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|                                                                     |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                | Consolidated |   | Historical Combined |
|                                                                | For the year ended  December 31, |   |
|                                                                | 2014 |   | 2013 |   | 2012 |   | 2011 |   | 2010 |
| Earnings Available for Fixed Charges                                |   |   |   |   |   |   |   |   |   |
| and Preferred Dividends:                                            |   |   |   |   |   |   |   |   |   |
| Net loss                                                            | $ | 23,522 |  |   | $ | (2,594 | ) |   | $ | (5,006 | ) |   | $ | (2,238 | ) |   | $ | (2,682 | ) |
|                                                                |   |   |   |   |   |   |   |   |   |
| Plus fixed charges:                                                 |   |   |   |   |   |   |   |   |   |
| Interest expense (including amortization of loan fees)              | $ | 25,932 |  |   | $ | 25,470 |  |   | $ | 19,071 |  |   | $ | 17,480 |  |   | $ | 8,831 |  |
| Capitalized interest and loan fees                                  | 6,938 |  |   | 4,562 |  |   | 1,461 |  |   | 189 |  |   | 165 |  |
| Estimate of interest within rental expense                          | 174 |  |   | 144 |  |   | 153 |  |   | 124 |  |   | 46 |  |
| Fixed Charges                                                       | $ | 33,044 |  |   | $ | 30,176 |  |   | $ | 20,685 |  |   | $ | 17,793 |  |   | $ | 9,042 |  |
|                                                                |   |   |   |   |   |   |   |   |   |
| Plus:                                                               |   |   |   |   |   |   |   |   |   |
| Amortization of capitalized interest                                | $ | 232 |  |   | $ | 115 |  |   | $ | 73 |  |   | $ | 73 |  |   | $ | 73 |  |
| Less:                                                               |   |   |   |   |   |   |   |   |   |
| Capitalized interest and loan fees                                  | (6,938 | ) |   | (4,562 | ) |   | (1,461 | ) |   | (189 | ) |   | (165 | ) |
| Earnings                                                            | $ | 49,860 |  |   | $ | 23,135 |  |   | $ | 14,291 |  |   | $ | 15,439 |  |   | $ | 6,268 |  |
|                                                                |   |   |   |   |   |   |   |   |   |
| Combined Fixed Charges and                                          |   |   |   |   |   |   |   |   |   |
| Preferred Dividends:                                                |   |   |   |   |   |   |   |   |   |
| Fixed charges (from above)                                          | $ | 33,044 |  |   | $ | 30,176 |  |   | $ | 20,685 |  |   | $ | 17,793 |  |   | $ | 9,042 |  |
| Preferred dividends                                                 | 12,785 |  |   | 12,924 |  |   | 12,924 |  |   | 8,108 |  |   | 817 |  |
| Combined fixed charges and preferred dividends:                     | $ | 45,829 |  |   | $ | 43,100 |  |   | $ | 33,609 |  |   | $ | 25,901 |  |   | $ | 9,859 |  |
|                                                                |   |   |   |   |   |   |   |   |   |
| Ratio of earnings to combined fixed charges and preferred dividends | 1.09 |  |   | 0.54 |  |   | 0.43 |  |   | 0.60 |  |   | 0.64 |  |
| Deficiency                                                          | $ | — |  |   | $ | 19,919 |  |   | $ | 19,318 |  |   | $ | 10,462 |  |   | $ | 3,591 |  |