EX-12.1 2 lmrk-20160930ex1214fdebc.htm EX-12.1 LMRK_EX_121

Exhibit 12.1

 

 

Landmark Infrastructure Partners LP

Ratio of Earnings to Combined Fixed Charges and Preferred Distributions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Landmark Infrastructure Partners LP (3)

 

Predecessor to Landmark Infrastructure Partners LP (3)

 

 

 

 

 

 

 

 

Period From

 

Period From

 

 

 

 

 

 

Nine Months Ended

 

Year Ended

 

Year Ended

 

November 19, 2014 to

 

January 1, 2014 to

 

Year Ended

 

Year Ended

 

 

September 30, 2016

 

December 31, 2015

 

December 31, 2014

 

December 31, 2014

 

November 19, 2014

 

December 31, 2013

 

December 31, 2012

Earnings:(1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before income taxes

 

$
1,067,961

 

$
(434,080)

 

$
2,860,628

 

$
(2,698,348)

 

$
5,558,976

 

$
5,647,830

 

$
1,082,382

Add (deduct):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges

 

 
10,282,184

 

 
8,398,089

 

 
7,831,847

 

 
360,689

 

 
7,471,158

 

 
5,406,753

 

 
1,957,834

Capitalized interest

 

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

—

Total earnings

 

$
11,350,145

 

$
7,964,009

 

$
10,692,475

 

$
(2,337,659)

 

$
13,030,134

 

$
11,054,583

 

$
3,040,216

Fixed charges:(1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

$
10,282,184

 

$
8,398,089

 

$
7,831,847

 

$
360,689

 

$
7,471,158

 

$
5,406,753

 

$
1,957,834

Capitalized interest

 

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

—

Estimate of interest within rental expense

 

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

—

Total fixed charges

 

$
10,282,184

 

$
8,398,089

 

$
7,831,847

 

$
360,689

 

$
7,471,158

 

$
5,406,753

 

$
1,957,834

Preferred unit distributions

 

 
1,333,648

 

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

—

Total fixed charges and preferred unit distributions

 

$
11,615,832

 

$
8,398,089

 

$
7,831,847

 

$
360,689

 

$
7,471,158

 

$
5,406,753

 

$
1,957,834

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of Earnings to Fixed Charges

 

 

1.10x

 

 

—  (2) 

 

 

1.37x

 

 

—  (2) 

 

 

1.74x

 

 

2.04x

 

 

1.55x

Ratio of Earnings to Fixed Charges and Preferred Distributions (4)

 

 

—  (2) 

 

 

—  (2) 

 

 

1.37x

 

 

—  (2) 

 

 

1.74x

 

 

2.04x

 

 

1.55x

(1)

For purposes of this presentation, earnings represent income before income taxes adjusted for fixed charges and capitalized interest. Fixed charges consist of interest expensed and capitalized, amortization of deferred loan costs and estimate of interest in rent expense.

(2)

Earnings were inadequate to cover fixed charges by $0.4 million and $2.7 million for the year ended December 31, 2015 and for the period from November 19, 2014 to December 31, 2014, respectively. Earnings were inadequate to cover fixed charges and preferred distributions by $0.3 million for the nine months ended September 30, 2016.

(3)

Prior-period financial information has been retroactively adjusted for certain assets acquired direct from our sponsor Landmark Dividend LLC (“Landmark”) and affiliates during the nine  months ended September 30, 2016 and the year ended December 31, 2015. For further information, see the financial statements and the accompanying notes and other information included in the Partnership’s Quarterly Report on Form 10-Q for the three and nine months ended September 30, 2016 to be filed with the Securities and Exchange Commission on November 3, 2016 and the Annual Report on Form 10-K for the year ended December 31, 2015 filed with the Securities and Exchange Commission on February 16, 2016. 

(4)

The Ratio of Earning to Fixed Charges and Preferred Distributions was equal to the Ratio of Earning to Fixed Charges for the periods prior to April 4, 2016 as no Preferred Units were issued prior to April 4, 2016.