Frenchmans Reserve Realty POSASR Automatic shelf registration (post-effective amendment)

Exhibit 12

Statement of Computation of Ratio of Earnings to Fixed Charges

($ amounts in thousands)

	Year Ended October 31,
	2013			2014			2015			2016			2017
Earnings:
Income before income taxes	$	267,697		$	504,582		$	535,562		$	589,027		$	814,311
Adjustments to income before income taxes:
Income from unconsolidated entities	(14,392		)	(41,141		)	(21,119		)	(40,748		)	(116,066		)
Distributed earnings from unconsolidated entities	23,468			43,973			19,459			15,287			134,291
Interest expense	115,238			142,851			147,477			162,609			183,045
Rent expense	3,658			4,128			4,195			4,453			4,835
Amortization	2,952			3,639			3,516			3,765			3,990
	$	398,621		$	658,032		$	689,090		$	734,393		$	1,024,406
Fixed charges:
Interest incurred	$	134,198		$	163,815		$	155,170		$	164,001		$	175,944
Rent expense	3,658			4,128			4,195			4,453			4,835
Amortization	2,952			3,639			3,516			3,765			3,990
	$	140,808		$	171,582		$	162,881		$	172,219		$	184,769
Ratio of earnings to fixed charges	2.83			3.84			4.23			4.26			5.54