EX-12.1 7 exhibit121.htm EXHIBIT 12.1 Exhibit
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.

 
Twelve Months Ended December 31,
 
2017
 
2016
 
2015
 
2014
 
2013
 
 
 
 
 
 
 
 
 
 
 
 
Pre-tax income (loss) from continuing operations
$
12,436

 
$
46,046

 
$
24,704

 
$
(50,186
)
 
$
(32,059
)
 
Add: Fixed charges
190,127

 
196,586

 
222,901

 
220,070

 
179,267

 
Pre-tax earnings from continuing operations before fixed charges
$
202,563

 
$
242,632

 
$
247,605

 
$
169,884

 
$
147,208

 
 
 
 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
 
 
 
 
Interest expense
$
166,659

 
$
181,206

 
$
212,534

 
$
214,895

 
$
161,415

 
Amortization of deferred financing costs
9,896

 
9,070

 
7,937

 
5,899

 
13,188

 
Amortization of discount relating to indebtedness
14,638

 
15,104

 
17,823

 
17,752

 
13,234

 
Amortization of premium relating to indebtedness
(1,066
)
 
(8,887
)
 
(15,501
)
 
(18,601
)
 
(8,581
)
 
Amortization related to interest rate swaps
—

 
93

 
108

 
125

 
11

 
Fixed charges
$
190,127

 
$
196,586

 
$
222,901

 
$
220,070

 
$
179,267

 
 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings from continuing operations to fixed charges
1.07x
 
1.23x
 
1.11x
 
—
(1
)
—
(1
)
 
 
 
 
 
 
 
 
 
 
 
Fixed charges
$
190,127

 
$
196,586

 
$
222,901

 
$
220,070

 
$
179,267

 
Preferred dividends
2,530

 
—

 
—

 
—

 
—

 
Combined fixed charges and preferred dividends
$
192,657

 
$
196,586

 
$
222,901

 
$
220,070

 
$
179,267

 
 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Combined Fixed Charges and Preferred Dividends
1.05x
 
1.23x
 
1.11x
 
—

(2
)
—

(2
)
 
 
 
 
 
 
 
 
 
 
 
Surplus (Deficiency) Combined Fixed Charges and Preferred Dividends
$
9,906

 
$
46,046

 
$
24,704

 
$
(50,186
)
 
$
(32,059
)
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense
166,659

 
181,299

 
212,642

 
215,020

 
161,426

 
(1) The ratio of earnings from continuing operations to fixed charges was less than 1.00 as a result of losses from continuing operations.
(2) The ratio of earnings to combined fixed charges and preferred dividends was less than 1.00 as a result of losses from continuing operations.