EX-12.1 2 stag-123116xex121.htm EXHIBIT 12.1 Exhibit


Exhibit 12.1
Statement of Computation of Ratios of Earnings to Fixed Charges and
Preferred Stock Dividends
(dollars in thousands)
 
 
Year ended December 31,
 
 
2016
 
2015(1)
 
2014(1)
 
2013
 
2012
Fixed Charges
 
 
 
 
 
 
 
 
 
 
Interest expense
 
$
42,923

 
$
36,098

 
$
25,109

 
$
20,319

 
$
16,269

Interest capitalized
 
133

 
—

 
—

 
—

 
—

Interest within rental expense
 
357

 
358

 
245

 
156

 
125

Fixed charges
 
$
43,413

 
$
36,456

 
$
25,354

 
$
20,475

 
$
16,394

Earnings
 
 
 
 
 
 
 
 
 
 
Net income (loss)
 
35,588

 
(29,345
)
 
(4,685
)
 
106

 
(7,817
)
Fixed Charges
 
43,413

 
36,456

 
25,354

 
20,475

 
16,394

Add: Amortization of interest capitalized
 
1

 
—

 
—

 
—

 
—

Less: Interest capitalized
 
(133
)
 
—

 
—

 
—

 
—

Earnings
 
$
78,869

 
$
7,111

 
$
20,669

 
$
20,581

 
$
8,577

Preferred Dividends
 
 
 
 
 
 
 
 
 
 
Preferred stock dividends
 
$
13,897

 
$
10,848

 
$
10,848

 
$
9,495

 
$
6,210

 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
 
1.82
x

0.20
x

0.82
x

1.01
x

0.52
x
Inadequate amount
 
$
—


$
(29,345
)

$
(4,685
)

$
—


$
(7,817
)
Ratio of earnings to combined fixed charges and preferred dividends
 
1.38
x

0.15
x

0.57
x

0.69
x

0.38
x
Inadequate amount
 
$
—


$
(40,193
)

$
(15,533
)

$
(9,389
)

$
(14,027
)
(1)
In the fourth quarter of 2016, the Company revised the prior period rental property depreciation and amortization expense amounts and accumulated building and improvements depreciation amounts. Refer to the Annual Report on Form 10-K for the year ended December 31, 2016 for a detailed discussion of the revision.