EX-12 2 exhibit121.htm EXHIBIT 12.1 exhibit121.htm - Generated by SEC Publisher for SEC Filing  

 

EXHIBIT 12.1

COMPUTATION OF RATIOS

(UNAUDITED)

       Our consolidated ratios of earnings to fixed charges and earnings to combined fixed charges and preference dividends for each of the fiscal years ended December 31, 2014, 2013, 2012, 2011 and 2010 are as follows:

For the Year Ended December 31,

(Amounts in thousands)

2014 

2013 

2012 

2011 

2010 

Income from continuing operations before income taxes and

income from partially owned entities

$

492,492 

$

328,810 

$

(29,300)

$

358,473 

$

487,589 

Fixed charges

487,701 

481,216 

467,183 

478,164 

499,908 

Income distributions from partially owned entities

96,286 

54,030 

226,172 

93,635 

61,037 

Capitalized interest and debt expense

(62,786)

(42,303)

(16,801)

(1,197)

(864)

Preferred unit distributions

(50)

(1,158)

(9,936)

(16,853)

(18,192)

Earnings - Numerator

$

1,013,643 

$

820,595 

$

637,318 

$

912,222 

$

1,029,478 

Interest and debt expense

$

412,755 

$

425,782 

$

431,235 

$

453,420 

$

473,938 

Capitalized interest and debt expense

62,786 

42,303 

16,801 

1,197 

864 

1/3 of rental expense – interest factor

12,110 

11,973 

9,211 

6,694 

6,914 

Preferred unit distributions

50 

1,158 

9,936 

16,853 

18,192 

Fixed charges - Denominator

487,701 

481,216 

467,183 

478,164 

499,908 

Preferred share dividends

81,464 

82,807 

76,937 

65,531 

55,534 

Combined fixed charges and preference dividends - Denominator

$

569,165 

$

564,023 

$

544,120 

$

543,695 

$

555,442 

Ratio of earnings to fixed charges

2.08 

1.71 

1.36 

1.91 

2.06 

Ratio of earnings to combined fixed charges and preference dividends

1.78 

1.45 

1.17 

1.68 

1.85 

       Earnings equals (i) income from continuing operations before income taxes and income from partially owned entities, plus, (ii) fixed charges, (iii) income distributions from partially owned entities, minus (iv) capitalized interest and debt expense and (v) preferred unit distributions of the Operating Partnership. Fixed charges equals (i) interest and debt expense, plus (ii) capitalized interest and debt expense, (iii) the portion of operating lease rental expense that is representative of the interest factor, which is one-third of operating lease rentals and (iv) preferred unit distributions of the Operating Partnership. Combined fixed charges and preference dividends equals fixed charges plus preferred share dividends.