Grubb & Ellis POS AM Prospectus update (post-effective amendment)

Exhibit 12.1

RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

     The following table presents our historical ratios of earnings to combined fixed charges and preferred stock dividends for the periods indicated.

     The ratios are based solely on historical financial information and no pro forma adjustments have been made.

	Three months
	ended March 31,			Year ended December 31,
	2010			2009			2008			2007			2006			2005
Fixed Charges
Interest and related amortization of borrowing costs		2,319			15,446			14,207			10,818			6,765			1,969
Estimate of the interest portion of rental expense		1,731			7,165			6,965			1,374			970			510
Preferred stock dividends		2,897			1,770			—			—			—			—
Fixed Charges		6,947			24,381			21,172			12,192			7,735			2,479
Earnings
(Loss) income from continuing operations before taxes		(23,906	)		(84,160	)		(319,495	)		38,494			13,571			13,679
Less: Equity in (losses) earnings of unconsolidated entities		(214	)		(1,148	)		(13,311	)		2,029			1,948			292
Plus: Distributions from unconsolidated entities		—			185			50			75			—			—
Non-controlling interest in subsidiaries with earnings and no fixed charges		(98	)		(129	)		(629	)		(839	)		(308	)		—
Plus: Fixed charges		6,947			24,381			21,172			12,192			7,735			2,479
Less: Preferred stock dividends	2,897				1,770			—			—			—			—
Earnings (1)		(19,740	)		(60,345	)		(285,591	)		47,893			19,050			15,866
Ratio of earnings to combined fixed charges and preferred stock dividends	—				—			—			3.9			2.5			6.4
The amount of coverage deficiency		26,687			84,726			306,763			—			—			—

(1) For purposes of calculating the ratio of earnings to combined fixed charges and preferred stock dividends, earnings include net income before taxes, less non-controlling interest in subsidiaries with earnings and no fixed charges, less equity in earnings of 50% or less owned subsidiaries, plus distributions from 50% or less owned subsidiaries, plus total fixed charges, less preferred stock dividends. Fixed charges represent interest, borrowing costs, estimates of interest within rental expenses and preferred stock dividends.