VEREIT, Inc. - FORM 10-Q - EX-12.1 - EXHIBIT 12.1 - August 2, 2018

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EX-31.4 - EXHIBIT 31.4 - VEREIT, Inc.vereitq22018-ex314.htm
10-Q - 10-Q - VEREIT, Inc.vereit630201810-q.htm
EX-32.4 - EXHIBIT 32.4 - VEREIT, Inc.vereitq22018-ex324.htm
EX-32.3 - EXHIBIT 32.3 - VEREIT, Inc.vereitq22018-ex323.htm
EX-32.2 - EXHIBIT 32.2 - VEREIT, Inc.vereitq22018-ex322.htm
EX-32.1 - EXHIBIT 32.1 - VEREIT, Inc.vereitq22018-ex321.htm
EX-31.3 - EXHIBIT 31.3 - VEREIT, Inc.vereitq22018-ex313.htm
EX-31.2 - EXHIBIT 31.2 - VEREIT, Inc.vereitq22018-ex312.htm
EX-31.1 - EXHIBIT 31.1 - VEREIT, Inc.vereitq22018-ex311.htm
Exhibit 12.1
VEREIT, INC. and VEREIT OPERATING PARTNERSHIP, L.P.
CONSOLIDATED RATIOS OF EARNINGS TO FIXED CHARGES

The following table sets forth the Company's consolidated ratios of earnings to fixed charges for the periods as shown (dollars in thousands):
 
 
Six Months Ended June 30,
 
Year Ended December 31,
 
 
2018
 
2017
 
2016
 
2015
 
2014
 
2013
Earnings:
 
 
 
 
 
 
 
 
 
 
 
 
Pre-tax income (loss) from continuing operations before income (loss) from equity investees
 
$
(44,701
)
 
$
55,614

 
$
(79,534
)
 
$
(143,495
)
 
$
(716,701
)
 
$
(505,620
)
 
 
 
 
 
 
 
 
 
 
 
 
 
Add:
 
 
 
 
 
 
 
 
 
 
 
 
Fixed charges
 
141,096

 
290,218

 
318,033

 
360,215

 
453,216

 
105,644

Amortization of capitalized interest
 
23

 
46

 
46

 
41

 
10

 
2

Distributed income of equity investees
 
7,026

 
5,618

 
46,305

 
11,352

 
8,335

 
—

Less:
 
 
 
 
 
 
 
 
 
 
 
 
Interest capitalized
 
—

 
(11
)
 
(204
)
 
(1,208
)
 
(330
)
 
(82
)
Preference security dividend of subsidiaries
 
(35,946
)
 
(71,892
)
 
(71,892
)
 
(71,892
)
 
(82,226
)
 
(3,313
)
Total earnings
 
$
67,498

 
$
279,593


$
212,754

 
$
155,013

 
$
(337,696
)
 
$
(403,369
)
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed Charges:
 
 
 
 
 
 
 
 
 
 
 
 
Interest expensed and capitalized
 
130,373

 
270,823

 
304,085

 
344,777

 
367,870

 
64,397

Amortized premiums, discounts and capitalized expenses related to indebtedness
 
10,265

 
18,699

 
13,186

 
14,823

 
85,108

 
41,233

Estimate of interest within rental expense
 
458

 
696

 
762

 
615

 
238

 
14

Total Fixed Charges
 
$
141,096

 
$
290,218

 
$
318,033

 
$
360,215

 
$
453,216

 
$
105,644

 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
 
0.48
x
 
0.96
x
 
0.67
x
 
0.43
x
 
(0.75
)x
 
(3.82
)x
Deficiency
 
$
73,598

 
$
10,625


$
105,279

 
$
205,202

 
$
790,912

 
$
509,013




Exhibit 12.1
VEREIT, INC. and VEREIT OPERATING PARTNERSHIP, L.P.
CONSOLIDATED RATIOS OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS


The following table sets forth the Company's consolidated ratios of earnings to fixed charges and preferred stock dividends for the periods as shown (dollars in thousands):
 
 
Six Months Ended June 30,
 
Year Ended December 31,
 
 
2018
 
2017
 
2016
 
2015
 
2014
 
2013
Earnings:
 
 
 
 
 
 
 
 
 
 
 
 
Pre-tax income (loss) from continuing operations before income (loss) from equity investees
 
$
(44,701
)
 
$
55,614

 
$
(79,534
)
 
$
(143,495
)
 
$
(716,701
)
 
$
(505,620
)
 
 
 
 
 
 
 
 
 
 
 
 
 
Add:
 
 
 
 
 
 
 
 
 
 
 
 
Fixed charges
 
177,042

 
362,110

 
389,925

 
432,107

 
535,442

 
108,957

Amortization of capitalized interest
 
23

 
46

 
46

 
41

 
10

 
2

Distributed income of equity investees
 
7,026

 
5,618

 
46,305

 
11,352

 
8,335

 
—

Less:
 
 
 
 
 
 
 
 
 
 
 
 
Interest capitalized
 
—

 
(11
)
 
(204
)
 
(1,208
)
 
(330
)
 
(82
)
Preference security dividend of subsidiaries
 
(35,946
)
 
(71,892
)
 
(71,892
)
 
(71,892
)
 
(82,226
)
 
(3,313
)
Total earnings
 
$
103,444

 
$
351,485

 
$
284,646

 
$
226,905

 
$
(255,470
)
 
$
(400,056
)
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed Charges:
 
 
 
 
 
 
 
 
 
 
 
 
Interest expensed and capitalized
 
130,373

 
270,823

 
304,085

 
344,777

 
367,870

 
64,397

Amortized premiums, discounts and capitalized expenses related to indebtedness
 
10,265

 
18,699

 
13,186

 
14,823

 
85,108

 
41,233

Estimate of interest within rental expense
 
458

 
696

 
762

 
615

 
238

 
14

Preference security dividend of subsidiaries
 
35,946

 
71,892

 
71,892

 
71,892

 
82,226

 
3,313

Total Fixed Charges
 
$
177,042

 
$
362,110

 
$
389,925

 
$
432,107

 
$
535,442

 
$
108,957

 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
 
0.58
x
 
0.97
x
 
0.73
x

0.53
x
 
(0.48
)x
 
(3.67
)x
Deficiency
 
$
73,598

 
$
10,625

 
$
105,279

 
$
205,202

 
$
790,912

 
$
509,013




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