American Homes 4 Rent (AMH) 10-Q 2018 Q1 Quarterly report

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.