EXHIBIT 12
COMPUTATION OF RATIOS
(UNAUDITED)
Our consolidated ratios of earnings to fixed charges and earnings to combined fixed charges and preference dividends for each of the fiscal years ended December 31, 2013, 2012, 2011, 2010 and 2009 are as follows:
		For the Year Ended December 31,
(Amounts in thousands)		2013		2012		2011		2010		2009
Income (loss) from continuing operations before income taxes and
	income from partially owned entities	$	472,606	$	(12,806)	$	479,872	$	629,417	$	(14,924)
Fixed charges			542,555		524,939		532,205		548,764		624,135
Income distributions from partially owned entities			54,030		226,172		93,635		61,037		30,473
Capitalized interest			(42,303)		(16,801)		(1,197)		(864)		(17,256)
Earnings - Numerator		$	1,026,888	$	721,504	$	1,104,515	$	1,238,354	$	622,428
Interest and debt expense		$	42,303	$	16,801	$	1,197	$	864	$	17,256
Capitalized interest			17,062		14,425		11,851		11,537		11,079
1/3 of rental expense – interest factor			542,555		524,939		532,205		548,764		624,135
Fixed charges - Denominator			601,920		556,165		545,253		561,165		652,469
Preferred unit distributions			83,965		86,873		82,384		73,726		76,734
Combined fixed charges and preference distributions - Denominator		$	685,885	$	643,038	$	627,637	$	634,891	$	729,203
Ratio of earnings to fixed charges			1.89		1.37		2.08		2.26		1.00
Ratio of earnings to combined fixed charges and preference
	distributions		1.64		1.18		1.80		1.99		0.89
Earnings equals (i) income from continuing operations before income taxes and income from partially owned entities, plus, (ii) fixed charges and (iii) income distributions from partially owned entities, minus (iv) capitalized interest. Fixed charges equals (i) interest and debt expense, plus (ii) capitalized interest and (iii) the portion of operating lease rental expense that is representative of the interest factor, which is one-third of operating lease rentals. Combined fixed charges and preference distributions equals fixed charges plus preferred unit distributions.