478 | |||||||||||
Add: | ||||||||||||||||||||||||
Fixed charges (see below) | 126,945 | 43,743 | 28,585 | 29,807 | 37,342 | 34,497 | ||||||||||||||||||
Distributions of income from unconsolidated joint ventures | 3,102 | 532 | 2,874 | 2,612 | 3,852 | 4,649 | ||||||||||||||||||
Less: | ||||||||||||||||||||||||
Minority interest in pre-tax income of subsidiaries that have not incurred fixed charges | — | — | (26,145 | ) | (60,957 | ) | 45,926 | (4,028 | ) | |||||||||||||||
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Earnings Available for Fixed Charges and Preferred Distributions | $ | 129,387 | $ | 116,584 | $ | 128,932 | $ | 284,268 | $ | 229,990 | $ | 473,596 | ||||||||||||
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Fixed Charges: | ||||||||||||||||||||||||
Interest expense, including amortization of debt issuance costs | $ | 126,945 | $ | 43,743 | $ | 28,585 | $ | 29,807 | $ | 37,342 | $ | 34,497 | ||||||||||||
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Total Fixed Charges | $ | 126,945 | $ | 43,743 | $ | 28,585 | $ | 29,807 | $ | 37,342 | $ | 34,497 | ||||||||||||
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Preferred Distributions | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||
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Total Fixed Charges and Preferred Stock Distributions | $ | 126,945 | $ | 43,743 | $ | 28,585 | $ | 29,807 | $ | 37,342 | $ | 34,497 | ||||||||||||
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Ratio of Earnings to Fixed Charges and Preferred Stock Distributions | 1.02 | 2.66 | 4.51 | 9.54 | 6.16 | 13.73 | ||||||||||||||||||
| (1) | Represents pre-tax income (loss) from continuing operations before non-controlling interests in consolidated subsidiaries and income (loss) from unconsolidated joint ventures. |
