Attached files

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10-Q - FORM 10-Q - GLADSTONE COMMERCIAL CORPd329511d10q.htm
EX-3.1 - EXHIBIT 3.1 - GLADSTONE COMMERCIAL CORPd329511dex31.htm
EX-32.1 - CERTIFICATION OF CHIEF EXECUTIVE OFFICER PURSUANT TO SECTION 906 - GLADSTONE COMMERCIAL CORPd329511dex321.htm
EX-31.2 - CERTIFICATION OF CHIEF FINANCIAL OFFICER PURSUANT TO SECTION 302 - GLADSTONE COMMERCIAL CORPd329511dex312.htm
EX-31.1 - CERTIFICATION OF CHIEF EXECUTIVE OFFICER PURSUANT TO SECTION 302 - GLADSTONE COMMERCIAL CORPd329511dex311.htm
EX-32.2 - CERTIFICATION OF CHIEF FINANCIAL OFFICER PURSUANT TO SECTION 906 - GLADSTONE COMMERCIAL CORPd329511dex322.htm
EXCEL - IDEA: XBRL DOCUMENT - GLADSTONE COMMERCIAL CORPFinancial_Report.xls

Exhibit 12

Statements re: computation of ratios

(Dollars in Thousands, Except Ratios)

 

           For the year ended December 31,  
     For the three months
ended March 31, 2012
    2011     2010     2009     2008     2007  

Net income from continuing operations

   $ 1,301      $ 5,714      $ 4,928      $ 4,400      $ 4,873      $ 5,958   

Add: fixed charges and preferred and senior common distributions

     6,075        21,247        21,191        22,001        20,964        15,670   

Less: preferred and senior common distributions

     (1,042     (4,156     (4,114     (4,094     (4,094     (4,094
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Earnings

   $ 6,334      $ 22,805      $ 22,005      $ 22,307      $ 21,743      $ 17,534   

Fixed charges and preferred and senior common distributions:

            

Interest expense (1)

     4,709        16,158        16,031        16,399        15,575        10,847   

Amortization of deferred financing fees

     320        918        1,031        1,496        1,284        717   

Estimated interest component of rent

     4        15        15        12        11        12   

Preferred and senior common distributions

     1,042        4,156        4,114        4,094        4,094        4,094   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total fixed charges and preferred and senior common distributions

   $ 6,075      $ 21,247      $ 21,191      $ 22,001      $ 20,964      $ 15,670   

Ratio of earnings to combined fixed charges and preferred distributions

     1.0        1.1        1.0        1.0        1.0        1.1   

 

(1)

Interest expense included dividends paid on our mandatorily redeemable preferred stock.

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.