EX-12.1 3 gov_123117x10kex121.htm EXHIBIT 12.1 Exhibit


Exhibit 12.1
GOVERNMENT PROPERTIES INCOME TRUST
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(IN THOUSANDS, EXCEPT RATIO AMOUNTS)
 

 
 
Year Ended December 31,
 
 
2017
 
2016
    
2015
 
2014
 
2013
Earnings:
 
 
 
 
 
 
 
 
 
 
Add:
 
 
 
 
 
 
 
 
 
 
Income (loss) from continuing operations (including gain on sale of properties, if any) before income tax expense and equity in earnings (losses) of investees
 
$
(9,553
)
 
$
22,936

 
$
(227,990
)
 
$
42,190

 
$
55,308

Distributions of earnings from equity investees
 
18,640

 
32,425

 
21,882

 
17,046

 
—

Fixed charges
 
65,917

 
45,164

 
37,008

 
28,048

 
16,831

Subtract:
 
 
 
 
 
 

 
 

 
 

Interest capitalized
 
(511
)
 
(52
)
 
—

 
—

 
—

Preferred distributions
 
(275
)
 
—

 
—

 
—

 
—

Total earnings (loss)
 
$
74,218

 
$
100,473

 
$
(169,100
)
 
$
87,284

 
$
72,139

 
 
 
 
 
 
 
 
 
 
 
Fixed Charges:
 
 

 
 

 
 

 
 

 
 

Interest on indebtedness and net amortization of debt issuance costs and debt premiums and discounts
 
$
65,131

 
$
45,112

 
$
37,008

 
28,048

 
16,831

Interest capitalized
 
511

 
52

 
—

 
—

 
—

Preferred distributions
 
275

 
—

 
—

 
—

 
—

Total fixed charges
 
$
65,917

 
$
45,164

 
$
37,008

 
$
28,048

 
$
16,831

 
 
 
 
 
 
 
 
 
 
 
Ratio of adjusted earnings (loss) to fixed charges
 
1.1x

 
2.2x

 
(4.6x)

(1) 
3.1x

 
4.3x


(1) The deficiency for the year was approximately $206.1 million.