EX-12.1 3 a2218367zex-12_1.htm EX-12.1
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Exhibits 12.1

Statement of Computation of Ratios of Earnings to Fixed Charges and
Preferred Stock Dividends
(dollars in thousands)

 
   STAG Industrial, Inc.   Predecessor  
 
   Year Ended
December 31,
2013 		  Year Ended
December 31,
2012 		  Period
April 20, 2011
to
December 31, 2011 		  Period
January 1, 2011
to
April 19, 2011 		  Year Ended
December 31,
2010 		  Year Ended
December 31,
2009 		 

Fixed Charges

                                      

Interest expense

   $ 20,319   $ 16,269   $ 12,289   $ 4,136   $ 14,116   $ 14,328  

Interest within rental expense

     156     125     71     —     —     —  
                           
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Fixed charges

   $ 20,475   $ 16,394   $ 12,360   $ 4,136   $ 14,116   $ 14,328  

Earnings

                                      

Net income (loss) from continuing operations

   $ 106   $ (7,817 ) $ (10,510 ) $ (251 ) $ (3,091 ) $ (5,044 )

Fixed Charges

     20,475     16,394     12,360     4,136     14,116     14,328  
                           
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Earnings

   $ 20,581   $ 8,577   $ 1,850   $ 3,885   $ 11,025   $ 9,284  

Add: Depreciation and amortization

     67,556     42,427     21,325     2,345     8,931     9,640  

Less: Straight-line rent adjustments, net

     (3,140 )   (2,710 )   (1,189 )   6     (481 )   (750 )

Add: Intangible amortization in rental income, net

     5,798     4,718     2,774     (3 )   (175 )   2  

Add: Loss on impairment

     —     622     —     —     —     —  

Add: Non-cash compensation expense

     2,970     1,936     693     —     —     —  

Add: (Gain) loss on interest rate swaps

     —     (215 )   (2,179 )   (762 )   282     1,720  
                           
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Adjusted Earnings

   $ 93,765   $ 55,355   $ 23,274   $ 5,471   $ 19,582   $ 19,896  

Preferred Stock Dividends

                                      

Preferred Stock Dividends

   $ 9,495   $ 6,210   $ 1,018     —     —     —  

Ratio of earnings to fixed charges

     1.01x     0.52x     0.15x     0.94x     0.78x     0.65x  

Inadequate amount

     —   $ (7,817 ) $ (10,510 ) $ (251 ) $ (3,091 ) $ (5,044 )

Ratio of earnings to combined fixed charges and preferred stock dividends

     0.69x     0.38x     0.14x     0.94x     0.78x     0.65x  

Inadequate amount

   $ (9,389 ) $ (14,027 ) $ (11,528 ) $ (251 ) $ (3,091 ) $ (5,044 )

Ratio of Adjusted Earnings to Fixed Charges

     4.58x     3.38x     1.88x     1.32x     1.39x     1.39x  

Ratio of Adjusted Earnings to Combined Fixed Charges and Preferred Stock Dividends

     3.13x     2.45x     1.74x     1.32x     1.39x     1.39x  

"Adjusted earnings" consist of earnings excluding depreciation and amortization, straight-line rent 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.



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Statement of Computation of Ratios of Earnings to Fixed Charges and Preferred Stock Dividends (dollars in thousands)