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Exhibit 12.1

Gramercy Property Trust
Ratio of Earnings to Combined Fixed Charges and Preferred Share Dividends
(Dollars in Thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended March 31,
 
Year Ended December 31,
 
 
2017 1
 
2016
 
2015 1
 
2014
 
2013
 
2012 1
Earnings:
 
 
 
 
 
 
 
 
 
 
 
 
  Net income (loss) from continuing operations, before provision for taxes
 
$
(8,268
)
 
$
21,908

 
$
(48,280
)
 
$
56,002

 
$
(1,779
)
 
$
(15,011
)
  Add (Subtract):
 
 
 
 
 
 
 
 
 
 
 
 
    Loss (income) from unconsolidated equity investments
 
94

 
(2,409
)
 
1,107

 
(1,959
)
 
5,662

 
2,904

    Distributions from unconsolidated equity investments
 
352

 
50,891

 
5,704

 
3,373

 
7,985

 
—

    Fixed charges
 
23,056

 
76,241

 
35,166

 
16,857

 
16,386

 
88,159

    Capitalized interest
 
—

 
—

 
—

 
—

 
—

 
—

Income (loss) before fixed charges and preferred share dividends
 
$
15,234

 
$
146,631

 
$
(6,303
)
 
$
74,273

 
$
28,254

 
$
76,052

 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
 
 
 
 
 
 
  Interest expense
 
$
23,056

 
$
76,241

 
$
35,166

 
$
16,857

 
$
16,386

 
$
88,159

  Capitalized interest
 
—

 
—

 
—

 
—

 
—

 
—

Total fixed charges
 
$
23,056

 
$
76,241

 
$
35,166

 
$
16,857

 
$
16,386

 
$
88,159

  Preferred share dividends
 
1,559

 
6,234

 
6,234

 
7,349

 
7,162

 
7,162

Total fixed charges and preferred share dividends
 
$
24,615

 
$
82,475

 
$
41,400

 
$
24,206

 
$
23,548

 
$
95,321

 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
 
0.7x

 
1.9x

 
(0.2x)

 
4.4x

 
1.7x

 
0.9x

Deficiency
 
$
7,822

 
 N/A

 
$
41,469

 
 N/A

 
 N/A

 
$
12,107

 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to combined fixed charges and preferred share dividends 1
 
0.6x

 
1.8x

 
(0.2x)

 
3.1x

 
1.2x

 
0.8x

Deficiency
 
$
9,381

 
 N/A

 
$
47,703

 
 N/A

 
 N/A

 
$
19,269

1. For the three months ended March 31, 2017 and the years ended December 31, 2015 and 2012, earnings were not sufficient to cover fixed charges by $7,822, $41,469, and $12,107, respectively. For the three months ended March 31, 2017 and the years ended December 31, 2015 and 2012, earnings were not sufficient to cover combined fixed charges and preferred share dividends by $9,381, $47,703 and $19,269, respectively.