EX-12.1 4 gnl10-k12312017ex121.htm EXHIBIT 12.1 CALCULATION OF RATIOS OF EARNINGS TO FIXED CHARGES Exhibit


EXHIBIT 12.1

GLOBAL NET LEASE, INC.
CALCULATION OF RATIOS OF EARNINGS TO FIXED CHARGES
 

Global Net Lease, Inc.’s ratios of earnings to fixed charges and ratios of earnings to combined fixed charges for the five years ended December 31, 2017 were as follows:     
 
 
Year Ended December 31,
(Dollars in Thousands)
 
2017
 
2016
 
2015
 
2014
 
2013
Earnings:
 
 
 
 
 
 
 
 
 
 
Pre-tax income/(loss) from continuing operations before adjustment for non-controlling interests in consolidated subsidiaries
 
$
26,726

 
$
51,999

 
$
3,874

 
$
(55,025
)
 
$
(6,989
)
Add: Interest expense
 
43,203

 
32,860

 
26,826

 
11,597

 
720

         Amortization of deferred financing costs
 
4,420

 
6,698

 
8,527

 
3,753

 
250

         Amortization of mortgage premium (discount), net and mezzanine discount
 
827

 
(437
)
 
(489
)
 
(498
)
 
(1
)
Earnings
 
$
75,176

 
$
91,120

 
$
38,738

 
$
(40,173
)
 
$
(6,020
)
 
 
 
 
 
 
 
 
 
 
 
Fixed Charges:
 
 
 
 
 
 
 
 
 
 
         Interest expense
 
$
43,203

 
$
32,860

 
$
26,826

 
$
11,597

 
$
720

         Amortization of deferred financing costs
 
4,420

 
6,698

 
8,527

 
3,753

 
250

         Amortization of mortgage premium (discount), net and mezzanine discount
 
827

 
(437
)
 
(489
)
 
(498
)
 
(1
)
Fixed Charges
 
$
48,450

 
$
39,121

 
$
34,864

 
$
14,852

 
$
969

 
 
 
 
 
 
 
 
 
 
 
Preferred distributions
 
383

 
—

 
—

 
—

 
—

 
 
 
 
 
 
 
 
 
 
 
Combined fixed charges
 
$
48,833

 
$
39,121

 
$
34,864

 
$
14,852

 
$
969

 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
 
1.55

 
2.33

 
1.11

 
(2.70
)
 
(6.21
)
 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to combined fixed charges
 
1.54

 
2.33

 
1.11

 
(2.70
)
 
(6.21
)