Exhibit 12.1
RATIO OF EARNINGS TO FIXED CHARGES
(dollars in thousands)
VEREIT Inc. | ||||||||||||||||||||||||||||
Period from January 1, 2016 to March 31, | Year Ended December 31, | Period from September 6, 2011 through December 31, | Period from January 1, 2011 to September 5, | |||||||||||||||||||||||||
2016 | 2015 | 2014 | 2013 | 2012 | 2011(1) | 2011(2) | ||||||||||||||||||||||
Earnings: | ||||||||||||||||||||||||||||
Pre-tax loss from continuing operations | $ | (126,428 | ) | $ | (362,156 | ) | $ | (1,044,099 | ) | $ | (505,620 | ) | $ | (40,451 | ) | $ | (3,952 | ) | $ | (5,302 | ) | |||||||
Add: | ||||||||||||||||||||||||||||
Fixed charges | 81,007 | 361,407 | 454,983 | 105,644 | 11,856 | 960 | 7,941 | |||||||||||||||||||||
Amortization of capitalized interest | 43 | 41 | 10 | 2 | — | — | — | |||||||||||||||||||||
Distributed income of equity investees | 1,491 | 11,352 | 8,335 | — | — | — | — | |||||||||||||||||||||
Less: | ||||||||||||||||||||||||||||
Interest capitalized | (113 | ) | (1,208 | ) | (330 | ) | (82 | ) | — | — | — | |||||||||||||||||
Preference security dividend of subsidiaries | (17,973 | ) | (71,892 | ) | (82,226 | ) | (3,313 | ) | (497 | ) | — | — | ||||||||||||||||
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Total earnings | $ | (61,973 | ) | $ | (62,456 | ) | $ | (663,327 | ) | $ | (403,369 | ) | $ | (29,092 | ) | $ | (2,992 | ) | $ | 2,639 | ||||||||
Fixed charges: | ||||||||||||||||||||||||||||
Interest expensed and capitalized | 77,655 | 344,777 | 367,870 | 64,397 | 9,871 | 774 | 7,941 | |||||||||||||||||||||
Amortized premiums, discounts and capitalized expenses related to indebtedness | 2,884 | 14,823 | 85,108 | 41,233 | 1,985 | 186 | — | |||||||||||||||||||||
Estimate of interest within rental expense | 468 | 1,807 | 2,005 | 14 | — | — | — | |||||||||||||||||||||
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Total Fixed charges | $ | 81,007 | $ | 361,407 | $ | 454,983 | $ | 105,644 | $ | 11,856 | $ | 960 | $ | 7,941 | ||||||||||||||
Ratio of earnings to fixed charges | (0.77 | )x | (0.17 | )x | (1.46 | )x | (3.82 | )x | (2.45 | )x | (3.12 | )x | 0.33x | |||||||||||||||
Deficiency | 142,980 | 423,863 | 1,118,310 | 509,013 | 40,948 | 3,952 | 5,302 |
RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
(dollars in thousands)
VEREIT Inc. | ||||||||||||||||||||||||||||
Period from January 1, 2016 to March 31, | Year Ended December 31, | Period from September 6, 2011 through December 31, | Period from January 1, 2011 to September 5, | |||||||||||||||||||||||||
2016 | 2015 | 2014 | 2013 | 2012 | 2011(1) | 2011(2) | ||||||||||||||||||||||
Earnings: | ||||||||||||||||||||||||||||
Pre-tax loss from continuing operations | $ | (126,428 | ) | $ | (362,156 | ) | $ | (1,044,099 | ) | $ | (505,620 | ) | $ | (40,451 | ) | $ | (3,952 | ) | $ | (5,302 | ) | |||||||
Add: | ||||||||||||||||||||||||||||
Fixed charges | 98,980 | 433,299 | 537,209 | 108,957 | 12,353 | 960 | 7,941 | |||||||||||||||||||||
Amortization of capitalized interest | 43 | 41 | 10 | 2 | — | — | — | |||||||||||||||||||||
Distributed income of equity investees | 1,491 | 11,352 | 8,335 | — | — | — | — | |||||||||||||||||||||
Less: | ||||||||||||||||||||||||||||
Interest capitalized | (113 | ) | (1,208 | ) | (330 | ) | (82 | ) | — | — | — | |||||||||||||||||
Preference security dividend of subsidiaries | (17,973 | ) | (71,892 | ) | (82,226 | ) | (3,313 | ) | (497 | ) | — | — | ||||||||||||||||
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Total earnings | $ | (44,000 | ) | $ | 9,436 | $ | (581,101 | ) | $ | (400,056 | ) | $ | (28,595 | ) | $ | (2,992 | ) | $ | 2,639 | |||||||||
Fixed charges: | ||||||||||||||||||||||||||||
Interest expensed and capitalized | 77,655 | 344,777 | 367,870 | 64,397 | 9,871 | 774 | 7,941 | |||||||||||||||||||||
Amortized premiums, discounts and capitalized expenses related to indebtedness | 2,884 | 14,823 | 85,108 | 41,233 | 1,985 | 186 | — | |||||||||||||||||||||
Estimate of interest within rental expense | 468 | 1,807 | 2,005 | 14 | — | — | — | |||||||||||||||||||||
Preference security dividend requirements | 17,973 | 71,892 | 82,226 | 3,313 | 497 | — | — | |||||||||||||||||||||
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Total Fixed charges | $ | 98,980 | $ | 433,299 | $ | 537,209 | $ | 108,957 | $ | 12,353 | $ | 960 | $ | 7,941 | ||||||||||||||
Ratio of earnings to fixed charges | (0.44 | )x | 0.02x | (1.08 | )x | (3.67 | )x | (2.31 | )x | (3.12 | )x | 0.33x | ||||||||||||||||
Deficiency | $ | 142,980 | $ | 423,863 | $ | 1,118,310 | $ | 509,013 | $ | 40,948 | $ | 3,952 | $ | 5,302 |
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