EX-12.1 5 d392323dex121.htm EX-12.1 EX-12.1

Exhibit 12.1

Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends

(In thousands, except share and per share data)

 

     City Office REIT Inc.     City Office REIT, Inc. Predecessor  
     Three
months
ended
March 31,
2017		     Year ended
December 31,
2016		      Year ended
December 31,
2015		     Period
from April 21,
2014 to
December 31,
2014		     Period from
January 1,
2014 to
April 20,
2014		     Year ended
December 31,
2013		     Year ended
December 31,
2012		  

Earnings

            

Add:

            

(Loss) Income from continuing operations before adjustment for income or loss from equity investees

    $ (1,299 )    $ 376      $ (7,667 )    $ (6,855 )    $ (2,530 )    $ (4,580 )    $ (2,388 ) 

Fixed charges

      4,395       14,761        11,353       7,180       3,772       5,368       3,686  

Distributed income of equity investees

      —         —          —         —         —         403       506  

Subtract:

            

Capitalized interest

      —         —          —         —         —         —         —    
  

 

 

    

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Earnings

    $ 3,096     $ 15,137      $ 3,686     $ 325     $ 1,242     $ 1,191     $ 1,804  

Fixed Charges

            

Interest expense

      4,395       14,761        11,353       7,180       3,772       5,368       3,686  

Capitalized interest

      —         —          —         —         —         —         —    

Rental expense at computed interest factor(1)

      —         —          —         —         —         —         —    
  

 

 

    

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Fixed Charges

      4,395       14,761        11,353       7,180       3,772       5,368       3,686  

Preferred Stock Dividends

      1,846       1,781        —         —         —         —         —    
  

 

 

    

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Combined Fixed Charges and Preferred Stock Dividends

    $ 6,241     $ 16,542      $ 11,353     $ 7,180     $ 3,772     $ 5,368     $ 3,686  

Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends

      0.50       0.92        0.32       0.05       0.33       0.22       0.49  

Inadequate amount

    $ 3,145     $ 1,405      $ 7,667     $ 6,855     $ 2,530     $ 4,177     $ 1,882  

 

(1) Amounts represent those portions of rent expense that are reasonable approximations of interest costs.