EX-12 5 vtr-20141231ex12.htm STATEMENT REGARDING COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES VTR-2014.12.31 EX 12


Exhibit 12

STATEMENT REGARDING COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
 
 
 
 
 
 
 
 
 
 
 
 
 
For the year ended December 31,
(dollars in thousands)
 
2014
 
2013
 
2012
 
2011
 
2010
Income before (loss) income from unconsolidated entities, income taxes, discontinued operations, real estate dispositions and noncontrolling interest
 
$
448,517

 
$
479,848

 
$
283,353

 
$
331,060

 
$
221,711

Interest expense
 
 
 
 
 
 
 
 
 
 
Senior notes payable and other debt
 
376,842

 
334,909

 
288,717

 
224,344

 
170,133

Distributions from unconsolidated entities
 
6,508

 
6,641

 
10,006

 
3,790

 
689

Earnings
 
$
831,867

 
$
821,398

 
$
582,076

 
$
559,194

 
$
392,533

Interest
 
 
 
 
 
 
 
 
 
 
Senior notes payable and other debt expense
 
$
376,842

 
$
334,909

 
$
288,717

 
$
224,344

 
$
170,133

Interest capitalized
 
950

 
855

 
1,857

 
1,233

 
—

Fixed charges
 
$
377,792

 
$
335,764

 
$
290,574

 
$
225,577

 
$
170,133

 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
 
2.20

 
2.45

 
2.00

 
2.48

 
2.31