GPT Operating Partnership LP | |||||||||||||||||||
Ratio of Earnings to Combined Fixed Charges and Preferred Unit Distributions | |||||||||||||||||||
(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 unit distributions | $ | 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 unit distributions | 6,234 | 6,234 | 6,234 | 7,349 | 7,162 | ||||||||||||||
Total fixed charges and preferred unit distributions | $ | 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 unit distributions1 | 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 unit distributions by $6,232 and $47,703, respectively. |