| Six Months Ended June 30, | Year Ended December 31, | ||||||||||||||||||||||||||
| 2017 | 2016 | 2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||||||||
| Earnings: | |||||||||||||||||||||||||||
Income before discontinued operations, equity in earnings and noncontrolling interests | $ | 93,727 | $ | 17,662 | $ | 75,935 | $ | 103,756 | $ | 242,675 | $ | 105,006 | $ | 179,140 | |||||||||||||
Fixed charges less capitalized interest and preferred dividends | 111,266 | 108,649 | 216,318 | 229,458 | 239,844 | 231,934 | 242,357 | ||||||||||||||||||||
| Distributed income of equity investees | 9,641 | 8,610 | 16,633 | 21,092 | 21,866 | 15,995 | 17,074 | ||||||||||||||||||||
Equity in losses of equity investees for which charges arise from guarantees | — | — | — | (197 | ) | (63 | ) | (44 | ) | — | |||||||||||||||||
Noncontrolling interest in earnings of subsidiaries that have not incurred fixed charges | (80 | ) | (70 | ) | (127 | ) | (152 | ) | (273 | ) | (3,069 | ) | (3,729 | ) | |||||||||||||
| Total earnings | $ | 214,554 | $ | 134,851 | $ | 308,759 | $ | 353,957 | $ | 504,049 | $ | 349,822 | $ | 434,842 | |||||||||||||
Combined fixed charges and preferred dividends (1): | |||||||||||||||||||||||||||
Interest expense (2) | $ | 111,266 | $ | 108,649 | $ | 216,318 | $ | 229,458 | $ | 239,844 | $ | 231,934 | $ | 242,357 | |||||||||||||
| Capitalized interest | 1,224 | 996 | 2,302 | 4,153 | 7,246 | 5,837 | 2,671 | ||||||||||||||||||||
Preferred dividends (3) | 22,446 | 22,446 | 44,892 | 44,892 | 44,892 | 59,529 | 68,197 | ||||||||||||||||||||
| Total combined fixed charges and preferred dividends | $ | 134,936 | $ | 132,091 | $ | 263,512 | $ | 278,503 | $ | 291,982 | $ | 297,300 | $ | 313,225 | |||||||||||||
| Ratio of earnings to combined fixed charges and preferred dividends | 1.59 | 1.02 | 1.17 | 1.27 | 1.73 | 1.18 | 1.39 | ||||||||||||||||||||
| (1) | The interest portion of rental expense is not calculated because the rental expense of the Operating Partnership is not significant. |
| (2) | Interest expense includes amortization of capitalized debt expenses and amortization of premiums and discounts. |
| (3) | Includes preferred distributions to the Operating Partnership's partner in CW Joint Venture, LLC, through September 2013 when the outstanding perpetual preferred joint venture units were redeemed. |
