EX-12.1 5 a15-1295_2ex12d1.htm EX-12.1

Exhibit 12.1

 

Monogram Residential Trust, Inc.

Computation of Ratio of Earnings to Fixed Charges

 

 

 

Nine Months

 

 

 

 

 

Ended

 

Year Ended December, 31

 

 

 

September 30, 2014

 

 2013

 

2012

 

2011

 

2010

 

2009

 

 

 

(dollar amounts in thousands)

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations(1)

 

$

6,748

 

$

(17,466

)

$

(40,845

)

$

94,875

 

$

(33,363

)

$

(6,501

)

Equity in loss (income) of unconsolidated joint ventures, net

 

(581

)

(1,311

)

1,247

 

6,842

 

5,245

 

(1,342

)

Adjustments added:

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges (see below)

 

29,124

 

34,755

 

34,705

 

9,994

 

4,468

 

101

 

Distributions on investments in unconsolidated joint ventures

 

80

 

460

 

170

 

14,576

 

7,717

 

5,720

 

Adjustments subtracted:

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest capitalized

 

(13,545

)

(10,509

)

(2,486

)

(116

)

(780

)

—

 

Preferred stock dividend requirements of consolidated subsidiaries

 

(233

)

(202

)

(208

)

(20

)

—

 

—

 

Noncontrolling interests in pre-tax income of subsidiaries that have not incurred fixed charges

 

—

 

—

 

—

 

—

 

—

 

—

 

Total earnings (loss)

 

$

21,593

 

$

5,727

 

$

(7,417

)

$

126,151

 

$

(16,713

)

$

(2,022

)

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

15,351

 

24,048

 

32,011

 

9,858

 

3,688

 

101

 

Interest capitalized

 

13,545

 

10,509

 

2,486

 

116

 

780

 

—

 

Preferred security dividend requirements

 

228

 

198

 

208

 

20

 

—

 

—

 

Total fixed charges

 

$

29,124

 

$

34,755

 

$

34,705

 

$

9,994

 

$

4,468

 

$

101

 

Ratio of earnings to fixed charges

 

—(2

)

—(2

)

—(2

)

12.6

 

—(2

)

—(2

)

 

(1)  Effective as of January 1, 2014, we adopted the revised guidance regarding discontinued operations.  As a result of this early adoption, a gain on sale of real estate of $16.2 million has been included in our reported income (loss) from continuing operations for the nine month period ended September 30, 2014.   Gains on sale of real estate in periods prior to 2014 were reflected in discontinued operations and therefore not included in income (loss) from continuing operations.

(2)         The ratio was less than 1:1 for the nine months ended September 30, 2014 and the years ended December 31, 2013, December 31, 2012, December 31, 2010 and December 31, 2009 as earnings were inadequate to cover fixed charges by deficiencies of $7.5 million, $29.1 million, $42.1 million, $19.6 million and $2.1 million, respectively.