EX-12.1 5 a2215114zex-12_1.htm EX-12.1

Exhibit 12.1

 

Statement of Computation of Ratios of Earnings to Fixed Charges and

Preferred Stock Dividends

 

 

 

STAG Industrial, Inc.

 

STAG Predecessor Group

 

 

 

Three Months Ended
March 31, 2013

 

Year ended
December 31,
2012

 

Period from
April 20,
2011 to
December 31,
2011

 

Period from
January 1,
2011 to
April 19,
2011

 

Year ended
December 31,
2010

 

Year ended
December 31,
2009

 

Year ended
December 31,
2008

 

Fixed charges

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

$

4,650

 

$

16,269

 

$

12,289

 

$

4,136

 

$

14,116

 

$

14,328

 

$

15,058

 

Interest within rental expense

 

32

 

125

 

71

 

—

 

—

 

—

 

—

 

Fixed charges

 

$

4,682

 

$

16,394

 

$

12,360

 

$

4,136

 

$

14,116

 

$

14,328

 

$

15,058

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss from continuing operations

 

$

(418

)

$

(7,277

)

$

(10,183

)

$

(251

)

$

(3,091

)

$

(5,044

)

$

(8,021

)

Fixed charges

 

4,682

 

16,394

 

12,360

 

4,136

 

14,116

 

14,328

 

15,058

 

Earnings

 

$

4,264

 

$

9,117

 

$

2,177

 

$

3,885

 

$

11,025

 

$

9,284

 

$

7,037

 

Add: Depreciation and amortization

 

15,610

 

43,275

 

21,958

 

2,345

 

8,931

 

9,640

 

11,491

 

Less: Straight-line rent adjustments, net

 

(772

)

(2,796

)

(1,304

)

6

 

(481

)

(750

)

(1,108

)

Add: Intangible amortization in rental income, net

 

1,369

 

4,832

 

2,859

 

(3

)

(175

)

2

 

(845

)

Add: Loss on impairments

 

—

 

622

 

—

 

—

 

—

 

—

 

3,728

 

Add: Non-cash compensation expense

 

745

 

1,936

 

693

 

—

 

—

 

—

 

—

 

Add: (Gain) loss on interest rate swaps

 

—

 

(215

)

(2,179

)

(762

)

282

 

1,720

 

1,275

 

Adjusted earnings

 

$

21,216

 

$

56,771

 

$

24,204

 

$

5,471

 

$

19,582

 

$

19,896

 

$

21,578

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred stock dividends

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Series A preferred stock dividends

 

$

1,553

 

$

6,210

 

$

1,018

 

$

—

 

$

—

 

$

—

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

0.91

x

0.56

x

0.18

x

0.94

x

0.78

x

0.65

x

0.47

x

Inadequate amount

 

(418

)

(7,277

)

(10,183

)

(251

)

(3,091

)

(5,044

)

(8,021

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges and preferred stock dividends

 

0.68

x

0.40

x

0.16

x

0.94

x

0.78

x

0.65

x

0.47

x

Inadequate amount

 

(1,971

)

(13,487

)

(11,201

)

(251

)

(3,091

)

(5,044

)

(8,021

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of adjusted earnings to fixed charges (1)

 

4.53

x

3.46

x

1.96

x

1.32

x

1.39

x

1.39

x

1.43

x

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of adjusted earnings to combined fixed charges and preferred stock dividends (1)

 

3.4

x

2.51

x

1.81

x

1.32

x

1.39

x

1.39

x

1.43

x

 

(1)   “Adjusted earnings” consist of earnings excluding depreciation and amortization, straight-line rental adjustments, intangible amortization in rental income, net, amortization of non-cash compensation expense, loss on impairments and gain (loss) on interest rate swaps. Earnings, fixed charges and preferred dividends are calculated in the same manner as they are for the ratios of earnings to fixed charges and earnings to combined fixed charges and preferred stock dividends as described above. We believe that the ratios of adjusted earnings to fixed charges and combined fixed charges and preferred stock dividends are useful supplemental information regarding our ability to cover our fixed charges and preferred stock dividends.