Exhibit 12.1
EQUITY COMMONWEALTH
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(dollars in thousands)
|
| Three Months |
| Year Ended December 31, |
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| 2015 |
| 2014 |
| 2013(1) |
| 2012(1) |
| 2011(1) |
| 2010(1) |
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Earnings: |
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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 |
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Distributions from investees |
| — |
| 20,680 |
| 24,079 |
| 16,816 |
| 16,617 |
| 16,119 |
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Adjusted Earnings |
| $ | 42,911 |
| $ | 147,435 |
| $ | 136,798 |
| $ | 298,298 |
| $ | 254,456 |
| $ | 175,150 |
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Fixed Charges: |
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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 |
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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 |
| Year Ended December 31, |
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|
| 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 |
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Fixed Charges and Preferred Distributions: |
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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 |
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Combined Fixed Charges and Preferred Distributions |
| $ | 36,823 |
| $ | 175,933 |
| $ | 219,357 |
| $ | 255,796 |
| $ | 242,009 |
| $ | 231,166 |
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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.