Attached files
| file | filename |
|---|---|
| 10-Q - FORM 10-Q - GLADSTONE COMMERCIAL CORP | w82588e10vq.htm |
| EX-31.1 - EX-31.1 - GLADSTONE COMMERCIAL CORP | w82588exv31w1.htm |
| EX-32.2 - EX-32.2 - GLADSTONE COMMERCIAL CORP | w82588exv32w2.htm |
| EX-32.1 - EX-32.1 - GLADSTONE COMMERCIAL CORP | w82588exv32w1.htm |
| EX-31.2 - EX-31.2 - GLADSTONE COMMERCIAL CORP | w82588exv31w2.htm |
Exhibit 12
Statements re: computation of ratios
(Dollars in Thousands, Except Ratios)
| For the three | ||||||||||||||||||||||||
| months ended March | For the year ended December 31, | |||||||||||||||||||||||
| 31, 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | |||||||||||||||||||
Net income from continuing operations |
$ | 1,480 | $ | 4,928 | $ | 4,400 | $ | 4,873 | $ | 5,958 | $ | 3,285 | ||||||||||||
Add: fixed charges |
5,205 | 21,191 | 22,001 | 20,964 | 15,670 | 11,490 | ||||||||||||||||||
Less: preferred and senior common distributions |
(1,038 | ) | (4,114 | ) | (4,094 | ) | (4,094 | ) | (4,094 | ) | (2,187 | ) | ||||||||||||
Earnings |
$ | 5,647 | $ | 22,005 | $ | 22,307 | $ | 21,743 | $ | 17,534 | $ | 12,588 | ||||||||||||
Fixed Charges: |
||||||||||||||||||||||||
Interest expense |
3,925 | 16,031 | 16,399 | 15,575 | 10,847 | 8,041 | ||||||||||||||||||
Amortization of deferred financing fees |
231 | 1,031 | 1,496 | 1,284 | 717 | 1,207 | ||||||||||||||||||
Estimated interest component of rent |
11 | 15 | 12 | 11 | 12 | 55 | ||||||||||||||||||
Preferred and senior common distributions |
1,038 | 4,114 | 4,094 | 4,094 | 4,094 | 2,187 | ||||||||||||||||||
Total fixed charges and preferred distributions |
5,205 | 21,191 | 22,001 | 20,964 | 15,670 | 11,490 | ||||||||||||||||||
Ratio of earnings to combined fixed charges and preferred distributions |
1.1 | 1.0 | 1.0 | 1.0 | 1.1 | 1.1 | ||||||||||||||||||
The calculation of the ratio of earnings to combined fixed charges and preferred distributions
is above. “Earnings” consist of net income from continuing operations before fixed charges. “Fixed
charges” consist of interest expense, amortization of deferred financing fees and the portion of
operating lease expense that represents interest. The portion of operating lease expense that
represents interest is calculated by dividing the amount of rent expense, allocated to us by our
Adviser as part of the administration fee payable under the Advisory Agreement, by three.