Exhibit 12.1
STATEMENT OF COMPUTATION OF RATIOS OF EARNINGS
TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS
(in thousands, except ratios)
Because Spirit Realty Capital, Inc., directly or indirectly through wholly-owned subsidiaries, owns 100% interest in Spirit Realty, L.P., the ratios of earnings to combined fixed charges are the same for Spirit Realty Capital, Inc. and Spirit Realty, L.P.
| Six Months Ended June 30, | Twelve Months Ended December 31, | |||||||||||||||||||||||
| 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||||||
Pre-tax income (loss) from continuing operations | $ | 4,975 | $ | 46,046 | $ | 24,704 | $ | (50,186 | ) | $ | (32,059 | ) | $ | (72,011 | ) | |||||||||
Add: Fixed charges | 93,448 | 196,586 | 222,901 | 220,070 | 179,267 | 156,220 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Pre-tax earnings from continuing operations before fixed charges | $ | 98,423 | $ | 242,632 | $ | 247,605 | $ | 169,884 | $ | 147,208 | $ | 84,209 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Fixed charges: | ||||||||||||||||||||||||
Interest expense | $ | 82,321 | $ | 181,206 | $ | 212,534 | $ | 214,895 | $ | 161,415 | $ | 139,239 | ||||||||||||
Amortization of deferred financing costs | 4,823 | 9,070 | 7,937 | 5,899 | 13,188 | 2,819 | ||||||||||||||||||
Amortization of discount relating to indebtedness | 7,095 | 15,104 | 17,823 | 17,752 | 13,234 | 10,802 | ||||||||||||||||||
Amortization of premium relating to indebtedness | (791 | ) | (8,887 | ) | (15,501 | ) | (18,601 | ) | (8,581 | ) | (56 | ) | ||||||||||||
Amortization related to interest rate swaps | — | 93 | 108 | 125 | 11 | 3,416 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Fixed charges | $ | 93,448 | $ | 196,586 | $ | 222,901 | $ | 220,070 | $ | 179,267 | $ | 156,220 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Ratio of earnings from continuing operations to fixed charges(1) | 1.05 | 1.23 | 1.11 | — | — | — | ||||||||||||||||||
Fixed charges | $ | 93,448 | $ | 196,586 | $ | 222,901 | $ | 220,070 | $ | 179,267 | $ | 156,220 | ||||||||||||
Preferred dividends | — | — | — | — | — | 63 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Combined fixed charges and preferred dividends | $ | 93,448 | $ | 196,586 | $ | 222,901 | $ | 220,070 | $ | 179,267 | $ | 156,283 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Ratio of Earnings to Combined Fixed Charges and Preferred Dividends | 1.05 | 1.23 | 1.11 | — | (1) | — | (1) | — | (1) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Surplus (Deficiency) Combined Fixed Charges and Preferred Dividends | $ | 4,975 | $ | 46,046 | $ | 24,704 | $ | (50,186 | ) | $ | (32,059 | ) | $ | (72,074 | ) | |||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Interest expense | $ | 82,321 | $ | 181,299 | $ | 212,642 | $ | 215,020 | $ | 161,426 | $ | 142,655 | ||||||||||||
| (1) | The ratio of earnings to combined fixed charges and preferred dividends was less than 1.00 as a result of losses from continuing operations for all periods presented. |
