EX-12.1 2 vereit93017ex121.htm EXHIBIT 12.1 Exhibit
Exhibit 12.1
VEREIT, INC. and VEREIT OPERATING PARTNERSHIP, L.P.
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):
 
 
Nine Months Ended September 30,
 
Year Ended December 31,
 
 
2017
 
2016
 
2015
 
2014
 
2013
 
2012
Earnings:
 
 
 
 
 
 
 
 
 
 
 
 
Pre-tax income (loss) from continuing operations before income (loss) from equity investees
 
$
73,543

 
$
(214,308
)
 
$
(368,887
)
 
$
(1,044,100
)
 
$
(505,620
)
 
$
(40,451
)
 
 
 
 
 
 
 
 
 
 
 
 
 
Add:
 
 
 
 
 
 
 
 
 
 
 
 
Fixed charges
 
220,036

 
319,289

 
361,407

 
454,983

 
105,644

 
11,856

Amortization of capitalized interest
 
23

 
46

 
41

 
10

 
2

 
—

Distributed income of equity investees
 
2,782

 
46,305

 
11,352

 
8,335

 
—

 
—

Less:
 
 
 
 
 
 
 
 
 
 
 
 
Interest capitalized
 
(11
)
 
(204
)
 
(1,208
)
 
(330
)
 
(82
)
 
—

Preference security dividend of subsidiaries
 
(53,919
)
 
(71,892
)
 
(71,892
)
 
(82,226
)
 
(3,313
)
 
(497
)
Total earnings
 
$
242,454


$
79,236

 
$
(69,187
)
 
$
(663,328
)
 
$
(403,369
)
 
$
(29,092
)
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed Charges:
 
 
 
 
 
 
 
 
 
 
 
 
Interest expensed and capitalized
 
205,334

 
304,085

 
344,777

 
367,870

 
64,397

 
9,871

Amortized premiums, discounts and capitalized expenses related to indebtedness
 
13,546

 
13,186

 
14,823

 
85,108

 
41,233

 
1,985

Estimate of interest within rental expense
 
1,156

 
2,018

 
1,807

 
2,005

 
14

 
—

Total Fixed Charges
 
$
220,036

 
$
319,289

 
$
361,407

 
$
454,983

 
$
105,644

 
$
11,856

 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
 
1.10
x
 
0.25
x
 
(0.19
)x
 
(1.46
)x
 
(3.82
)x
 
(2.45
)x
Deficiency
 
$
—


$
240,053

 
$
430,594

 
$
1,118,311

 
$
509,013

 
$
40,948




Exhibit 12.1
VEREIT, INC. and VEREIT OPERATING PARTNERSHIP, L.P.
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):
 
 
Nine Months Ended September 30,
 
Year Ended December 31,
 
 
2017
 
2016
 
2015
 
2014
 
2013
 
2012
Earnings:
 
 
 
 
 
 
 
 
 
 
 
 
Pre-tax income (loss) from continuing operations before income (loss) from equity investees
 
$
73,543

 
$
(214,308
)
 
$
(368,887
)
 
$
(1,044,100
)
 
$
(505,620
)
 
$
(40,451
)
 
 
 
 
 
 
 
 
 
 
 
 
 
Add:
 
 
 
 
 
 
 
 
 
 
 
 
Fixed charges
 
273,955

 
391,181

 
433,299

 
537,209

 
108,957

 
12,353

Amortization of capitalized interest
 
23

 
46

 
41

 
10

 
2

 
—

Distributed income of equity investees
 
2,782

 
46,305

 
11,352

 
8,335

 
—

 
—

Less:
 
 
 
 
 
 
 
 
 
 
 
 
Interest capitalized
 
(11
)
 
(204
)
 
(1,208
)
 
(330
)
 
(82
)
 
—

Preference security dividend of subsidiaries
 
(53,919
)
 
(71,892
)
 
(71,892
)
 
(82,226
)
 
(3,313
)
 
(497
)
Total earnings
 
$
296,373

 
$
151,128

 
$
2,705

 
$
(581,102
)
 
$
(400,056
)
 
$
(28,595
)
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed Charges:
 
 
 
 
 
 
 
 
 
 
 
 
Interest expensed and capitalized
 
205,334

 
304,085

 
344,777

 
367,870

 
64,397

 
9,871

Amortized premiums, discounts and capitalized expenses related to indebtedness
 
13,546

 
13,186

 
14,823

 
85,108

 
41,233

 
1,985

Estimate of interest within rental expense
 
1,156

 
2,018

 
1,807

 
2,005

 
14

 
—

Preference security dividend of subsidiaries
 
53,919

 
71,892

 
71,892

 
82,226

 
3,313

 
497

Total Fixed Charges
 
$
273,955

 
$
391,181

 
$
433,299

 
$
537,209

 
$
108,957

 
$
12,353

 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
 
1.08
x
 
0.39
x

0.01
x
 
(1.08
)x
 
(3.67
)x
 
(2.31
)x
Deficiency
 
$
—

 
$
240,053

 
$
430,594

 
$
1,118,311

 
$
509,013

 
$
40,948