EX-12.1 4 exhibit121.htm EXHIBIT 12.1
Exhibit 12.1
RATIO OF EARNINGS TO FIXED CHARGES

|  | Year ended December 31, |  | Period from June 23, 2011 to December 31, 2011
(Amounts in thousands) |  | 2015 |  | 2014 |  | 2013 (1) |  | 2012 |
Earnings |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loss from continued operations |  | $ | (47,948 | ) |  | $ | (33,092 | ) |  | $ | (20,074 | ) |  | $ | (10,236 | ) |  | $ | (42 | )
Fixed charges |  | 139,170 |  |  | 70,605 |  |  | 26,239 |  |  | — |  |  | — |
Less: capitalized interest |  | (8,690 | ) |  | (13,196 | ) |  | (9,646 | ) |  | — |  |  | — |
Less: gain on remeasurement of equity method investment |  | — |  |  | — |  |  | (10,945 | ) |  | — |  |  | — |
Remeasurement of Series E units |  | (2,100 | ) |  | 5,119 |  |  | 2,057 |  |  | — |  |  | — |
Remeasurement of preferred shares |  | 4,830 |  |  | 6,158 |  |  | 1,810 |  |  | — |  |  | — |
Total earnings |  | $ | 85,262 |  |  | $ | 35,594 |  |  | $ | (10,559 | ) |  | $ | (10,236 | ) |  | $ | (42 | )
Fixed charges |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense |  | $ | 89,413 |  |  | $ | 19,881 |  |  | $ | 370 |  |  | $ | — |  |  | $ | — |
Capitalized interest |  | 8,690 |  |  | 13,196 |  |  | 9,646 |  |  | — |  |  | — |
Preferred distributions (2) |  | 41,067 |  |  | 37,528 |  |  | 16,223 |  |  | — |  |  | — |
Total fixed charges |  | $ | 139,170 |  |  | $ | 70,605 |  |  | $ | 26,239 |  |  | $ | — |  |  | $ | — |
Deficiency |  | $ | (53,908 | ) |  | $ | (35,011 | ) |  | $ | (36,798 | ) |  | $ | (10,236 | ) |  | $ | (42 | )
Ratio of earnings to fixed charges |  | 0.61 |  |  | 0.50 |  |  | N/A |  |  | N/A |  |  | N/A |

(1) | Excludes discontinued operations.

(2) | Includes distributions of $6.3 million on Series A preferred shares, $5.5 million on Series B preferred shares, $10.5 million on Series C preferred shares and $18.8 million on Series C convertible units for the year ended December 31, 2015. Includes distributions of $6.3 million on Series A preferred shares, $5.7 million on Series B preferred shares, $6.9 million on Series C preferred shares and $18.6 million on Series C convertible units for the year ended December 31, 2014. Includes distributions of $1.2 million on Series A preferred shares, $14.9 million on Series C convertible units and $0.2 million on 3.5% convertible perpetual preferred units for the year ended December 31, 2013.

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Exhibit 12.1
RATIO OF EARNINGS TO FIXED CHARGES