Six Months Ended June 30, 2018 | Year Ended December 31, | |||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||
Earnings: | ||||||||||||||||||||||||
Add: | ||||||||||||||||||||||||
Income from continuing operations before income from unconsolidated joint ventures, gains on consolidation of joint ventures and gain on sale of investment in unconsolidated joint venture | $ | 264,845 | $ | 551,726 | $ | 433,554 | $ | 409,246 | $ | 353,758 | $ | 254,536 | ||||||||||||
Gains on sales of real estate | 117,677 | 8,240 | 82,775 | 377,093 | 174,686 | — | ||||||||||||||||||
Amortization of interest capitalized | 5,920 | 10,976 | 10,685 | 10,203 | 8,211 | 5,522 | ||||||||||||||||||
Distributions from unconsolidated joint ventures | 1,663 | 26,858 | 24,955 | 8,469 | 7,372 | 17,600 | ||||||||||||||||||
Fixed charges (see below) | 219,805 | 440,269 | 456,710 | 471,435 | 514,868 | 522,070 | ||||||||||||||||||
Subtract: | ||||||||||||||||||||||||
Interest capitalized | (34,999 | ) | (61,070 | ) | (39,237 | ) | (34,213 | ) | (52,476 | ) | (68,152 | ) | ||||||||||||
Noncontrolling interests in income of subsidiaries that have not incurred fixed charges | (21,002 | ) | (39,429 | ) | (37,171 | ) | (40,248 | ) | (28,958 | ) | (5,818 | ) | ||||||||||||
Total earnings | $ | 553,909 | $ | 937,570 | $ | 932,271 | $ | 1,201,985 | $ | 977,461 | $ | 725,758 | ||||||||||||
Fixed charges: | ||||||||||||||||||||||||
Interest expensed | $ | 182,424 | $ | 374,481 | $ | 412,849 | $ | 432,196 | $ | 455,743 | $ | 447,240 | ||||||||||||
Interest capitalized | 34,999 | 61,070 | 39,237 | 34,213 | 52,476 | 68,152 | ||||||||||||||||||
Portion of rental expense representative of the interest factor (one-third of rental expense) | 2,382 | 4,718 | 4,624 | 5,026 | 6,649 | 6,678 | ||||||||||||||||||
Total fixed charges | $ | 219,805 | $ | 440,269 | $ | 456,710 | $ | 471,435 | $ | 514,868 | $ | 522,070 | ||||||||||||
Preferred distributions | 5,250 | 10,500 | 10,500 | 10,506 | 11,523 | 14,103 | ||||||||||||||||||
Total combined fixed charges and preferred distributions | $ | 225,055 | $ | 450,769 | $ | 467,210 | $ | 481,941 | $ | 526,391 | $ | 536,173 | ||||||||||||
Ratio of earnings to fixed charges | 2.52 | 2.13 | 2.04 | 2.55 | 1.90 | 1.39 | ||||||||||||||||||
Ratio of earnings to combined fixed charges and preferred distributions | 2.46 | 2.08 | 2.00 | 2.49 | 1.86 | 1.35 |