MedEquities Realty Operating Partnership Inactive
Filed: 2 Oct 17, 12:00am
Exhibit 12.1
MedEquities Realty Trust, Inc.
Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
(Dollars in Thousands)
| Years ended December 31, | ||||||||||||||||
| Six months ended June 30, 2017 | 2016 | 2015 | 2014 (1) | |||||||||||||
Earnings: | ||||||||||||||||
Net income | $ | 11,207 | $ | 11,316 | $ | 16,730 | $ | 23 | ||||||||
Add: Fixed charges | 3,380 | 10,994 | 7,272 | 348 | ||||||||||||
Less: Net income attributable to noncontrolling interest | (1,880 | ) | (266 | ) | (4,029 | ) | — | |||||||||
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Total earnings | $ | 12,707 | $ | 22,044 | $ | 19,973 | $ | 371 | ||||||||
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Fixed charges and preferred stock dividends: | ||||||||||||||||
Interest expense | $ | 3,323 | $ | 10,883 | $ | 7,163 | $ | 317 | ||||||||
Portion of rental expense which represents interest factor | 57 | 111 | 109 | 31 | ||||||||||||
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Fixed charges | $ | 3,380 | $ | 10,994 | $ | 7,272 | $ | 348 | ||||||||
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Add: | ||||||||||||||||
Preferred stock dividends | $ | — | $ | 13,760 | $ | 7,835 | $ | — | ||||||||
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Combined fixed charges and preferred stock dividends | $ | 3,380 | $ | 24,754 | $ | 15,107 | $ | 348 | ||||||||
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Ratio of earnings to fixed charges | 3.76 | 2.01 | 2.75 | 1.07 | ||||||||||||
Ratio of earnings to combined fixed charges and preferred stock dividends | 3.76 | — | (2) | 1.32 | 1.07 | |||||||||||
| (1) | Represents the period from April 23, 2014 (inception) to December 31, 2014. |
| (2) | The ratio was less than 1:1 for the year ended December 31, 2016 as earnings were inadequate to cover combined fixed charges and preferred stock dividends by approximately $2.7 million. |