Attached files
| file | filename |
|---|---|
| 10-Q - 10-Q - American Homes 4 Rent | amh09301710q.htm |
| EX-12.1 - EXHIBIT 12.1 - American Homes 4 Rent | amh09301710qexhibit121.htm |
| EX-32.1 - EXHIBIT 32.1 - American Homes 4 Rent | amh09301710qexhibit321.htm |
| EX-31.2 - EXHIBIT 31.2 - American Homes 4 Rent | amh09301710qexhibit312.htm |
| EX-31.1 - EXHIBIT 31.1 - American Homes 4 Rent | amh09301710qexhibit311.htm |
Exhibit 12.2
AMERICAN HOMES 4 RENT, L.P.
RATIOS OF EARNINGS TO FIXED CHARGES AND EARNINGS TO
COMBINED FIXED CHARGES AND PREFERRED DISTRIBUTIONS
Nine Months Ended | Year ended December 31, | ||||||||||||||||||||||
(Amounts in thousands) | September 30, 2017 | 2016 | 2015 | 2014 | 2013 (1) | 2012 | |||||||||||||||||
Earnings: | |||||||||||||||||||||||
Income (loss) from continuing operations | $ | 45,959 | $ | 10,446 | $ | (47,948 | ) | $ | (33,092 | ) | $ | (20,074 | ) | $ | (10,236 | ) | |||||||
Less: equity in earnings of joint ventures | (1,367 | ) | (860 | ) | — | — | — | — | |||||||||||||||
Add: fixed charges | 90,576 | 133,783 | 98,103 | 33,077 | 10,016 | — | |||||||||||||||||
Less: capitalized interest | (3,171 | ) | (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 participating preferred units | (1,341 | ) | 7,020 | 4,830 | 6,158 | 1,810 | — | ||||||||||||||||
Add: preferred distributions | 46,122 | 43,264 | 41,067 | 37,528 | 16,223 | — | |||||||||||||||||
Total earnings | $ | 176,778 | $ | 179,900 | $ | 85,262 | $ | 35,594 | $ | (10,559 | ) | $ | (10,236 | ) | |||||||||
Combined fixed charges and preferred distributions: | |||||||||||||||||||||||
Interest expense (including amortization of loan costs) | $ | 86,873 | $ | 130,847 | $ | 89,413 | $ | 19,881 | $ | 370 | $ | — | |||||||||||
Capitalized interest | 3,171 | 2,290 | 8,690 | 13,196 | 9,646 | — | |||||||||||||||||
Portion of rental expense which represents interest factor | 532 | 646 | — | — | — | — | |||||||||||||||||
Fixed charges | $ | 90,576 | $ | 133,783 | $ | 98,103 | $ | 33,077 | $ | 10,016 | $ | — | |||||||||||
Preferred distributions (2) | 46,122 | 43,264 | 41,067 | 37,528 | 16,223 | — | |||||||||||||||||
Combined fixed charges and preferred distributions | $ | 136,698 | $ | 177,047 | $ | 139,170 | $ | 70,605 | $ | 26,239 | $ | — | |||||||||||
Ratio of earnings to fixed charges | 1.95 | 1.34 | 0.87 | 1.08 | N/A | N/A | |||||||||||||||||
Ratio of earnings to combined fixed charges and preferred distributions | 1.29 | 1.02 | 0.61 | 0.50 | N/A | N/A | |||||||||||||||||
Surplus (deficiency) of earnings to fixed charges | $ | 86,202 | $ | 46,117 | $ | (12,841 | ) | $ | 2,517 | $ | (20,575 | ) | $ | (10,236 | ) | ||||||||
Surplus (deficiency) of earnings to combined fixed charges and preferred distributions | $ | 40,080 | $ | 2,853 | $ | (53,908 | ) | $ | (35,011 | ) | $ | (36,798 | ) | $ | (10,236 | ) | |||||||
(1) | Excludes discontinued operations. |
(2) | Includes distributions of $4.7 million on Series A participating preferred units, $4.1 million on Series B participating preferred units, $7.8 million on Series C participating preferred units, $13.1 million on Series D perpetual preferred units, $11.0 million on Series E perpetual preferred units, $4.0 million on Series F perpetual preferred units and $1.4 million on Series G perpetual preferred units for the nine months ended September 30, 2017. Includes distributions of $6.3 million on Series A participating preferred units, $5.5 million on Series B participating preferred units, $10.5 million on Series C participating preferred units, $10.6 million on Series D perpetual preferred units, $7.4 million on Series E perpetual preferred units 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 units, $5.5 million on Series B participating preferred units, $10.5 million on Series C participating preferred units 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 units, $5.7 million on Series B participating preferred units, $6.9 million on Series C participating preferred units and $18.6 million on Series C convertible units for the year ended December 31, 2014. Includes distributions of $1.2 million on Series A participating preferred units, $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. |