Attached files

file filename
10-Q - 10-Q - American Homes 4 Rentamh03311810q.htm
EX-32.2 - EXHIBIT 32.2 - American Homes 4 Rentamh03311810qexhibit322.htm
EX-32.1 - EXHIBIT 32.1 - American Homes 4 Rentamh03311810qexhibit321.htm
EX-31.4 - EXHIBIT 31.4 - American Homes 4 Rentamh03311810q314.htm
EX-31.3 - EXHIBIT 31.3 - American Homes 4 Rentamh03311810qexhibit313.htm
EX-31.2 - EXHIBIT 31.2 - American Homes 4 Rentamh03311810qexhibit312.htm
EX-31.1 - EXHIBIT 31.1 - American Homes 4 Rentamh03311810qexhibit311.htm
EX-12.2 - EXHIBIT 12.2 - American Homes 4 Rentamh03311810qexhibt122.htm


Exhibit 12.1

AMERICAN HOMES 4 RENT
RATIOS OF EARNINGS TO FIXED CHARGES AND EARNINGS TO
COMBINED FIXED CHARGES AND PREFERRED DISTRIBUTIONS
 
Three Months Ended
 
Year ended December 31,
(Amounts in thousands)
March 31, 2018
 
2017
 
2016
 
2015
 
2014
 
2013 (1)
Earnings:
 
 
 
 
 
 
 

 
 

 
 

Income (loss) from continuing operations
$
21,525

 
$
76,492

 
$
10,446

 
$
(47,948
)
 
$
(33,092
)
 
$
(20,074
)
Less: equity in earnings of joint ventures
(314
)
 
(1,642
)
 
(860
)
 

 

 

Add: fixed charges
31,935

 
119,006

 
133,783

 
98,103

 
33,077

 
10,016

Less: capitalized interest
(2,436
)
 
(5,656
)
 
(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 shares
(1,212
)
 
(2,841
)
 
7,020

 
4,830

 
6,158

 
1,810

Total earnings
$
49,498

 
$
185,359

 
$
136,636

 
$
44,195

 
$
(1,934
)
 
$
(26,782
)
 
 
 
 
 
 
 
 
 
 
 
 
Combined fixed charges and preferred distributions:
 
 
 
 
 
 
 
 

 
 

Interest expense (including amortization of loan costs)
$
29,301

 
$
112,620

 
$
130,847

 
$
89,413

 
$
19,881

 
$
370

Capitalized interest
2,436

 
5,656

 
2,290

 
8,690

 
13,196

 
9,646

Portion of rental expense which represents interest factor
198

 
730

 
646

 

 

 

Fixed charges
$
31,935

 
$
119,006

 
$
133,783

 
$
98,103

 
$
33,077

 
$
10,016

Preferred distributions (2)
14,597

 
60,718

 
43,264

 
41,067

 
37,528

 
16,223

Combined fixed charges and preferred distributions
$
46,532

 
$
179,724

 
$
177,047

 
$
139,170

 
$
70,605

 
$
26,239

 
 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
1.55

 
1.56

 
1.02

 
0.45

 
N/A

 
N/A

 
 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to combined fixed charges and preferred distributions
1.06

 
1.03

 
0.77

 
0.32

 
N/A

 
N/A

 
 
 
 
 
 
 
 
 
 
 
 
Surplus (deficiency) of earnings to fixed charges
$
17,563

 
$
66,353

 
$
2,853

 
$
(53,908
)
 
$
(35,011
)
 
$
(36,798
)
 
 
 
 
 
 
 
 
 
 
 
 
Surplus (deficiency) of earnings to combined fixed charges and preferred distributions
$
2,966

 
$
5,635

 
$
(40,411
)
 
$
(94,975
)
 
$
(72,539
)
 
$
(53,021
)

(1)
Excludes discontinued operations.
(2)
Includes distributions of $2.6 million on Series C participating preferred shares, $4.4 million on Series D perpetual preferred shares, $3.6 million on Series E perpetual preferred shares, $2.3 million on Series F perpetual preferred shares and $1.7 million on Series G perpetual preferred shares for the three months ended March 31, 2018. Includes distributions of $4.7 million on Series A participating preferred shares, $4.1 million on Series B participating preferred shares, $10.5 million on Series C participating preferred shares, $17.5 million on Series D perpetual preferred shares, $14.6 million on Series E perpetual preferred shares, $6.2 million on Series F perpetual preferred shares and $3.1 million on Series G perpetual preferred shares for the year ended December 31, 2017. 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 participating preferred shares 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 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.