CoreSite Realty Corp - FORM 10-K - EX-12.1 - February 13, 2015

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file filename
10-K - 10-K - CoreSite Realty Corpa2222961z10-k.htm
EX-21.1 - EX-21.1 - CoreSite Realty Corpa2222961zex-21_1.htm
EX-32.2 - EX-32.2 - CoreSite Realty Corpa2222961zex-32_2.htm
EX-31.2 - EX-31.2 - CoreSite Realty Corpa2222961zex-31_2.htm
EX-32.1 - EX-32.1 - CoreSite Realty Corpa2222961zex-32_1.htm
EX-12.2 - EX-12.2 - CoreSite Realty Corpa2222961zex-12_2.htm
EX-31.1 - EX-31.1 - CoreSite Realty Corpa2222961zex-31_1.htm
EXCEL - IDEA: XBRL DOCUMENT - CoreSite Realty CorpFinancial_Report.xls
EX-23.1 - EX-23.1 - CoreSite Realty Corpa2222961zex-23_1.htm

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Exhibit 12.1

Computation of Ratio of Earnings to Fixed Charges
(in thousands)

 
   The Company   Historical
Predecessor 		 
 
   Year Ended
December 31,
2014 		  Year Ended
December 31,
2013 		  Year Ended
December 31,
2012 		  Year Ended
December 31,
2011 		  For the Period
September 28, 2010
through
December 31, 2010 		  For the Period
January 1, 2010
through
September 27, 2010 		 

Earnings:

                                      

Net income (loss)

   $ 40,052   $ 31,612   $ 10,716   $ (10,779 ) $ (10,722 ) $ (1,555 )

Add: Fixed charges

     14,639     12,016     10,792     10,971     3,443     3,289  

Add: Amortization of capitalized interest

     1,128     679     369     277     29     87  

Less: Capitalized interest

     (4,633 )   (4,362 )   (1,837 )   (1,592 )   (26 )   (524 )
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total earnings (loss)

   $ 51,186   $ 39,945   $ 20,040   $ (1,123 ) $ (7,276 ) $ 1,297  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Fixed charges:

                                      

Interest expense (including amortization of deferred financing costs)

   $ 5,311   $ 2,689   $ 5,236   $ 5,275   $ 2,325   $ 1,590  

Capitalized interest

     4,633     4,362     1,837     1,592     26     524  

Interest within rental expense

     4,695     4,965     3,719     4,104     1,092     1,175  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total fixed charges

     14,639     12,016     10,792     10,971     3,443     3,289  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Ratio of earnings (loss) to combined fixed charges and preferred stock dividends

     3.50     3.32     1.86       (1)     (1)     (1)
(1)
The shortfall of earnings (loss) to combined fixed charges for the year ended December 31, 2011, for the period from September 28, 2010 to December 31, 2010, and for the period from January 1, 2010 to September 27, 2010, was $12.1 million, $10.7 million and $2.0 million, respectively.



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