EX-12.1 3 irt-ex121_8.htm EX-12.1 irt-ex121_8.htm

Exhibit 12.1

RATIO OF EARNINGS TO FIXED CHARGES

Our ratio of earnings to fixed charges for the periods indicated are set forth below. For purposes of calculating the ratios set forth below, earnings represent net income from our consolidated statements of operations, as adjusted for fixed charges; fixed charges represent interest expense.

The following table presents our ratio of earnings to fixed charges for the six-month period ended June 30, 2017 and for the five years ended December 31, 2016, 2015, 2014, 2013 and 2012 (dollars in thousands):

 

For the Six

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Months Ended

 

 

For the Years Ended December 31,

 

 

June 30, 2017

 

 

2016

 

 

 

 

2015

 

 

2014

 

 

2013

 

 

2012

 

Net income (loss)

$

23,766

 

 

$

(9,555

)

 

 

 

$

30,156

 

 

$

2,944

 

 

$

1,274

 

 

$

427

 

Add back fixed charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

14,610

 

 

 

35,535

 

 

 

 

 

23,553

 

 

 

8,469

 

 

 

3,659

 

 

 

3,305

 

Earnings before fixed charges and preferred share dividends

$

38,376

 

 

$

25,980

 

 

 

 

$

53,709

 

 

$

11,413

 

 

 

4,933

 

 

 

3,732

 

Fixed charges and preferred share dividends:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

14,610

 

 

 

35,535

 

 

 

 

 

23,553

 

 

 

8,469

 

 

 

3,659

 

 

 

3,305

 

Preferred share dividends

 

-

 

 

 

-

 

 

 

 

 

-

 

 

 

10

 

 

 

15

 

 

 

-

 

Total fixed charges and preferred share dividends

$

14,610

 

 

$

35,535

 

 

 

 

$

23,553

 

 

$

8,479

 

 

$

3,674

 

 

$

3,305

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

2.6

x

 

 

-

 

 

(1

)

 

2.3

x

 

1.3x

 

 

1.3x

 

 

1.1x

 

Ratio of earnings to fixed charges and preferred share dividends

 

2.6

x

 

 

-

 

 

(1

)

 

2.3

x

 

1.3x

 

 

1.3x

 

 

1.1x

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)

The dollar amount of the deficiency for the year ended December 31, 2016 was $9.6 million.