American Homes 4 Rent - FORM 10-K - EX-12.1 - EXHIBIT 12.1 - February 24, 2017

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10-K - 10-K - American Homes 4 Renta123116-10k.htm
EX-3.8 - EXHIBIT 3.8 - American Homes 4 Renta123116exhibit38.htm
EX-10.26 - EXHIBIT 10.26 - American Homes 4 Renta123116exhibit1026.htm
EX-23.1 - EXHIBIT 23.1 - American Homes 4 Renta123116exhibit231.htm
EX-31.1 - EXHIBIT 31.1 - American Homes 4 Renta123116exhibit311.htm
EX-21.1 - EXHIBIT 21.1 - American Homes 4 Renta123116exhibit211.htm
EX-32.1 - EXHIBIT 32.1 - American Homes 4 Renta123116exhibit321.htm
EX-31.2 - EXHIBIT 31.2 - American Homes 4 Renta123116exhibit312.htm
Exhibit 12.1

RATIO OF EARNINGS TO FIXED CHARGES
(Amounts in thousands)
 
Year ended December 31,
 
 
2016
 
2015
 
2014
 
2013 (1)
 
2012
Earnings:
 
 
 
 

 
 

 
 

 
 

Income (loss) from continuing operations
 
$
10,446

 
$
(47,948
)
 
$
(33,092
)
 
$
(20,074
)
 
$
(10,236
)
Less: equity in earnings of joint ventures
 
(860
)
 
—

 
—

 
—

 
—

Add: fixed charges
 
133,783

 
98,103

 
33,077

 
10,016

 
—

Less: capitalized interest
 
(2,290
)
 
(8,690
)
 
(13,196
)
 
(9,646
)
 
—

Less: gain on remeasurement of equity method investment
 
—

 
—

 
—

 
(10,945
)
 
—

Less: gain on conversion of Series E units
 
(11,463
)
 
—

 
—

 
—

 
—

Less: remeasurement of Series E units
 
—

 
(2,100
)
 
5,119

 
2,057

 
—

Less: remeasurement of preferred shares
 
7,020

 
4,830

 
6,158

 
1,810

 
—

Add: preferred distributions
 
43,264

 
41,067

 
37,528

 
16,223

 
—

Total earnings
 
$
179,900

 
$
85,262

 
$
35,594

 
$
(10,559
)
 
$
(10,236
)
 
 
 
 
 
 
 
 
 
 
 
Combined fixed charges and preferred distributions:
 
 
 
 
 
 

 
 

 
 

Interest expense (including amortization of loan costs)
 
$
130,847

 
$
89,413

 
$
19,881

 
$
370

 
$
—

Capitalized interest
 
2,290

 
8,690

 
13,196

 
9,646

 
—

Portion of rental expense which represents interest factor
 
646

 
—

 
—

 
—

 
—

Fixed charges
 
$
133,783

 
$
98,103

 
$
33,077

 
$
10,016

 
$
—

Preferred distributions (2)
 
43,264

 
41,067

 
37,528

 
16,223

 
—

Combined fixed charges and preferred distributions
 
$
177,047

 
$
139,170

 
$
70,605

 
$
26,239

 
$
—

 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
 
1.34

 
0.87

 
1.08

 
N/A
 
N/A
 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to combined fixed charges and preferred distributions
 
1.02

 
0.61

 
0.50

 
N/A
 
N/A
 
 
 
 
 
 
 
 
 
 
 
Surplus (deficiency)of earnings to fixed charges
 
$
46,117

 
$
(12,841
)
 
$
2,517

 
$
(20,575
)
 
$
(10,236
)
 
 
 
 
 
 
 
 
 
 
 
Surplus (deficiency) of earnings to combined fixed charges and preferred distributions
 
$
2,853

 
$
(53,908
)
 
$
(35,011
)
 
$
(36,798
)
 
$
(10,236
)

(1)
Excludes discontinued operations.
(2)
Includes distributions of $6.3 million on Series A participating preferred shares, $5.5 million on Series B participating preferred shares, $10.5 million on Series C participating preferred shares, $10.6 million on Series D perpetual preferred shares, $7.4 million on Series E perpetual preferred shares and $3.0 million on Series C convertible units for the year ended December 31, 2016. Includes distributions of $6.3 million on Series A participating preferred shares, $5.5 million on Series B participating preferred shares, $10.5 million on Series C participating preferred shares and $18.8 million on Series C convertible units for the year ended December 31, 2015. Includes distributions of $6.3 million on Series A participating preferred shares, $5.7 million on Series B participating preferred shares, $6.9 million on Series C convertible units and $18.6 million on 3.5% convertible perpetual preferred units for the year ended December 31, 2014. Includes distributions of $1.2 million on Series A participating preferred shares, $14.9 million on Series C convertible units and $0.2 million on 3.5% convertible perpetual preferred units for the year ended December 31, 2013.


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