EX-12.1 6 a2225152zex-12_1.htm EX-12.1

Exhibit 12.1

 

EQUITY COMMONWEALTH

 

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

 

(dollars in thousands)

 

 

 

 

Three Months
Ended
March 31,

 

Year Ended December 31,

 

 

 

2015

 

2014

 

2013(1)

 

2012(1)

 

2011(1)

 

2010(1)

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations before income taxes and equity in earnings of investees

 

$

13,069

 

$

(63

)

$

(62,034

)

$

84,484

 

$

53,992

 

$

10,406

 

Gains on equity transactions of investees

 

—

 

(17,020

)

—

 

(7,246

)

(11,177

)

(34,808

)

Fixed charges

 

29,842

 

143,838

 

174,753

 

204,244

 

195,024

 

183,433

 

Distributions from investees

 

—

 

20,680

 

24,079

 

16,816

 

16,617

 

16,119

 

Adjusted Earnings

 

$

42,911

 

$

147,435

 

$

136,798

 

$

298,298

 

$

254,456

 

$

175,150

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense (including net amortization of debt discounts, premiums and deferred financing fees)

 

$

29,842

 

$

143,838

 

$

174,753

 

$

204,244

 

$

195,024

 

$

183,433

 

Total Fixed Charges

 

$

29,842

 

$

143,838

 

$

174,753

 

$

204,244

 

$

195,024

 

$

183,433

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of Earnings to Fixed Charges

 

1.4x

 

1.0x

 

0.8x

(2)

1.5x

 

1.3x

 

1.0x

(3)

 

(1)         Reclassifications have been made to the prior years’ financial statements to conform to the current year’s presentation.

(2)         The deficiency for this period was $37,995.

(3)         The deficiency for this period was $8,283.

 


 

EQUITY COMMONWEALTH

 

COMPUTATION OF RATIO OF EARNINGS TO COMBINED

 

FIXED CHARGES AND PREFERRED DISTRIBUTIONS

 

(dollars in thousands)

 

 

 

Three Months
Ended

 

Year Ended December 31,

 

 

 

March 31, 2015

 

2014

 

2013(1)

 

2012(1)

 

2011(1)

 

2010(1)

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations before income taxes and equity in earnings of investees

 

$

13,069

 

$

(63

)

$

(62,034

)

$

84,484

 

$

53,992

 

$

10,406

 

Gains on equity transactions of investees

 

—

 

(17,020

)

—

 

(7,246

)

(11,177

)

(34,808

)

Fixed charges before preferred distributions

 

29,842

 

143,838

 

174,753

 

204,244

 

195,024

 

183,433

 

Distributions from investees

 

—

 

20,680

 

24,079

 

16,816

 

16,617

 

16,119

 

Adjusted Earnings

 

$

42,911

 

$

147,435

 

$

136,798

 

$

298,298

 

$

254,456

 

$

175,150

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Charges and Preferred Distributions:

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense (including net amortization of debt discounts, premiums and deferred financing fees)

 

$

29,842

 

$

143,838

 

$

174,753

 

$

204,244

 

$

195,024

 

$

183,433

 

Preferred distributions

 

6,981

 

32,095

 

44,604

 

51,552

 

46,985

 

47,733

 

Combined Fixed Charges and Preferred Distributions

 

$

36,823

 

$

175,933

 

$

219,357

 

$

255,796

 

$

242,009

 

$

231,166

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of Earnings to Combined Fixed Charges and Preferred Distributions

 

1.2x

 

0.8x

(2)

0.6x

(3)

1.2x

 

1.1x

 

0.8x

(4)

 

(1)         Reclassifications have been made to the prior years’ financial statements to conform to the current year’s presentation.

(2)         The deficiency for this period was $28,498.

(3)         The deficiency for this period was $82,559.

(4)         The deficiency for this period was $56,016.