Attached files
| file | filename |
|---|---|
| EX-32.1 - EX-32.1 - Landmark Infrastructure Partners LP | lmrk-ex321_6.htm |
| EX-31.2 - EX-31.2 - Landmark Infrastructure Partners LP | lmrk-ex312_8.htm |
| EX-31.1 - EX-31.1 - Landmark Infrastructure Partners LP | lmrk-ex311_9.htm |
| 10-Q - 10-Q - Landmark Infrastructure Partners LP | lmrk-10q_20180930.htm |
Exhibit 12.1
Landmark Infrastructure Partners LP
Ratio of Earnings to Combined Fixed Charges and Preferred Distributions
(In thousands, except ratio data)
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Landmark Infrastructure Partners LP |
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Predecessor to Landmark Infrastructure Partners LP |
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For the Nine Months Ended September 30, 2018 |
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Year Ended December 31, 2017 |
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Year Ended December 31, 2016 |
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Year Ended December 31, 2015 |
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Year Ended December 31, 2014 |
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Period From November 19, 2014 to December 31, 2014 |
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Period From January 1, 2014 to November 19, 2014 |
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Year Ended December 31, 2013 |
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Earnings: (1) |
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Income before income tax expense |
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$ |
118,656 |
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$ |
16,131 |
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$ |
9,921 |
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$ |
1,205 |
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$ |
2,530 |
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$ |
(2,698 |
) |
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$ |
5,559 |
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$ |
5,648 |
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Add (deduct): |
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Add: Fixed charges |
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20,065 |
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18,447 |
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13,923 |
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10,958 |
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8,942 |
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361 |
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7,471 |
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5,407 |
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Less: Capitalized interest |
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(479 |
) |
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(48 |
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— |
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— |
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— |
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— |
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— |
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— |
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Less: Net income attributable to noncontrolling interest |
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(20 |
) |
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(19 |
) |
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— |
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— |
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— |
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— |
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— |
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— |
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Total earnings |
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$ |
138,222 |
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$ |
34,511 |
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$ |
23,844 |
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$ |
12,163 |
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$ |
11,472 |
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$ |
(2,337 |
) |
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$ |
13,030 |
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$ |
11,055 |
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Fixed charges: (1) |
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Interest expense |
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$ |
19,586 |
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$ |
18,399 |
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$ |
13,923 |
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$ |
10,958 |
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$ |
8,942 |
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$ |
361 |
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$ |
7,471 |
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$ |
5,407 |
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Capitalized interest |
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479 |
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48 |
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— |
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— |
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— |
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— |
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— |
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— |
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Estimate of interest within rental expense |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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Total fixed charges |
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$ |
20,065 |
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$ |
18,447 |
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$ |
13,923 |
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$ |
10,958 |
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$ |
8,942 |
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$ |
361 |
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$ |
7,471 |
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$ |
5,407 |
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Preferred unit distributions |
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7,742 |
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6,673 |
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2,660 |
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— |
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— |
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— |
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— |
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— |
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Total fixed charges and preferred unit distributions |
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$ |
27,807 |
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$ |
25,120 |
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$ |
16,583 |
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$ |
10,958 |
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$ |
8,942 |
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$ |
361 |
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$ |
7,471 |
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$ |
5,407 |
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Ratio of Earnings to Fixed Charges |
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6.89 |
x |
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1.87 |
x |
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1.71 |
x |
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1.11 |
x |
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1.28 |
x |
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— |
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(2) |
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1.74 |
x |
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2.04 |
x |
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Ratio of Earnings to Fixed Charges and Preferred Distributions (3) |
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4.97 |
x |
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1.37 |
x |
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1.44 |
x |
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1.11 |
x |
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1.28 |
x |
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— |
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(2) |
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1.74 |
x |
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2.04 |
x |
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(1) |
For purposes of this presentation, earnings represent income before income tax expense adjusted for fixed charges and capitalized interest. Fixed charges consist of interest expensed and capitalized, amortization of deferred loan costs and estimate of interest in rent expense. |
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(2) |
Earnings were inadequate to cover fixed charges by $2.7 million for the period from November 19, 2014 to December 31, 2014. |
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(3) |
The Ratio of Earnings to Fixed Charges and Preferred Distributions was equal to the Ratio of Earnings to Fixed Charges for the periods prior to April 4, 2016 as no Preferred Units were issued prior to April 4, 2016. |