EXHIBIT 12 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STATEMENT REGARDING COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS (UNAUDITED) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Year Ended December 31, | ||||||||||||||
(dollars in thousands) |
|
| 2013 |
| 2014 |
| 2015 |
| 2016 |
| 2017 | |||||
Earnings: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pretax income from continuing operations before adjustment for income or loss from equity investees(1) |
|
| $ | 102,245 |
| $ | 384,213 |
| $ | 636,117 |
| $ | 709,253 |
| $ | 299,616 |
Fixed charges |
|
|
| 460,918 |
|
| 485,762 |
|
| 498,253 |
|
| 536,607 |
|
| 487,752 |
Capitalized interest |
|
|
| (6,700) |
|
| (7,150) |
|
| (8,670) |
|
| (16,943) |
|
| (13,489) |
Amortized premiums, discounts and capitalized expenses related to indebtedness |
|
|
| 4,142 |
|
| 2,427 |
|
| 2,586 |
|
| 1,681 |
|
| 10,359 |
Noncontrolling interest in pre-tax income of subsidiaries that have not incurred fixed charges |
|
|
| 6,770 |
|
| (147) |
|
| (4,799) |
|
| (4,267) |
|
| (17,839) |
Earnings |
|
| $ | 567,375 |
| $ | 865,105 |
| $ | 1,123,487 |
| $ | 1,226,331 |
| $ | 766,399 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed charges: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense(1) |
|
| $ | 458,360 |
| $ | 481,039 |
| $ | 492,169 |
| $ | 521,345 |
| $ | 484,622 |
Capitalized interest |
|
|
| 6,700 |
|
| 7,150 |
|
| 8,670 |
|
| 16,943 |
|
| 13,489 |
Amortized premiums, discounts and capitalized expenses related to indebtedness |
|
|
| (4,142) |
|
| (2,427) |
|
| (2,586) |
|
| (1,681) |
|
| (10,359) |
Fixed charges |
|
| $ | 460,918 |
| $ | 485,762 |
| $ | 498,253 |
| $ | 536,607 |
| $ | 487,752 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated ratio of earnings to fixed charges |
|
|
| 1.23 |
|
| 1.78 |
|
| 2.25 |
|
| 2.29 |
|
| 1.57 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pretax income from continuing operations before adjustment for income or loss from equity investees(1) |
|
| $ | 102,245 |
| $ | 384,213 |
| $ | 636,117 |
| $ | 709,253 |
| $ | 299,616 |
Fixed charges |
|
|
| 460,918 |
|
| 485,762 |
|
| 498,253 |
|
| 536,607 |
|
| 487,752 |
Capitalized interest |
|
|
| (6,700) |
|
| (7,150) |
|
| (8,670) |
|
| (16,943) |
|
| (13,489) |
Amortized premiums, discounts and capitalized expenses related to indebtedness |
|
|
| 4,142 |
|
| 2,427 |
|
| 2,586 |
|
| 1,681 |
|
| 10,359 |
Noncontrolling interest in pre-tax income of subsidiaries that have not incurred fixed charges |
|
|
| 6,770 |
|
| (147) |
|
| (4,799) |
|
| (4,267) |
|
| (17,839) |
Earnings |
|
| $ | 567,375 |
| $ | 865,105 |
| $ | 1,123,487 |
| $ | 1,226,331 |
| $ | 766,399 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed charges: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense(1) |
|
| $ | 458,360 |
| $ | 481,039 |
| $ | 492,169 |
| $ | 521,345 |
| $ | 484,622 |
Capitalized interest |
|
|
| 6,700 |
|
| 7,150 |
|
| 8,670 |
|
| 16,943 |
|
| 13,489 |
Amortized premiums, discounts and capitalized expenses related to indebtedness |
|
|
| (4,142) |
|
| (2,427) |
|
| (2,586) |
|
| (1,681) |
|
| (10,359) |
Fixed charges |
|
|
| 460,918 |
|
| 485,762 |
|
| 498,253 |
|
| 536,607 |
|
| 487,752 |
Preferred stock dividends |
|
|
| 66,336 |
|
| 65,408 |
|
| 65,406 |
|
| 65,406 |
|
| 49,410 |
Combined fixed charges and preferred stock dividends |
|
| $ | 527,254 |
| $ | 551,170 |
| $ | 563,659 |
| $ | 602,013 |
| $ | 537,162 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated ratio of earnings to combined fixed charges and preferred stock dividends |
|
|
| 1.08 |
|
| 1.57 |
|
| 1.99 |
|
| 2.04 |
|
| 1.43 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) We have reclassified the income and expenses attributable to the properties sold prior to or held for sale at January 1, 2014 to discontinued operations. |