Attached files
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EXCEL - IDEA: XBRL DOCUMENT - GLADSTONE COMMERCIAL CORP | Financial_Report.xls |
10-Q - FORM 10-Q - GLADSTONE COMMERCIAL CORP | d249200d10q.htm |
EX-32.1 - EXHIBIT 32.1 - GLADSTONE COMMERCIAL CORP | d249200dex321.htm |
EX-31.1 - EXHIBIT 31.1 - GLADSTONE COMMERCIAL CORP | d249200dex311.htm |
EX-31.2 - EXHIBIT 31.2 - GLADSTONE COMMERCIAL CORP | d249200dex312.htm |
EX-32.2 - EXHIBIT 32.2 - GLADSTONE COMMERCIAL CORP | d249200dex322.htm |
Exhibit 12
Statements re: computation of ratios
(Dollars in Thousands, Except Ratios)
For the year ended December 31, | ||||||||||||||||||||||||
For the nine months ended September 30, 2011 |
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2010 | 2009 | 2008 | 2007 | 2006 | ||||||||||||||||||||
Net income from continuing operations |
$ | 4,598 | $ | 4,928 | $ | 4,400 | $ | 4,873 | $ | 5,958 | $ | 3,285 | ||||||||||||
Add: fixed charges |
15,734 | 21,191 | 22,001 | 20,964 | 15,670 | 11,490 | ||||||||||||||||||
Less: preferred and senior common distributions |
(3,116 | ) | (4,114 | ) | (4,094 | ) | (4,094 | ) | (4,094 | ) | (2,187 | ) | ||||||||||||
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Earnings |
$ | 17,216 | $ | 22,005 | $ | 22,307 | $ | 21,743 | $ | 17,534 | $ | 12,588 | ||||||||||||
Fixed Charges: |
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Interest expense |
11,924 | 16,031 | 16,399 | 15,575 | 10,847 | 8,041 | ||||||||||||||||||
Amortization of deferred financing fees |
683 | 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 |
3,116 | 4,114 | 4,094 | 4,094 | 4,094 | 2,187 | ||||||||||||||||||
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Total fixed charges and preferred distributions |
15,734 | 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.