Exhibit 12.1

Gramercy Property Trust Inc.

Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends

(Dollars in Thousands)

	For the Year Ended December 31,
	2014		2013		2012		2011		2010
Earnings:
Income (loss) from continuing operations, pre-tax	$	56,002	$	(1,779)	$	(15,011)	$	(20,340)	$	(25,962)
Add (Subtract):
Loss (income) from joint ventures and equity investments		(1,959)		5,662		2,904		(121)		303
Distributions from joint ventures and equity investments		3,373		7,985		-		-		-
Fixed charges		16,857		16,386		88,159		186,620		201,653
Capitalized interest		-		-		-		-		-
Income before fixed charges and preferred stock dividends	$	74,273	$	28,254	$	76,052	$	166,159	$	175,994
Fixed charges:
Interest expense	$	16,857	$	16,386	$	88,159	$	186,620	$	201,653
Capitalized interest		-		-		-		-		-
Total fixed charges		16,857		16,386		88,159		186,620		201,653
Preferred stock dividends		7,349		7,162		7,162		7,162		8,798
Total fixed charges and preferred stock dividends	$	24,206	$	23,548	$	95,321	$	193,782	$	210,451
Ratio of earnings to fixed charges		4.4x		1.7x		0.9x		0.9x		0.9x
Deficiency		N/A		N/A	$	12,107	$	20,461	$	25,659
Ratio of earnings to fixed charges and preferred stock dividends		3.1x		1.2x		0.8x		0.9x		0.8x
Deficiency		N/A	$	N/A	$	19,269	$	27,623	$	34,457