EX-12 6 vtr-ex12_12312017.htm STATEMENT REGARDING COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES Exhibit


Exhibit 12

STATEMENT REGARDING COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
 
 
 
 
 
 
 
 
 
 
 
 
 
For the year ended December 31,
 
 
2017
 
2016
 
2015
 
2014
 
2013
 
 
(dollars in thousands)
Income before income (loss) from unconsolidated entities, income taxes, discontinued operations, real estate dispositions and noncontrolling interests
 
$
584,711

 
$
518,508

 
$
351,675

 
$
350,703

 
$
364,178

Interest expense
 
 
 
 
 
 
 
 
 
 
Senior notes payable and other debt
 
448,196

 
419,740

 
367,114

 
292,065

 
249,009

Distributions from unconsolidated entities
 
10,845

 
7,598

 
23,462

 
6,508

 
6,641

Earnings
 
$
1,043,752

 
$
945,846

 
$
742,251

 
$
649,276

 
$
619,828

Interest
 
 
 
 
 
 
 
 
 
 
Senior notes payable and other debt expense
 
$
448,196

 
$
419,740

 
$
367,114

 
$
292,065

 
$
249,009

Interest capitalized
 
4,844

 
2,355

 
1,671

 
950

 
855

Fixed charges
 
$
453,040

 
$
422,095

 
$
368,785

 
$
293,015

 
$
249,864

 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
 
2.30

 
2.24

 
2.01

 
2.22

 
2.48