EX-12.1 2 exhibit121.htm EXHIBIT 12.1 Exhibit
Exhibit 12.1


Gramercy Property Trust
Ratio of Earnings to Combined Fixed Charges and Preferred Share Dividends
(Dollars in Thousands)
 
 
 
 
 
 
 
 
 
 
 
Year Ended December 31,
 
2017
 
2016
 
2015
 
2014
 
2013
Earnings:
 
 
 
 
 
 
 
 
 
Net income (loss) from continuing operations, before provision for taxes
$
38,720

 
$
21,908

 
$
(48,280
)
 
$
56,002

 
$
(1,779
)
Add (Subtract):
 
 
 
 
 
 
 
 
 
Loss (income) from unconsolidated equity investments
(48,248
)
 
(2,409
)
 
1,107

 
(1,959
)
 
5,662

Distributions from unconsolidated equity investments
9,530

 
50,891

 
5,704

 
3,373

 
7,985

Fixed charges
96,852

 
76,241

 
35,166

 
16,857

 
16,386

Income (loss) before fixed charges and preferred share dividends
$
96,854

 
$
146,631

 
$
(6,303
)
 
$
74,273

 
$
28,254

 
 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
 
 
 
Interest expense
$
96,852

 
$
76,241

 
$
35,166

 
$
16,857

 
$
16,386

Total fixed charges
$
96,852

 
$
76,241

 
$
35,166

 
$
16,857

 
$
16,386

Preferred share dividends
6,234

 
6,234

 
6,234

 
7,349

 
7,162

Total fixed charges and preferred share dividends
$
103,086

 
$
82,475

 
$
41,400

 
$
24,206

 
$
23,548

 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges1
1.0x

 
1.9x

 
(0.2x)

 
4.4x

 
1.7x

Deficiency
 N/A

 
 N/A

 
41,469

 
 N/A

 
 N/A

 
 
 
 
 
 
 
 
 
 
Ratio of earnings to combined fixed charges and preferred share dividends1
0.9x

 
1.8x

 
(0.2x)

 
3.1x

 
1.2x

Deficiency
$
6,232

 
 N/A

 
$
47,703

 
 N/A

 
 N/A

1.
For the year ended December 31, 2015, earnings were not sufficient to cover fixed charges by $41,469. For the years ended December 31, 2017 and 2015, earnings were not sufficient to cover combined fixed charges and preferred share dividends by $6,232 and $47,703, respectively.