Attached files
| file | filename |
|---|---|
| EX-8.1 - EX-8.1 - Apollo Commercial Real Estate Finance, Inc. | d639646dex81.htm |
| EX-5.1 - EX-5.1 - Apollo Commercial Real Estate Finance, Inc. | d639646dex51.htm |
| EX-4.2 - EX-4.2 - Apollo Commercial Real Estate Finance, Inc. | d639646dex42.htm |
| EX-1.1 - EX-1.1 - Apollo Commercial Real Estate Finance, Inc. | d639646dex11.htm |
| 8-K - 8-K - Apollo Commercial Real Estate Finance, Inc. | d639646d8k.htm |
Exhibit 12.1
Apollo Commercial Real Estate Finance, Inc.
Statement of Computation of Ratio of Earnings to Fixed Charges
(in thousands, except ratios)
| For the Year Ended December 31, | ||||||||||||||||||||||||
| Six Months Ended 6/30/2017 |
2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||||||
| Fixed Charges |
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| Interest-Expensed |
$ | 25,513 | $ | 42,985 | $ | 30,149 | $ | 15,129 | $ | 3,727 | $ | 7,753 | ||||||||||||
| Interest-Expensed Convert |
7,006 | 14,011 | 14,011 | 8,493 | — | — | ||||||||||||||||||
| Interest-Capitalized |
5,343 | 4,043 | 2,900 | 8,795 | 566 | 597 | ||||||||||||||||||
| Interest-Capitalized TALF |
— | — | — | — | — | — | ||||||||||||||||||
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| Total Fixed Charges |
$ | 37,862 | $ | 61,039 | $ | 47,060 | $ | 32,417 | $ | 4,293 | $ | 8,350 | ||||||||||||
| Earnings |
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| Net Income |
$ | 83,360 | $ | 157,875 | $ | 91,372 | $ | 75,300 | $ | 45,045 | $ | 37,102 | ||||||||||||
| Less: Equity Investments Income |
2,847 | 96 | (3,464 | ) | 157 | — | — | |||||||||||||||||
| Adjusted Net Income |
86,207 | 157,971 | 87,908 | 75,457 | 45,045 | 37,102 | ||||||||||||||||||
| Add Back: |
||||||||||||||||||||||||
| Fixed Charges |
37,862 | 61,039 | 47,060 | 32,417 | 4,293 | 8,350 | ||||||||||||||||||
| Amortization of Capitalized Interest |
3,716 | 6,503 | 4,700 | 2,918 | 866 | 1,962 | ||||||||||||||||||
| Interest Capitalized |
(5,343 | ) | (4,043 | ) | (2,900 | ) | (8,795 | ) | (566 | ) | (597 | ) | ||||||||||||
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| Total Earnings |
$ | 122,442 | $ | 221,470 | $ | 136,768 | $ | 101,997 | $ | 49,638 | $ | 46,817 | ||||||||||||
| Ratio of earnings to fixed charges |
3.23 | x | 3.63 | x | 2.91 | x | 3.15 | x | 11.56 | x | 5.61 | x | ||||||||||||
-1-
Apollo Commercial Real Estate Finance, Inc.
