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Exhibit 12.1


Gramercy Property Trust
Ratio of Earnings to Combined Fixed Charges and Preferred Share Dividends
(Dollars in Thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
Year Ended December 31,
 
 
2016
 
2015
 
2014
 
2013
 
2012
Earnings:
 
 
 
 
 
 
 
 
 
 
  Net income (loss) from continuing operations, before provision for taxes
 
$
21,908

 
$
(48,280
)
 
$
56,002

 
$
(1,779
)
 
$
(15,011
)
  Add (Subtract):
 
 
 
 
 
 
 
 
 
 
    Loss (income) from unconsolidated equity investments
 
(2,409
)
 
1,107

 
(1,959
)
 
5,662

 
2,904

    Distributions from unconsolidated equity investments
 
50,891

 
5,704

 
3,373

 
7,985

 
—

    Fixed charges
 
76,241

 
35,166

 
16,857

 
16,386

 
88,159

    Capitalized interest
 
—

 
—

 
—

 
—

 
—

Income (loss) before fixed charges and preferred share dividends
 
$
146,631

 
$
(6,303
)
 
$
74,273

 
$
28,254

 
$
76,052

 
 
 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
 
 
 
 
  Interest expense
 
$
76,241

 
$
35,166

 
$
16,857

 
$
16,386

 
$
88,159

  Capitalized interest
 
—

 
—

 
—

 
—

 
—

Total fixed charges
 
$
76,241

 
$
35,166

 
$
16,857

 
$
16,386

 
$
88,159

  Preferred share dividends
 
6,234

 
6,234

 
7,349

 
7,162

 
7,162

Total fixed charges and preferred share dividends
 
$
82,475

 
$
41,400

 
$
24,206

 
$
23,548

 
$
95,321

 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges (1)
 
1.9x

 
(0.2x)

 
4.4x

 
1.7x

 
0.9x

Deficiency
 
 N/A

 
$
41,469

 
 N/A

 
 N/A

 
$
12,107

 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to combined fixed charges and preferred share dividends (1)
 
1.8x

 
(0.2x)

 
3.1x

 
1.2x

 
0.8x

Deficiency
 
 N/A

 
$
47,703

 
 N/A

 
 N/A

 
$
19,269

(1)
For the years ended December 31, 2015 and 2012, earnings were not sufficient to cover fixed charges by $41,469 and $12,107, respectively. For the years ended December 31, 2015 and 2012, earnings were not sufficient to cover combined fixed charges and preferred share dividends by $47,703 and $19,269, respectively.