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10-K - 10-K - OFFICE PROPERTIES INCOME TRUSTgov-20151231x10k.htm
EX-23.1 - EX-23.1 - OFFICE PROPERTIES INCOME TRUSTgov-20151231ex231460f05.htm
EX-99.3 - EX-99.3 - OFFICE PROPERTIES INCOME TRUSTgov-20151231ex9933593d9.htm
EX-31.4 - EX-31.4 - OFFICE PROPERTIES INCOME TRUSTgov-20151231ex3146ff4d6.htm
EX-32.1 - EX-32.1 - OFFICE PROPERTIES INCOME TRUSTgov-20151231ex321369fe3.htm
EX-31.1 - EX-31.1 - OFFICE PROPERTIES INCOME TRUSTgov-20151231ex31113f63d.htm
EX-31.2 - EX-31.2 - OFFICE PROPERTIES INCOME TRUSTgov-20151231ex3126daacd.htm
EX-31.3 - EX-31.3 - OFFICE PROPERTIES INCOME TRUSTgov-20151231ex31313edf0.htm
EX-21.1 - EX-21.1 - OFFICE PROPERTIES INCOME TRUSTgov-20151231ex211c531b7.htm
EX-8.1 - EX-8.1 - OFFICE PROPERTIES INCOME TRUSTgov-20151231ex813d90083.htm

Exhibit 12.1

GOVERNMENT PROPERTIES INCOME TRUST

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(IN THOUSANDS, EXCEPT RATIO AMOUNTS)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31,

 

 

 

2015

 

2014

 

2013

 

2012

 

2011

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations (including gain on sale of

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

properties, if any) before income tax expense and equity in

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

earnings (losses) of investees

$

(227,990)

 

$

42,190

 

$

55,308

 

$

48,903

 

$

42,255

 

Distributions of earnings from equity investees

 

21,882

 

 

17,046

 

 

 —

 

 

 —

 

 

 —

 

Fixed charges

 

37,008

 

 

28,048

 

 

16,831

 

 

16,892

 

 

12,057

 

Adjusted earnings (loss)

$

(169,100)

 

$

87,284

 

$

72,139

 

$

65,795

 

$

54,312

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest on indebtedness and amortization of deferred

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

finance costs and debt discounts

$

37,008

 

$

28,048

 

$

16,831

 

$

16,892

 

$

12,057

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of adjusted earnings (loss) to fixed charges

 

(4.6x) (1)

 

 

3.1x

 

 

4.3x

 

 

3.9x

 

 

4.5x

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) The deficiency for the year was approximately $206.1 million.