EX-12.1 3 vereit1231201610-kex121.htm EXHIBIT 12.1 Exhibit
Exhibit 12.1
VEREIT, INC.
CONSOLIDATED RATIOS OF EARNINGS TO FIXED CHARGES

The following table sets forth the Company's consolidated ratios of earnings to fixed charges for the periods as shown (dollars in thousands):
 
 
2016
 
2015
 
2014
 
2013
 
2012
 
 
 
 
 
 
 
 
 
 
 
Earnings:
 
 
 
 
 
 
 
 
 
 
Pre-tax loss from continuing operations before income (loss) from equity investees
 
$
(214,308
)
 
$
(362,156
)
 
$
(1,044,099
)
 
$
(505,620
)
 
$
(40,451
)
 
 
 
 
 
 
 
 
 
 
 
Add:
 
 
 
 
 
 
 
 
 
 
Fixed charges
 
319,289

 
361,407

 
454,983

 
105,644

 
11,856

Amortization of capitalized interest
 
46

 
41

 
10

 
2

 
—

Distributed income of equity investees
 
46,305

 
11,352

 
8,335

 
—

 
—

Less:
 
 
 
 
 
 
 
 
 
 
Interest capitalized
 
(204
)
 
(1,208
)
 
(330
)
 
(82
)
 
—

Preference security dividend of subsidiaries
 
(71,892
)
 
(71,892
)
 
(82,226
)
 
(3,313
)
 
(497
)
Total earnings
 
$
79,236


$
(62,456
)

$
(663,327
)

$
(403,369
)

$
(29,092
)
 
 
 
 
 
 
 
 
 
 
 
Fixed Charges:
 
 
 
 
 
 
 
 
 
 
Interest expensed and capitalized
 
304,085


344,777


367,870

 
64,397

 
9,871

Amortized premiums, discounts and capitalized expenses related to indebtedness
 
13,186

 
14,823

 
85,108

 
41,233

 
1,985

Estimate of interest within rental expense
 
2,018


1,807


2,005

 
14

 
—

Total Fixed Charges
 
$
319,289


$
361,407


$
454,983


$
105,644


$
11,856

 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
 
0.25
x

(0.17
)x

(1.46
)x

(3.82
)x

(2.45
)x
Deficiency
 
$
240,051


$
423,863


$
1,118,310

 
$
509,013

 
$
40,948




Exhibit 12.1
VEREIT, INC.
CONSOLIDATED RATIOS OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

The following table sets forth the Company's consolidated ratios of earnings to fixed charges for the periods as shown (dollars in thousands):
 
 
2016
 
2015
 
2014
 
2013
 
2012
 
 
 
 
 
 
 
 
 
 
 
Earnings:
 
 
 
 
 
 
 
 
 
 
Pre-tax loss from continuing operations before income (loss) from equity investees
 
$
(214,308
)
 
$
(362,156
)
 
$
(1,044,099
)
 
$
(505,620
)
 
$
(40,451
)
 
 
 
 
 
 
 
 
 
 
 
Add:
 
 
 
 
 
 
 
 
 
 
Fixed charges
 
391,181

 
433,299

 
537,209

 
108,957

 
12,353

Amortization of capitalized interest
 
46

 
41

 
10

 
2

 
—

Distributed income of equity investees
 
46,305

 
11,352

 
8,335

 
—

 
—

Less:
 
 
 
 
 
 
 
 
 
 
Interest capitalized
 
(204
)
 
(1,208
)
 
(330
)
 
(82
)
 
—

Preference security dividend of subsidiaries
 
(71,892
)
 
(71,892
)
 
(82,226
)
 
(3,313
)
 
(497
)
Total earnings
 
$
151,128

 
$
9,436

 
$
(581,101
)

$
(400,056
)

$
(28,595
)
 
 
 
 
 
 
 
 
 
 
 
Fixed Charges:
 
 
 
 
 
 
 
 
 
 
Interest expensed and capitalized
 
304,085

 
344,777

 
367,870

 
64,397

 
9,871

Amortized premiums, discounts and capitalized expenses related to indebtedness
 
13,186

 
14,823

 
85,108

 
41,233

 
1,985

Estimate of interest within rental expense
 
2,018

 
1,807

 
2,005

 
14

 
—

Preference security dividend of subsidiaries
 
71,892

 
71,892

 
82,226

 
3,313

 
497

Total Fixed Charges
 
$
391,181

 
$
433,299

 
$
537,209


$
108,957


$
12,353

 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
 
0.39
x
 
0.02
x
 
(1.08
)x

(3.67
)x

(2.31
)x
Deficiency
 
$
240,051

 
$
423,863

 
$
1,118,310

 
$
509,013

 
$
40,948