EX-12 3 exhibit12.htm EXHIBIT 12 exhibit12.htm - Generated by SEC Publisher for SEC Filing  

EXHIBIT 12

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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, 2015, 2014, 2013, 2012 and 2011 are as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Year Ended December 31,

(Amounts in thousands)

2015 

 

2014 

 

2013 

 

2012 

 

2011 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations before income taxes and

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

income from partially owned entities

$

 735,103 

 

$

 492,492 

 

$

 328,810 

 

$

 (29,300)

 

$

 358,473 

Fixed charges

 

 450,450 

 

 

 487,701 

 

 

 481,216 

 

 

 467,183 

 

 

 478,164 

Income distributions from partially owned entities

 

 63,438 

 

 

 96,286 

 

 

 54,030 

 

 

 226,172 

 

 

 93,635 

Capitalized interest and debt expense

 

 (59,305)

 

 

 (62,786)

 

 

 (42,303)

 

 

 (16,801)

 

 

 (1,197)

Preferred unit distributions

 

 (158)

 

 

 (50)

 

 

 (1,158)

 

 

 (9,936)

 

 

 (16,853)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings - Numerator

$

 1,189,528 

 

$

 1,013,643 

 

$

 820,595 

 

$

 637,318 

 

$

 912,222 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and debt expense

$

 378,025 

 

$

 412,755 

 

$

 425,782 

 

$

 431,235 

 

$

 453,420 

Capitalized interest and debt expense

 

 59,305 

 

 

 62,786 

 

 

 42,303 

 

 

 16,801 

 

 

 1,197 

1/3 of rental expense – interest factor

 

 12,962 

 

 

 12,110 

 

 

 11,973 

 

 

 9,211 

 

 

 6,694 

Preferred unit distributions

 

 158 

 

 

 50 

 

 

 1,158 

 

 

 9,936 

 

 

 16,853 

Fixed charges - Denominator

 

 450,450 

 

 

 487,701 

 

 

 481,216 

 

 

 467,183 

 

 

 478,164 

Preferred share dividends

 

 80,578 

 

 

 81,464 

 

 

 82,807 

 

 

 76,937 

 

 

 65,531 

Combined fixed charges and preference dividends - Denominator

$

 531,028 

 

$

 569,165 

 

$

 564,023 

 

$

 544,120 

 

$

 543,695 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

 2.64 

 

 

 2.08 

 

 

 1.71 

 

 

 1.36 

 

 

 1.91 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to combined fixed charges and preference dividends

 

 2.24 

 

 

 1.78 

 

 

 1.45 

 

 

 1.17 

 

 

 1.68 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

       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.