EXHIBIT 12.1
Published on February 25, 2016
Exhibit 12.1
REXFORD INDUSTRIAL REALTY, INC.
Statement of Computation of Ratio of Earnings to Fixed Charges
(in thousands, except ratios)
Rexford Industrial Realty, Inc. |
Rexford Industrial Realty, Inc. Predecessor |
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Year ended December 31, 2015 |
Year ended December 31, 2014 |
Period from July 24, 2013 to December 31, 2013 |
Period from January 1, 2013 to July 23, 2013 |
Year ended December 31, 2012 |
Year ended December 31, 2011 |
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Earnings |
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Add: |
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Gain (loss) from continuing operations before adjustment for income or loss from equity investees |
$ |
1,857 |
$ |
(1,141 |
) |
$ |
(1,102 |
) |
$ |
(7,279 |
) |
$ |
(8,436 |
) |
$ |
(7,619 |
) |
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Fixed charges (see below) |
9,361 |
6,534 |
1,791 |
9,415 |
16,950 |
17,535 |
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Distributed income of equity investees |
— |
1,689 |
— |
— |
— |
— |
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Subtract: |
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Capitalized interest |
(754 |
) |
(42 |
) |
— |
— |
— |
— |
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Earnings |
$ |
10,464 |
$ |
7,040 |
$ |
689 |
$ |
2,136 |
$ |
8,514 |
$ |
9,916 |
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Fixed Charges |
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Interest expense |
8,453 |
6,400 |
1,763 |
9,395 |
16,875 |
17,466 |
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Capitalized interest |
754 |
42 |
— |
— |
— |
— |
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Rental expense at computed interest factor(1)
|
154 |
92 |
28 |
20 |
75 |
69 |
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Fixed charges |
$ |
9,361 |
$ |
6,534 |
$ |
1,791 |
$ |
9,415 |
$ |
16,950 |
$ |
17,535 |
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Consolidated ratio of earnings (loss) to fixed charges |
1.12 |
1.08 |
0.38 |
0.23 |
0.50 |
0.57 |
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Inadequate amount |
$ |
— |
$ |
— |
$ |
(1,102 |
) |
$ |
(7,279 |
) |
$ |
(8,436 |
) |
$ |
(7,619 |
) |
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(1) |
Amounts represent those portions of rent expense (one-third) that are reasonable approximations of interest costs. |