Attached files
| file | filename |
|---|---|
| EX-99.3 - EX-99.3 - DigitalBridge Group, Inc. | d388119dex993.htm |
| EX-99.2 - EX-99.2 - DigitalBridge Group, Inc. | d388119dex992.htm |
| EX-99.1 - EX-99.1 - DigitalBridge Group, Inc. | d388119dex991.htm |
| 8-K - FORM 8-K - DigitalBridge Group, Inc. | d388119d8k.htm |
Exhibit 12.1
COLONY NORTHSTAR, INC.
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS
(In thousands, except ratios)
Colony NorthStar, Inc. (the “Company”) was formed through a tri-party merger (the “Merger”) among NorthStar Asset Management Group Inc., Colony Capital, Inc. (“Colony Capital”) and NorthStar Realty Finance Corp. For more information concerning the effects of the Merger, please refer to the Company’s Current Report on Form 8-K12B, filed with the Securities and Exchange Commission (“SEC”) on January 10, 2017.
The financial information for the Company represents a continuation of the financial information of Colony Capital as the accounting acquirer in the Merger. Consequently, the following historical computation of the ratio of earnings to combined fixed charges and preferred dividends, for periods prior to January 10, 2017, represents the pre-Merger financial information of Colony Capital.
| Three Months Ended March 31, 2017 |
Year Ended December 31, | |||||||||||||||||||||||
| 2016 | 2015 | 2014 | 2013 | 2012 | ||||||||||||||||||||
| Earnings: |
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| Income (loss) before income taxes before adjustment for noncontrolling interests and income from equity method investees |
$ | (70,653 | ) | $ | 196,133 | $ | 199,135 | $ | 83,483 | $ | 25,874 | $ | 1,633 | |||||||||||
| Add: |
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| Fixed charges |
126,278 | 170,083 | 133,094 | 48,365 | 18,838 | 8,248 | ||||||||||||||||||
| Distributed income of equity investees |
19,633 | 79,361 | 66,418 | 74,948 | 101,874 | 64,839 | ||||||||||||||||||
| Subtract: |
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| Noncontrolling interests in pre-tax income of consolidated subsidiaries with no fixed charges |
(22,124 | ) | (164,899 | ) | (103,018 | ) | (27,529 | ) | (17,018 | ) | (1,976 | ) | ||||||||||||
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| Earnings |
$ | 53,134 | $ | 280,678 | $ | 295,629 | $ | 179,267 | $ | 129,568 | $ | 72,744 | ||||||||||||
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| Fixed Charges and Preferred Dividends: |
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| Fixed charges: |
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| Interest expense |
$ | 126,278 | $ | 170,083 | $ | 133,094 | $ | 48,365 | $ | 18,838 | $ | 8,248 | ||||||||||||
| Preferred dividends |
30,813 | 48,159 | 42,569 | 24,870 | 21,420 | 13,915 | ||||||||||||||||||
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| Combined fixed charges and preferred dividends |
$ | 157,091 | $ | 218,242 | $ | 175,663 | $ | 73,235 | $ | 40,258 | $ | 22,163 | ||||||||||||
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| Ratio of Earnings to Combined Fixed Charges and Preferred Dividends(1) |
0.3x | 1.3x | 1.7x | 2.4x | 3.2x | 3.3x | ||||||||||||||||||
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| (1) | For the three months ended March 31, 2017, the deficiency of earnings over combined charges and preferred stock dividends was $104.0 million. |
COLONY NORTHSTAR, INC.
COMPUTATION OF PRO FORMA RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED DIVIDENDS
(In thousands, except ratios)
The following pro forma computation for the year ended December 31, 2016 gives effect to the completion of the Merger and assumes the Merger had been completed on January 1, 2016 (“Merger Pro Forma”). The merger-related adjustments are presented in Exhibit 99.1 to the Current Report on Form 8-K filed with the SEC on March 15, 2017. The pro forma computation for the Company’s offering of Series I Preferred Stock (“Offering Pro Forma”) assumes that the shares of the Company’s Series I Preferred Stock were issued on January 1, 2016 and the proceeds were used to redeem all of the shares of our Series A Preferred Stock and a portion of our Series F Preferred Stock outstanding as described in the final prospectus supplement, dated May 24, 2017, and filed with the SEC on May 26, 2017.
| Three Months Ended March 31, 2017 |
Year Ended December 31, 2016 | |||||||||||
| Merger Pro Forma | Offering Pro Forma | |||||||||||
| Earnings: |
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| Income (loss) before income taxes before adjustment for noncontrolling interests and income from equity method investees |
$ | (70,653 | ) | $ | (151,394 | ) | $ | (151,394 | ) | |||
| Add: |
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| Fixed charges |
126,278 | 517,338 | 517,338 | |||||||||
| Distributed income of equity investees |
19,633 | 189,634 | 189,634 | |||||||||
| Subtract: |
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| Noncontrolling interests in pre-tax income of consolidated subsidiaries with no fixed charges |
(22,124 | ) | (164,899 | ) | (164,899 | ) | ||||||
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| Earnings |
$ | 53,134 | $ | 390,679 | $ | 390,679 | ||||||
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| Pro Forma Fixed Charges and Preferred Dividends: |
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| Fixed charges: |
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| Interest expense |
$ | 126,278 | $ | 517,338 | $ | 517,338 | ||||||
| Preferred dividends |
29,977 | 132,397 | 129,051 | |||||||||
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| Combined pro forma fixed charges and preferred dividends |
$ | 156,255 | $ | 649,735 | $ | 646,389 | ||||||
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| Pro Forma Ratio of Earnings to Combined Fixed Charges and Preferred Dividends |
0.3x | 0.6x | 0.6x | |||||||||
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| (1) | For the three months ended March 31, 2017, the deficiency of pro forma earnings over combined charges and preferred stock dividends was $103.1 million. For the year ended December 31, 2016, the deficiency of earnings over combined charges and preferred stock dividends for the Merger Pro Forma and Offering Pro Forma was $259.1 million and $255.7 million, respectively. |