Exhibit 12.1



Gramercy Property Trust

Ratio of Earnings to Combined Fixed Charges and Preferred Share Dividends

(Dollars in Thousands)





|                                                                              |  | Years Ended December 31, |        
|----------------------------------------------------------------------------- |  | ------------------------ | -------
|                                                                              |  | 2015                     |        
|Earnings:                                                                     |  |                          |        
|Net income (loss) from continuing operations, pretax                          |  | $                        | (48,280
|Add (Subtract):                                                               |  |                          |        
|Loss (income) from unconsolidated equity investments                          |  |                          | 1,107  
|Distributions from unconsolidated equity investments                          |  |                          | 5,704  
|Fixed charges                                                                 |  |                          | 35,166 
|Capitalized interest                                                          |  |                          | -      
|Income (loss) before fixed charges and preferred share dividends              |  | $                        | (6,303 
|                                                                              |  |                          |        
|Fixed charges:                                                                |  |                          |        
|Interest expense                                                              |  | $                        | 35,166 
|Capitalized interest                                                          |  |                          | -      
|Total fixed charges                                                           |  | $                        | 35,166 
|Preferred share dividends                                                     |  |                          | 6,234  
|Total fixed charges and preferred share dividends                             |  | $                        | 41,400 
|                                                                              |  |                          |        
|Ratio of earnings to fixed charges (1)                                        |  |                          | (0.2x  
|Deficiency                                                                    |  | $                        | 41,469 
|                                                                              |  |                          |        
|Ratio of earnings to combined fixed charges and preferred share dividends (1) |  |                          | (0.2x  
|Deficiency                                                                    |  | $                        | 47,703 





(1)For the years ended December 31, 2015, 2012, and 2011, earnings were not sufficient to cover fixed charges by $41,469, $12,107, and $20,461, respectively. For the years ended December 31, 2015, 2012, and 2011 earnings were not sufficient to cover combined fixed charges and preferred share dividends by $47,703, $19,269, and $27,623, respectively.