Exhibit 12.1
Ratio of Earnings to Fixed Charges
Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
(dollars in thousands)
|
| | | | | | | | | | | | | | | | | | | | | | | |
| | Nine Months Ended September 30, | | Years Ended December 31, |
| | 2016 | | 2015 | | 2014 | | 2013 | | 2012 | | 2011 |
| Earnings | | | | | | | | | | | |
| Income (loss) before equity in earnings (losses) of unconsolidated ventures and income tax benefit (expense) | $ | (395,462 | ) | | $ | (363,465 | ) | | $ | (424,832 | ) | | $ | (163,626 | ) | | $ | (257,806 | ) | | $ | (236,911 | ) |
| Add (subtract): | | | | | | | | | | | |
| Distributions from private equity funds | 183,410 |
| | 653,366 |
| | 381,399 |
| | 224,449 |
| | — |
| | — |
|
| Distributions from unconsolidated ventures | 12,895 |
| | 30,934 |
| | 15,387 |
| | 16,526 |
| | 2,920 |
| | 1,695 |
|
| Interest expense | 362,052 |
| | 495,086 |
| | 243,871 |
| | 178,659 |
| | 140,093 |
| | 140,268 |
|
| Total earnings | $ | 162,895 |
| | $ | 815,921 |
| | $ | 215,825 |
| | $ | 256,008 |
| | $ | (114,793 | ) | | $ | (94,948 | ) |
| Fixed Charges | | | | | | | | | | | |
| Interest expense | 362,052 |
| | 495,086 |
| | 243,871 |
| | 178,659 |
| | 140,093 |
| | 140,268 |
|
| Total Fixed Charges | 362,052 |
| | 495,086 |
| | 243,871 |
| | 178,659 |
| | 140,093 |
| | 140,268 |
|
| Preferred stock dividends | 63,178 |
| | 84,238 |
| | 73,300 |
| | 55,516 |
| | 27,025 |
| | 20,925 |
|
| Total Combined Fixed Charges and Preferred Stock Dividends | $ | 425,230 |
| | $ | 579,324 |
| | $ | 317,171 |
| | $ | 234,175 |
| | $ | 167,118 |
| | $ | 161,193 |
|
Ratio of earnings to fixed charges(1) | 0.45 |
| | 1.65 |
| | 0.88 |
| | 1.43 |
| | (0.82 | ) | | (0.68 | ) |
Ratio of earnings to combined fixed charges and preferred stock dividends(2) | 0.38 |
| | 1.41 |
| | 0.68 |
| | 1.09 |
| | (0.69 | ) | | (0.59 | ) |
| Deficiency related to ratio of earnings to fixed charges | $ | (199,157 | ) | | NA |
| | $ | (28,046 | ) | | NA |
| | $ | (254,886 | ) | | $ | (235,216 | ) |
| Deficiency related to ratio of earnings to combined fixed charges and preferred stock dividends | $ | (262,335 | ) | | NA |
| | $ | (101,346 | ) | | NA |
|
| $ | (281,911 | ) | | $ | (256,141 | ) |
________________________________
| |
| (1) | Excluding unrealized (gain) loss from fair value adjustments and unrealized loss from fair value adjustments related to impairments on operating real estate, goodwill and unconsolidated ventures recognized in the nine months ended September 30, 2016 and the years ended December 31, 2015, 2014, 2013, 2012 and 2011, the ratios of earnings to fixed charges were 1.40, 2.11, 1.78, 1.39, 2.53 and 2.07, respectively. |
| |
| (2) | Excluding unrealized (gain) loss from fair value adjustments and unrealized loss from fair value adjustments related to impairments on operating real estate, goodwill and unconsolidated ventures recognized in the nine months ended September 30, 2016 and the years ended December 31, 2015, 2014, 2013, 2012 and 2011, the ratios of earnings to combined fixed charges and preferred stock dividends were 1.20, 1.80, 1.37, 1.06, 2.12, and 1.80, respectively. |
