EX-12.1 2 exhibit121-ratioofearn.htm EXHIBIT 12.1 Exhibit
Exhibit 12.1


Computation of Ratio of Earnings to Fixed Charges
Physicians Realty Trust
(amounts in thousands)
 
Years Ended December 31,
 
2017
 
2016
 
2015
 
2014
 
2013
Net income (loss)
$
39,773

 
$
31,522

 
$
12,741

 
$
(4,418
)
 
$
(2,636
)
Adjustment for equity investees
(183
)
 
(115
)
 
(104
)
 
(95
)
 
—

Net income (loss) before adjustment for equity investees
39,590

 
31,407

 
12,637

 
(4,513
)
 
(2,636
)
 
 
 
 
 
 
 
 
 
 
Plus fixed charges:
 
 
 
 
 
 
 
 
 
Interest expense
$
44,847

 
$
21,540

 
$
9,263

 
$
5,988

 
$
3,785

Amortization and write-off of debt issuance costs, amortization of bond discount, and capitalized interest
2,161

 
2,324

 
1,373

 
919

 
510

Estimated interest portion of rental expense
652

 
634

 
430

 
361

 
6

Fixed charges
47,660

 
24,498

 
11,066

 
7,268

 
4,301

 
 
 
 
 
 
 
 
 
 
Earnings
$
87,250

 
$
55,905

 
$
23,703

 
$
2,755

 
$
1,665

Ratio of Earnings to Fixed Charges (1)
1.83
x
 
2.28
x
 
2.14
x
 
—

 
—

(1)
The computation of ratio of earnings to fixed charges indicates that earnings were inadequate to cover fixed charges on the basis of our historical financial statements by approximately $4.5 million and $2.6 million for the years ended December 31, 2014 and 2013, respectively.