Statement of Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
(in thousands, except ratios)
| For the Year Ended December 31, | ||||||||||||||||||||||||
| Six Months Ended 6/30/2017 |
2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||||||
| Fixed Charges |
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| Interest-Expensed |
$ | 25,513 | $ | 42,985 | $ | 30,149 | $ | 15,129 | $ | 3,727 | $ | 7,753 | ||||||||||||
| Interest-Expensed Convert |
7,006 | 14,011 | 14,011 | 8,493 | — | — | ||||||||||||||||||
| Interest-Capitalized |
5,343 | 4,043 | 2,900 | 8,795 | 566 | 597 | ||||||||||||||||||
| Interest-Capitalized TALF |
— | — | — | — | — | — | ||||||||||||||||||
| Preferred Stock Dividends |
18,620 | 30,295 | 11,884 | 7,440 | 7,440 | 3,079 | ||||||||||||||||||
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| Total Fixed Charges |
$ | 56,482 | $ | 91,334 | $ | 58,945 | $ | 39,857 | $ | 11,733 | $ | 11,428 | ||||||||||||
| Earnings |
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| Net Income |
$ | 83,360 | $ | 157,875 | $ | 91,372 | $ | 75,300 | $ | 45,045 | $ | 37,102 | ||||||||||||
| Less: Equity Investments Income |
2,847 | 96 | (3,464 | ) | 157 | — | — | |||||||||||||||||
| Adjusted Net Income |
86,207 | 157,971 | 87,908 | 75,457 | 45,045 | 37,102 | ||||||||||||||||||
| Add Back: |
||||||||||||||||||||||||
| Fixed Charges |
56,482 | 91,334 | 58,945 | 39,857 | 11,733 | 11,428 | ||||||||||||||||||
| Amortization of Capitalized Interest |
3,716 | 6,503 | 4,700 | 2,918 | 866 | 1,962 | ||||||||||||||||||
| Interest Capitalized |
(5,343 | ) | (4,043 | ) | (2,900 | ) | (8,795 | ) | (566 | ) | (597 | ) | ||||||||||||
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| Total Earnings |
$ | 141,062 | $ | 251,764 | $ | 148,653 | $ | 109,437 | $ | 57,078 | $ | 49,895 | ||||||||||||
| Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends |
2.50 | x | 2.76 | x | 2.52 | x | 2.75 | x | 4.86 | x | 4.37 | x | ||||||||||||
-2-
Apollo Commercial Real Estate Finance, Inc.
Statement of Computation of Ratio of Pro Forma Ratio of Earnings to Fixed Charges
(in thousands, except ratios)
| For the Year Ended December 31, | ||||||||||||||||||||||||
| Six Months Ended 6/30/2017 |
2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||||||
| Fixed Charges |
||||||||||||||||||||||||
| Interest-Expensed |
$ | 25,513 | $ | 42,985 | $ | 30,149 | $ | 15,129 | $ | 3,727 | $ | 7,753 | ||||||||||||
| Interest-Expensed Convert |
7,006 | 14,011 | 14,011 | 8,493 | — | — | ||||||||||||||||||
| Interest-Capitalized |
5,343 | 4,043 | 2,900 | 8,795 | 566 | 597 | ||||||||||||||||||
| Interest-Capitalized TALF |
— | — | — | — | — | — | ||||||||||||||||||
| Interest Additional – 4.75% Convertible Senior Notes(1) |
5,200 | 10,400 | NA | NA | NA | NA | ||||||||||||||||||
| Interest Savings – JPMorgan Facility |
(3,436 | ) | (6,872 | ) | ||||||||||||||||||||
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| Total Fixed Charges |
$ | 39,626 | $ | 64,567 | $ | 47,060 | $ | 32,417 | $ | 4,293 | $ | 8,350 | ||||||||||||
| Earnings |
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| Net Income |
$ | 83,360 | $ | 157,875 | $ | 91,372 | $ | 75,300 | $ | 45,045 | $ | 37,102 | ||||||||||||
| Less: Equity Investments Income |
2,847 | 96 | (3,464 | ) | 157 | — | — | |||||||||||||||||
| Adjusted Net Income |
86,207 | 157,971 | 87,908 | 75,457 | 45,045 | 37,102 | ||||||||||||||||||
| Add Back: |
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| Fixed Charges |
39,626 | 64,567 | 47,060 | 32,417 | 4,293 | 8,350 | ||||||||||||||||||
| Amortization of Capitalized Interest |
3,716 | 6,503 | 4,700 | 2,918 | 866 | 1,962 | ||||||||||||||||||
| Interest Capitalized |
(5,343 | ) | (4,043 | ) | (2,900 | ) | (8,795 | ) | (566 | ) | (597 | ) | ||||||||||||
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| Total Earnings |
$ | 124,206 | $ | 224,998 | $ | 136,768 | $ | 101,997 | $ | 49,638 | $ | 46,817 | ||||||||||||
| Pro Forma Ratio of earnings to fixed charges(2) |
3.13 | x | 3.48 | x | NA | NA | NA | NA | ||||||||||||||||
| (1) | Includes deferred financing costs. |
| (2) | In calculating the pro forma ratios of earnings to fixed charges and earnings to combined fixed charges and preferred stock dividends, we have assumed that the notes were issued on the first day of the applicable period. For purposes of these pro forma calculations, we have assumed proceeds are used to partially repay outstanding borrowings under our master repurchase agreement with JPMorgan Chase Bank, N.A., or the JP Morgan Facility, (approximately $794.4 million as of June 30, 2017); therefore, the pro forma ratio excludes the effect of the amount of the related interest expense under the JPMorgan Facility for the period. In addition, we have calculated the pro forma ratios incorporating the amortization of the underwriting discount and deferred financing costs as well as cash interest payments that we would have paid on the notes, assuming they were issued on the first day of the applicable period. Accordingly, the pro forma ratios do not reflect the additional interest expense we would incur for accounting purposes as a result of separating the notes into a liability and an equity component and amortizing the deemed debt discount into interest expense over the term of the notes in accordance with ASC 470-20. |
-3-
Apollo Commercial Real Estate Finance, Inc.
