Exhibit 12.1
Statement of Computation of Ratio of Earnings to Fixed Charges
(Numbers in Thousands)
| Three months ended March 31, | For the year ended December 31, | |||||||||||||||||||||||
| 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||||||
Net Income | $ | 89,407 | $ | 209,536 | $ | 195,896 | $ | 185,556 | $ | 127,689 | $ | 58,423 | ||||||||||||
Minority interest - preferred operating partnership, operating partnership and other non-controlling interests | (6,815 | ) | (20,062 | ) | (17,541 | ) | (13,480 | ) | (10,380 | ) | (7,974 | ) | ||||||||||||
Distribution from real estate ventures in excess of earnings | 998 | 4,531 | 4,510 | 4,838 | 2,581 | 7,008 | ||||||||||||||||||
Fixed charges | 31,359 | 95,682 | 81,330 | 71,630 | 71,850 | 67,301 | ||||||||||||||||||
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Earnings for ratio | $ | 114,949 | $ | 289,687 | $ | 264,195 | $ | 248,544 | $ | 191,740 | $ | 124,758 | ||||||||||||
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Fixed Charges: | ||||||||||||||||||||||||
Interest (1) | $ | 31,359 | $ | 95,682 | $ | 81,330 | $ | 71,630 | $ | 71,850 | $ | 67,301 | ||||||||||||
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Total fixed charges | $ | 31,359 | $ | 95,682 | $ | 81,330 | $ | 71,630 | $ | 71,850 | $ | 67,301 | ||||||||||||
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Ratio of Earnings to Fixed Charge | 3.67 | 3.03 | 3.25 | 3.47 | 2.67 | 1.85 | ||||||||||||||||||
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| (1) | Interest includes the amortization of debt issuance costs |
