Bluerock Residential Growth REIT, Inc. - FORM 10-K - EX-12.1 - EXHIBIT 12.1 - February 21, 2017

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EX-32.1 - EXHIBIT 32.1 - Bluerock Residential Growth REIT, Inc.v458723_exh32x1.htm
EX-31.2 - EXHIBIT 31.2 - Bluerock Residential Growth REIT, Inc.v458723_exh31x2.htm
EX-31.1 - EXHIBIT 31.1 - Bluerock Residential Growth REIT, Inc.v458723_exh31x1.htm
EX-23.1 - EXHIBIT 23.1 - Bluerock Residential Growth REIT, Inc.v458723_ex23-1.htm
EX-21.1 - EXHIBIT 21.1 - Bluerock Residential Growth REIT, Inc.v458723_ex21-1.htm
EX-10.456 - EXHIBIT 10.456 - Bluerock Residential Growth REIT, Inc.v458723_ex10-456.htm
EX-10.455 - EXHIBIT 10.455 - Bluerock Residential Growth REIT, Inc.v458723_ex10-455.htm
EX-10.454 - EXHIBIT 10.454 - Bluerock Residential Growth REIT, Inc.v458723_ex10-454.htm
EX-10.453 - EXHIBIT 10.453 - Bluerock Residential Growth REIT, Inc.v458723_ex10-453.htm
EX-10.452 - EXHIBIT 10.452 - Bluerock Residential Growth REIT, Inc.v458723_ex10-452.htm
EX-10.451 - EXHIBIT 10.451 - Bluerock Residential Growth REIT, Inc.v458723_ex10-451.htm
EX-10.450 - EXHIBIT 10.450 - Bluerock Residential Growth REIT, Inc.v458723_ex10-450.htm
EX-10.449 - EXHIBIT 10.449 - Bluerock Residential Growth REIT, Inc.v458723_ex10-449.htm
EX-10.448 - EXHIBIT 10.448 - Bluerock Residential Growth REIT, Inc.v458723_ex10-448.htm
EX-10.447 - EXHIBIT 10.447 - Bluerock Residential Growth REIT, Inc.v458723_ex10-447.htm
10-K - 10-K - Bluerock Residential Growth REIT, Inc.v458723_10k.htm

 

Exhibit 12.1

 

Computation of Ratio of Earnings to Combined Fixed   Year Ended December 31, 
Charges and Preferred Dividends  2016   2015   2014   2013   2012 
   (In thousands, except for ratio computation) 
(Loss) income from continuing operations before adjustment for non controlling interest  $(2,974)  $7,643   $(6,674)  $(4,219)  $7,365 
                          
Add back:                         
Fixed Charges   19,960    11,389    8,683    4,961    1,226 
Distributed income of equity investees   11,405    24,617    11,550    289    607 
                          
Deduct:                         
Equity in (income) loss of equity investees   (11,632)   (17,893)   (5,133)   (1,501)   (13)
Capitalized Interest   -    -    (143)   (99)   - 
Earnings as Defined  $16,759   $25,756   $8,283   $(569)  $9,185 
                          
Fixed Charges                         
                          
Interest expense including amortization of deferred financing fees  $19,915   $11,366   $8,538   $4,854   $1,217 
Capitalized Interest   -    -    143    99    - 
Interest portion of rent expense   45    23    2    8    9 
Fixed Charges  $19,960   $11,389   $8,683   $4,961   $1,226 
                          
Ratio of Earnings to Fixed Charges    a    2.26     a     a    7.49 
                          
Preferred Share dividends   13,763    1,153    -    -    - 
Combined Fixed Charges and Preferred Dividends  $33,723   $12,542   $8,683   $4,961   $1,226 
                          
Ratio of Earnings to Combined Fixed Charges and Preferred Dividends    b    2.05     b     b    7.49 

 

 

 

(a) Due to the loss from continuing operations, the ratio coverage was less than 1:1 for 2016, 2014 and 2013. We would have needed to generate additional earnings from continuing operations of $3.2 million, $0.4 million and $5.5 million for 2016, 2014 and 2013 respectively to achieve a coverage ratio of 1:1. 

 

 

(b) Due to the loss from continuing operations, the ratio coverage was less than 1:1 for 2016, 2014 and 2013. We would have needed to generate additional earnings from continuing operations of $17.0 million, $0.4 million and $5.5 million for 2016, 2014 and 2013 respectively to achieve a coverage ratio of 1:1.

 

 

 

 

 

 

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