Exhibit 12.2
AMERICAN HOMES 4 RENT, L.P.
RATIOS OF EARNINGS TO FIXED CHARGES AND EARNINGS TO
COMBINED FIXED CHARGES AND PREFERRED DISTRIBUTIONS
|
| | | | | | | | | | | | | | | | | | | | |
| (Amounts in thousands) | | Year ended December 31, |
| | | 2017 | | 2016 | | 2015 | | 2014 | | 2013 (1) |
| Earnings: | | | | |
| | |
| | |
| | |
|
| Income (loss) from continuing operations | | $ | 76,492 |
| | $ | 10,446 |
| | $ | (47,948 | ) | | $ | (33,092 | ) | | $ | (20,074 | ) |
| Less: equity in earnings of joint ventures | | (1,642 | ) | | (860 | ) | | — |
| | — |
| | — |
|
| Add: fixed charges | | 119,006 |
| | 133,783 |
| | 98,103 |
| | 33,077 |
| | 10,016 |
|
| Less: capitalized interest | | (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 | | (2,841 | ) | | 7,020 |
| | 4,830 |
| | 6,158 |
| | 1,810 |
|
| Total earnings | | $ | 185,359 |
| | $ | 136,636 |
| | $ | 44,195 |
| | $ | (1,934 | ) | | $ | (26,782 | ) |
| | | | | | | | | | | |
| Combined fixed charges and preferred distributions: | | | | | | |
| | |
| | |
|
| Interest expense (including amortization of loan costs) | | $ | 112,620 |
| | $ | 130,847 |
| | $ | 89,413 |
| | $ | 19,881 |
| | $ | 370 |
|
| Capitalized interest | | 5,656 |
| | 2,290 |
| | 8,690 |
| | 13,196 |
| | 9,646 |
|
| Portion of rental expense which represents interest factor | | 730 |
| | 646 |
| | — |
| | — |
| | — |
|
| Fixed charges | | $ | 119,006 |
| | $ | 133,783 |
| | $ | 98,103 |
| | $ | 33,077 |
| | $ | 10,016 |
|
| Preferred distributions (2) | | 60,718 |
| | 43,264 |
| | 41,067 |
| | 37,528 |
| | 16,223 |
|
| Combined fixed charges and preferred distributions | | $ | 179,724 |
| | $ | 177,047 |
| | $ | 139,170 |
| | $ | 70,605 |
| | $ | 26,239 |
|
| | | | | | | | | | | |
| Ratio of earnings to fixed charges | | 1.56 |
| | 1.02 |
| | 0.45 |
| | N/A |
| | N/A |
|
| | | | | | | | | | | |
| Ratio of earnings to combined fixed charges and preferred distributions | | 1.03 |
| | 0.77 |
| | 0.32 |
| | N/A |
| | N/A |
|
| | | | | | | | | | | |
| Surplus (deficiency) of earnings to fixed charges | | $ | 66,353 |
| | $ | 2,853 |
| | $ | (53,908 | ) | | $ | (35,011 | ) | | $ | (36,798 | ) |
| | | | | | | | | | | |
| Surplus (deficiency) of earnings to combined fixed charges and preferred distributions | | $ | 5,635 |
| | $ | (40,411 | ) | | $ | (94,975 | ) | | $ | (72,539 | ) | | $ | (53,021 | ) |
| |
| (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, $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. |
