EX-12.1 4 d419553dex121.htm EX-12.1 EX-12.1

Exhibit 12.1

RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

 

                 July 7, 2015  
     Nine Months     Year     (date operations  
     Ended     Ended     commenced) to  
     September 30, 2017     December 31, 2016     December 31, 2015  

Loss before income taxes (1)

    $ (50,169 )    $ (90,504 )    $ (37,859 ) 

Add:

       

Fixed charges (2)

      61,021       66,853       30,749  

Distributions from unconsolidated joint ventures

      10,714       15,677       6,733  

Subtract:

       

Capitalized interest

      (7,785 )      (3,077 )      (226 ) 

Equity in (income) loss from unconsolidated joint ventures

      4,226       (4,646 )      (4,772 ) 
  

 

 

    

 

 

    

 

 

  

Earnings

    $ 18,007     $ (15,697 )    $ (5,375 ) 
  

 

 

    

 

 

    

 

 

  

Fixed charges:

       

Interest on indebtedness

      46,682       58,230       27,804  

Capitalized interest

      7,785       3,077       226  

Amortization of financing costs

      6,390       5,361       2,657  

Interest factor in rent (3)

      164       185       62  
  

 

 

    

 

 

    

 

 

  

Fixed charges

    $ 61,021     $ 66,853     $ 30,749  
  

 

 

    

 

 

    

 

 

  

Ratio of earnings to fixed charges

      0.30x       N/A       N/A  
  

 

 

    

 

 

    

 

 

  

 

(1) Loss before income taxes includes non-cash charges for depreciation and amortization expense and unrealized losses on interest rate cap. Depreciation and amortization expense included in Loss before income taxes was $170.3 million, $177.1 million and $65.9 million for the nine months ended September 30, 2017, the year ended December 31, 2016 and the period from July 7, 2015 (date operations commenced) to December 31, 2015, respectively. Unrealized loss on interest rate cap included in Loss before income taxes was $0.7 million, $1.4 million and $2.9 million for the nine months ended September 30, 2017, the year ended December 31, 2016 and the period from July 7, 2015 (date operations commenced) to December 31, 2015, respectively.
(2) Fixed charges exceeded earnings by $43.0 million, $82.6 million and $36.1 million for the nine months ended September 30, 2017, the year ended December 31, 2016 and the period from July 7, 2015 (date operations commenced) to December 31, 2015, respectively.
(3) Interest factor on rent represents one-third of rental expense (the approximate portion of rental expense representing interest).