Attached files

file filename
EXCEL - IDEA: XBRL DOCUMENT - GLADSTONE COMMERCIAL CORPFinancial_Report.xls
10-Q - FORM 10-Q - GLADSTONE COMMERCIAL CORPd249200d10q.htm
EX-32.1 - EXHIBIT 32.1 - GLADSTONE COMMERCIAL CORPd249200dex321.htm
EX-31.1 - EXHIBIT 31.1 - GLADSTONE COMMERCIAL CORPd249200dex311.htm
EX-31.2 - EXHIBIT 31.2 - GLADSTONE COMMERCIAL CORPd249200dex312.htm
EX-32.2 - EXHIBIT 32.2 - GLADSTONE COMMERCIAL CORPd249200dex322.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
                               
       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
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Earnings

   $ 17,216      $ 22,005      $ 22,307      $ 21,743      $ 17,534      $ 12,588   

Fixed Charges:

            

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   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

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.