EX-12 14 exhibit12.htm EXHIBIT 12  

  

EXHIBIT 12

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

STATEMENT REGARDING COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS (UNAUDITED)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31,

(dollars in thousands)

 

 

2013

 

2014

 

2015

 

2016

 

2017

Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pretax income from continuing operations before adjustment for income or loss from equity investees(1)

 

 

$

102,245

 

$

384,213

 

$

636,117

 

$

709,253

 

$

299,616

Fixed charges

 

 

 

460,918

 

 

485,762

 

 

498,253

 

 

536,607

 

 

487,752

Capitalized interest

 

 

 

(6,700)

 

 

(7,150)

 

 

(8,670)

 

 

(16,943)

 

 

(13,489)

Amortized premiums, discounts and capitalized expenses related to indebtedness

 

 

 

4,142

 

 

2,427

 

 

2,586

 

 

1,681

 

 

10,359

Noncontrolling interest in pre-tax income of subsidiaries that have not incurred fixed charges

 

 

 

6,770

 

 

(147)

 

 

(4,799)

 

 

(4,267)

 

 

(17,839)

Earnings

 

 

$

567,375

 

$

865,105

 

$

1,123,487

 

$

1,226,331

 

$

766,399

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense(1)

 

 

$

458,360

 

$

481,039

 

$

492,169

 

$

521,345

 

$

484,622

Capitalized interest

 

 

 

6,700

 

 

7,150

 

 

8,670

 

 

16,943

 

 

13,489

Amortized premiums, discounts and capitalized expenses related to indebtedness

 

 

 

(4,142)

 

 

(2,427)

 

 

(2,586)

 

 

(1,681)

 

 

(10,359)

Fixed charges

 

 

$

460,918

 

$

485,762

 

$

498,253

 

$

536,607

 

$

487,752

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated ratio of earnings to fixed charges

 

 

 

1.23

 

 

1.78

 

 

2.25

 

 

2.29

 

 

1.57

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pretax income from continuing operations before adjustment for income or loss from equity investees(1)

 

 

$

102,245

 

$

384,213

 

$

636,117

 

$

709,253

 

$

299,616

Fixed charges

 

 

 

460,918

 

 

485,762

 

 

498,253

 

 

536,607

 

 

487,752

Capitalized interest

 

 

 

(6,700)

 

 

(7,150)

 

 

(8,670)

 

 

(16,943)

 

 

(13,489)

Amortized premiums, discounts and capitalized expenses related to indebtedness

 

 

 

4,142

 

 

2,427

 

 

2,586

 

 

1,681

 

 

10,359

Noncontrolling interest in pre-tax income of subsidiaries that have not incurred fixed charges

 

 

 

6,770

 

 

(147)

 

 

(4,799)

 

 

(4,267)

 

 

(17,839)

Earnings

 

 

$

567,375

 

$

865,105

 

$

1,123,487

 

$

1,226,331

 

$

766,399

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense(1)

 

 

$

458,360

 

$

481,039

 

$

492,169

 

$

521,345

 

$

484,622

Capitalized interest

 

 

 

6,700

 

 

7,150

 

 

8,670

 

 

16,943

 

 

13,489

Amortized premiums, discounts and capitalized expenses related to indebtedness

 

 

 

(4,142)

 

 

(2,427)

 

 

(2,586)

 

 

(1,681)

 

 

(10,359)

Fixed charges

 

 

 

460,918

 

 

485,762

 

 

498,253

 

 

536,607

 

 

487,752

Preferred stock dividends

 

 

 

66,336

 

 

65,408

 

 

65,406

 

 

65,406

 

 

49,410

Combined fixed charges and preferred stock dividends

 

 

$

527,254

 

$

551,170

 

$

563,659

 

$

602,013

 

$

537,162

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated ratio of earnings to combined fixed charges and preferred stock dividends

 

 

 

1.08

 

 

1.57

 

 

1.99

 

 

2.04

 

 

1.43

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) We have reclassified the income and expenses attributable to the properties sold prior to or held for sale at January 1, 2014 to discontinued operations.