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 | ) | |||||||
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Earnings | $ | 18,007 | $ | (15,697 | ) | $ | (5,375 | ) | ||||
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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 | |||||||||
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Fixed charges | $ | 61,021 | $ | 66,853 | $ | 30,749 | ||||||
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Ratio of earnings to fixed charges | 0.30x | N/A | N/A | |||||||||
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(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). |