EX-12.1 4 a2231390zex-12_1.htm EX-12.1

Exhibit 12.1

 

Armada Hoffler Properties, Inc. and Predecessor

 

Ratio of Earnings to Combined Fixed Charges and Preference Dividends

(Unaudited)

 

 

 

Year ended December 31,

 

$ in ‘000s

 

2016

 

2015

 

2014

 

2013

 

2012

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before taxes

 

$

43,098

 

$

31,149

 

$

12,829

 

$

14,726

 

$

8,907

 

 

 

 

 

 

 

 

 

 

 

 

 

Plus:

 

 

 

 

 

 

 

 

 

 

 

Amortization of capitalized interest

 

299

 

272

 

252

 

196

 

196

 

Return of capital from real estate joint ventures

 

—

 

—

 

—

 

511

 

405

 

Fixed charges

 

19,028

 

15,653

 

14,310

 

14,279

 

17,878

 

 

 

 

 

 

 

 

 

 

 

 

 

Less:

 

 

 

 

 

 

 

 

 

 

 

Interest capitalized

 

(1,046

)

(811

)

(2,161

)

(526

)

(21

)

Income from real estate joint ventures

 

—

 

—

 

—

 

(210

)

(261

)

 

 

 

 

 

 

 

 

 

 

 

 

Earnings

 

$

61,379

 

$

46,263

 

$

25,230

 

$

28,976

 

$

27,104

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

$

16,466

 

$

13,333

 

$

10,648

 

$

12,303

 

$

16,561

 

Interest capitalized

 

1,046

 

811

 

2,161

 

526

 

21

 

Portion of rents representative of the interest factor

 

1,516

 

1,509

 

1,501

 

1,450

 

1,296

 

Preferred stock dividends

 

 

 

 

 

 

 

—

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges

 

$

19,028

 

$

15,653

 

$

14,310

 

$

14,279

 

$

17,878

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

3.2

 

3.0

 

1.8

 

2.0

 

1.5