EX-12.1 5 d223059dex121.htm EX-12.1 EX-12.1

Exhibit 12.1

STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

(in thousands, except ratio)

 

     Six months ended June 30,     Year ended  
     2016     2015     2015     2014     2013     2012     2011  

Fixed Charges:

               

Interest Expense

    $ 34,695      $ 38,897        77,764        76,520        73,614        65,023        65,817   

Interest Expense Included in Discontinued Operations

      —          —          —          —          —          —          5,932   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total

      34,695        38,897        77,764        76,520        73,614        65,023        71,749   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Earnings:

               

Income from Continuing Operations and Gain on Sale of Real Estate Assets

      90,453        49,232        172,922        41,211        72,198        59,534        83,640   

Less Equity in Income of Unconsolidated Joint Ventures

      (226 )      (283 )      (553 )      350        3,676        (923 )      (1,619 ) 

Operating Distributions Received from Unconsolidated Joint Ventures

      389        368        774        266        1,475        2,338        2,932   

Fixed Charges

      34,695        38,897        77,764        76,520        73,614        65,023        71,749   

Less Preferred Dividends of Consolidated Subsidiaries

      (8 )      (8 )      (15 )      (15 )      (15 )      (15 )      (15 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total

    $ 125,303      $ 88,206      $ 250,892      $ 118,332      $ 150,948      $ 125,957      $ 156,687   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ratio of Earnings to Fixed Charges:(1)(2)

      3.6        2.3        3.2        1.5        2.1        1.9        2.2   

 

(1) Prior period amounts have been adjusted to conform with the current period presentation.
(2) There was no preferred stock outstanding for any of the periods shown above. Accordingly, the ratio of earnings to combined fixed charges and preferred stock dividendswas identical to the ratio of earnings to fixed charges for each period.