EX-12 4 vtr-20161231ex12.htm STATEMENT REGARDING COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES Exhibit


Exhibit 12

STATEMENT REGARDING COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
 
 
 
 
 
 
 
 
 
 
 
 
 
For the year ended December 31,
(dollars in thousands)
 
2016
 
2015
 
2014
 
2013
 
2012
Income before (loss) income from unconsolidated entities, income taxes, discontinued operations, real estate dispositions and noncontrolling interest
 
$
518,508

 
$
351,675

 
$
350,703

 
$
364,178

 
$
176,379

Interest expense
 
 
 
 
 
 
 
 
 
 
Senior notes payable and other debt
 
419,740

 
367,114

 
292,065

 
249,009

 
199,801

Distributions from unconsolidated entities
 
7,598

 
23,462

 
6,508

 
6,641

 
10,006

Earnings
 
$
945,846

 
$
742,251

 
$
649,276

 
$
619,828

 
$
386,186

Interest
 
 
 
 
 
 
 
 
 
 
Senior notes payable and other debt expense
 
$
419,740

 
$
367,114

 
$
292,065

 
$
249,009

 
$
199,801

Interest capitalized
 
2,355

 
1,671

 
950

 
855

 
1,857

Fixed charges
 
$
422,095

 
$
368,785

 
$
293,015

 
$
249,864

 
$
201,658

 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
 
2.24

 
2.01

 
2.22

 
2.48

 
1.92