EX-12.1 3 stag-20141231ex1217b13c1.htm EX-12.1 stag_Ex121

Exhibits 12.1

Statement of Computation of Ratios of Earnings to Fixed Charges and

Preferred Stock Dividends

(dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

STAG Industrial, Inc.

 

Predecessor

 

    

Year Ended
December 31,
2014

    

Year Ended
December 31,
2013

    

Year Ended
December 31,
2012

    

Period
April 20, 2011
to
December 31, 2011

    

Period
January 1, 2011
to
April 19, 2011

    

Year Ended
December 31,
2010

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Charges

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

$
25,109 

 

$
20,319 

 

$
16,269 

 

$
12,289 

 

$
4,136 

 

$
14,116 

Interest within rental expense

 

 
245 

 

 
156 

 

 
125 

 

 
71 

 

 

 —

 

 

 —

Fixed charges

 

$
25,354 

 

$
20,475 

 

$
16,394 

 

$
12,360 

 

$
4,136 

 

$
14,116 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) from continuing operations

 

 
(5,039)

 

 
106 

 

 
(7,817)

 

 
(10,510)

 

 
(251)

 

 
(3,091)

Fixed Charges

 

 
25,354 

 

 
20,475 

 

 
16,394 

 

 
12,360 

 

 
4,136 

 

 
14,116 

Earnings

 

$
20,315 

 

$
20,581 

 

$
8,577 

 

$
1,850 

 

$
3,885 

 

$
11,025 

Add:  Depreciation and amortization

 

 
88,057 

 

 
67,556 

 

 
42,427 

 

 
21,325 

 

 
2,345 

 

 
8,931 

Less:  Straight line rental revenue adjustment, net

 

 
(3,347)

 

 
(3,140)

 

 
(2,710)

 

 
(1,189)

 

 
6 

 

 
(481)

Add:  Above/(Below) market lease amortization

 

 
6,253 

 

 
5,798 

 

 
4,718 

 

 
2,774 

 

 
(3)

 

 
(175)

Add:  Impairment loss

 

 
2,840 

 

 

 —

 

 
622 

 

 

 —

 

 

 —

 

 

 —

Add:  Noncash compensation

 

 
7,314 

 

 
2,970 

 

 
1,936 

 

 
693 

 

 

 —

 

 

 —

Add:  (Gain) loss on interest rate swaps

 

 

 —

 

 

 —

 

 
(215)

 

 
(2,179)

 

 
(762)

 

 
282 

Adjusted Earnings

 

$
121,432 

 

$
93,765 

 

$
55,355 

 

$
23,274 

 

$
5,471 

 

$
19,582 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred Dividends

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Series A Preferred Dividends

 

$
10,848 

 

$
9,495 

 

$
6,210 

 

$
1,018 

 

$

 —

 

$

 —

 

 

 

 

 

 
0.69 

 

 
0.38 

 

 
0.14 

 

 
0.94 

 

 
0.78 

Ratio of earnings to fixed charges

 

 

0.80x

 

 

1.01x

 

 

0.52x

 

 

0.15x

 

 

0.94x

 

 

0.78x

Inadequate amount

 

$
(5,039)

 

 

 —

 

$
(7,817)

 

$
(10,510)

 

$
(251)

 

$
(3,091)

Ratio of earnings to combined fixed charges and preferred dividends

 

 

0.56x

 

 

0.69x

 

 

0.38x

 

 

0.14x

 

 

0.94x

 

 

0.78x

Inadequate amount

 

$
(15,887)

 

$
(9,389)

 

$
(14,027)

 

$
(11,528)

 

$
(251)

 

$
(3,091)

Ratio of Adjusted Earnings to Fixed Charges

 

 

4.79x

 

 

4.58x

 

 

3.38x

 

 

1.88x

 

 

1.32x

 

 

1.39x

Ratio of Adjusted Earnings to Combined Fixed Charges and Preferred Dividends

 

 

3.35x

 

 

3.13x

 

 

2.45x

 

 

1.74x

 

 

1.32x

 

 

1.39x

“Adjusted earnings” consist of earnings excluding depreciation and amortization, straight‑line rent adjustments, intangible amortization in rental income, net, amortization of non‑cash compensation expense, loss on impairments and gain (loss) on interest rate swaps. Earnings, fixed charges and preferred dividends are calculated in the same manner as they are for the ratios of earnings to fixed charges and earnings to combined fixed charges and preferred stock dividends as described above. We believe that the ratios of adjusted earnings to fixed charges and combined fixed charges and preferred stock dividends are useful supplemental information regarding our ability to cover our fixed charges and preferred stock dividends.