EX-12.1 4 d574588dex121.htm EX-12.1 EX-12.1

Exhibit 12.1

PARAMOUNT GROUP, INC. AND PARAMOUNT PREDECESSOR

COMPUTATION OF EARNINGS TO FIXED CHARGES

AND PREFERRED STOCK DISTRIBUTIONS RATIOS

 

    Paramount Group, Inc.     Paramount Predecessor  
                            Period from
November 24, 2014
to
December 31, 2014		     Period from
January 1, 2014
to
November 23, 2014		     Year Ended
December 31,
2013		  
                               
    Three Months Ended
March 31, 2018		     Year Ended December 31,        

(Amounts in thousands, except ratios)

     2017     2016     2015        

Earnings:

              

Income (loss) before income taxes (1)

     3,320     $ 98,311     $ (3,061 )    $ 16,859     $ 72,289     $ 123,618     $ 312,806  

Add:

              

Fixed charges (see below)

     36,082       143,762       153,138       168,366       43,743       28,585       29,807  

Distributions of income from unconsolidated joint ventures and funds

     668       6,042       8,513       4,985       532       2,874       2,612  

Less:

              

Noncontrolling interest in pre-tax income of consolidated subsidiaries that have not incurred fixed charges

     (1,110 )      (8,147 )      (3,007 )      (24,896 )      —         (26,145 )      (60,957 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Earnings available for Fixed Charges and Preferred Dividends

     38,960     $ 239,968     $ 155,583     $ 165,314     $ 116,564     $ 128,932     $ 284,268  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fixed Charges:

              

Interest expense, including amortization of deferred financing costs

     36,082     $ 143,762     $ 153,138     $ 168,366     $ 43,743     $ 28,585     $ 29,807  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Fixed Charges

     36,082     $ 143,762     $ 153,138     $ 168,366     $ 43,743     $ 28,585     $ 29,807  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Preferred Distributions

     —       $ —       $ —       $ —       $ —       $ —       $ —    
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Fixed Charges and Preferred Stock Distributions

     36,082     $ 143,762     $ 153,138     $ 168,366     $ 43,743     $ 28,585     $ 29,807  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ratio of Earnings to Fixed Charges and Preferred Stock Distributions

     1.08       1.67       1.02       - (2)      2.66       4.51       9.54  

 

(1)  Represents pre-tax income (loss) from continuing operations before non-controlling interests in consolidated subsidiaries and income from unconsolidated joint ventures and funds.
(2)  The ratio was less than 1:1 for the year ended December 31, 2015 as earnings were inadequate to cover fixed charges by a deficiency of approximately $3.1 million.