Attached files
| file | filename |
|---|---|
| EX-31.1 - EXHIBIT 31.1 - American Homes 4 Rent | amh03311810qexhibit311.htm |
| EX-31.4 - EXHIBIT 31.4 - American Homes 4 Rent | amh03311810q314.htm |
| EX-31.3 - EXHIBIT 31.3 - American Homes 4 Rent | amh03311810qexhibit313.htm |
| EX-31.2 - EXHIBIT 31.2 - American Homes 4 Rent | amh03311810qexhibit312.htm |
| EX-32.2 - EXHIBIT 32.2 - American Homes 4 Rent | amh03311810qexhibit322.htm |
| EX-32.1 - EXHIBIT 32.1 - American Homes 4 Rent | amh03311810qexhibit321.htm |
| EX-12.1 - EXHIBIT 12.1 - American Homes 4 Rent | amh03311810qexhibt121.htm |
| 10-Q - 10-Q - American Homes 4 Rent | amh03311810q.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
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 units | (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 units, $4.4 million on Series D perpetual preferred units, $3.6 million on Series E perpetual preferred units, $2.3 million on Series F perpetual preferred units and $1.7 million on Series G perpetual preferred units for the three months ended March 31, 2018. Includes distributions of $4.7 million on Series A participating preferred units, $4.1 million on Series B participating preferred units, $10.5 million on Series C participating preferred units, $17.5 million on Series D perpetual preferred units, $14.6 million on Series E perpetual preferred units, $6.2 million on Series F perpetual preferred units and $3.1 million on Series G perpetual preferred units for the year ended December 31, 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. |