Statement of Computation of Ratio of Pro Forma Ratio of Earnings to Combined Fixed Charges and
Preferred Stock Dividends
(in thousands, except ratios)
| For the Year Ended December 31, | ||||||||||||||||||||||||
| Six Months Ended 6/30/2017 |
2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||||||
| Fixed Charges |
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| Interest-Expensed |
$ | 25,513 | $ | 42,985 | $ | 30,149 | $ | 15,129 | $ | 3,727 | $ | 7,753 | ||||||||||||
| Interest-Expensed Convert |
7,006 | 14,011 | 14,011 | 8,493 | — | — | ||||||||||||||||||
| Interest-Capitalized |
5,343 | 4,043 | 2,900 | 8,795 | 566 | 597 | ||||||||||||||||||
| Interest-Capitalized TALF |
— | — | — | — | — | — | ||||||||||||||||||
| Preferred Stock Dividends |
18,620 | 30,295 | 11,884 | 7,440 | 7,440 | 3,079 | ||||||||||||||||||
| Interest Additional – 4.75% Convertible Senior Notes(1) |
5,200 | 10,400 | NA | NA | NA | NA | ||||||||||||||||||
| Interest Savings – JPMorgan Facility |
(3,436 | ) | (6,872 | ) | ||||||||||||||||||||
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| Total Fixed Charges |
$ | 58,246 | $ | 94,862 | $ | 58,945 | $ | 39,857 | $ | 11,733 | $ | 11,428 | ||||||||||||
| Earnings |
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| Net Income |
$ | 83,360 | $ | 157,875 | $ | 91,372 | $ | 75,300 | $ | 45,045 | $ | 37,102 | ||||||||||||
| Less: Equity Investments Income |
2,847 | 96 | (3,464 | ) | 157 | — | — | |||||||||||||||||
| Adjusted Net Income |
86,207 | 157,971 | 87,908 | 75,457 | 45,045 | 37,102 | ||||||||||||||||||
| Add Back: |
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| Fixed Charges |
56,482 | 94,862 | 58,945 | 39,857 | 11,733 | 11,428 | ||||||||||||||||||
| Amortization of Capitalized Interest |
3,716 | 6,503 | 4,700 | 2,918 | 866 | 1,962 | ||||||||||||||||||
| Interest Capitalized |
(5,343 | ) | (4,043 | ) | (2,900 | ) | (8,795 | ) | (566 | ) | (597 | ) | ||||||||||||
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| Total Earnings |
$ | 142,826 | $ | 255,292 | $ | 148,653 | $ | 109,437 | $ | 57,078 | $ | 49,895 | ||||||||||||
| Pro Forma Ratio of earnings to fixed charges and Preferred Stock Dividends(2) |
2.45 | x | 2.69 | x | NA | NA | NA | NA | ||||||||||||||||
| (1) | Includes deferred financing costs. |
| (2) | In calculating the pro forma ratios of earnings to fixed charges and earnings to combined fixed charges and preferred stock dividends, we have assumed that the notes were issued on the first day of the applicable period. For purposes of these pro forma calculations, we have assumed proceeds are used to partially repay outstanding borrowings under the JP Morgan Facility, (approximately $794.4 million as of June 30, 2017); therefore, the pro forma ratio excludes the effect of the amount of the related interest expense under the JPMorgan Facility for the period. In addition, we have calculated the pro forma ratios incorporating the amortization of the underwriting discount and deferred financing costs as well as cash interest payments that we would have paid on the notes, assuming they were issued on the first day of the applicable period. Accordingly, the pro forma ratios do not reflect the additional interest expense we would incur for accounting purposes as a result of separating the notes into a liability and an equity component and amortizing the deemed debt discount into interest expense over the term of the notes in accordance with ASC 470-20. |
-4-