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 | |||||||||||||||||||||||||||
| Period from November 24, 2014 to December 31, 2014 | Period from January 1, 2014 to November 23, 2014 | Year Ended December 31, 2013 | ||||||||||||||||||||||||||
| Three Months Ended March 31, 2018 | Year Ended December 31, | |||||||||||||||||||||||||||
(Amounts in thousands, except ratios) | 2017 | 2016 | 2015 | |||||||||||||||||||||||||
Earnings: | ||||||||||||||||||||||||||||
Income (loss) before income taxes(1) | 3,320 | $ | 98,311 | $ | (3,061 | ) | $ | 16,859 | $ | 72,289 | $ | 123,618 | $ | 312,806 | ||||||||||||||
Add: | ||||||||||||||||||||||||||||
Fixed charges (see below) | 36,082 | 143,762 | 153,138 | 168,366 | 43,743 | 28,585 | 29,807 | |||||||||||||||||||||
Distributions of income from unconsolidated joint ventures and funds | 668 | 6,042 | 8,513 | 4,985 | 532 | 2,874 | 2,612 | |||||||||||||||||||||
Less: | ||||||||||||||||||||||||||||
Noncontrolling interest inpre-tax income of consolidated subsidiaries that have not incurred fixed charges | (1,110 | ) | (8,147 | ) | (3,007 | ) | (24,896 | ) | — | (26,145 | ) | (60,957 | ) | |||||||||||||||
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Earnings available for Fixed Charges and Preferred Dividends | 38,960 | $ | 239,968 | $ | 155,583 | $ | 165,314 | $ | 116,564 | $ | 128,932 | $ | 284,268 | |||||||||||||||
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Fixed Charges: | ||||||||||||||||||||||||||||
Interest expense, including amortization of deferred financing costs | 36,082 | $ | 143,762 | $ | 153,138 | $ | 168,366 | $ | 43,743 | $ | 28,585 | $ | 29,807 | |||||||||||||||
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Total Fixed Charges | 36,082 | $ | 143,762 | $ | 153,138 | $ | 168,366 | $ | 43,743 | $ | 28,585 | $ | 29,807 | |||||||||||||||
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Preferred Distributions | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||
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Total Fixed Charges and Preferred Stock Distributions | 36,082 | $ | 143,762 | $ | 153,138 | $ | 168,366 | $ | 43,743 | $ | 28,585 | $ | 29,807 | |||||||||||||||
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Ratio of Earnings to Fixed Charges and Preferred Stock Distributions | 1.08 | 1.67 | 1.02 | - | (2) | 2.66 | 4.51 | 9.54 | ||||||||||||||||||||
| (1) | Representspre-tax income (loss) from continuing operations beforenon-controlling interests in consolidated subsidiaries and income from unconsolidated joint ventures and funds. |
| (2) | The ratio was less than 1:1 for the year ended December 31, 2015 as earnings were inadequate to cover fixed charges by a deficiency of approximately $3.1 million. |
