EX-12 5 exhibit12.htm EX-12  

  

 

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,

 

Nine Months Ended September 30,

(dollars in thousands)

 

2012

 

2013

 

2014

 

2015

 

2016

 

2016

 

2017

Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pretax income from continuing operations before adjustment for income or loss from equity investees(1)

 

$

185,912

 

$

102,245

 

$

384,213

 

$

636,117

 

$

709,253

 

$

572,065

 

$

360,628

Fixed charges

 

 

359,947

 

 

460,918

 

 

485,762

 

 

498,253

 

 

536,607

 

 

405,629

 

 

359,613

Capitalized interest

 

 

(9,777)

 

 

(6,700)

 

 

(7,150)

 

 

(8,670)

 

 

(16,943)

 

 

(12,109)

 

 

(10,033)

Amortized premiums, discounts and capitalized expenses related to indebtedness

 

 

11,395

 

 

4,142

 

 

2,427

 

 

2,586

 

 

1,681

 

 

1,465

 

 

7,825

Noncontrolling interest in pre-tax income of subsidiaries that have not incurred fixed charges

 

 

2,415

 

 

6,770

 

 

(147)

 

 

(4,799)

 

 

(4,267)

 

 

(2,553)

 

 

(7,735)

Earnings

 

$

549,892

 

$

567,375

 

$

865,105

 

$

1,123,487

 

$

1,226,331

 

$

964,497

 

$

710,298

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense(1)

 

$

361,565

 

$

458,360

 

$

481,039

 

$

492,169

 

$

521,345

 

$

394,985

 

$

357,405

Capitalized interest

 

 

9,777

 

 

6,700

 

 

7,150

 

 

8,670

 

 

16,943

 

 

12,109

 

 

10,033

Amortized premiums, discounts and capitalized expenses related to indebtedness

 

 

(11,395)

 

 

(4,142)

 

 

(2,427)

 

 

(2,586)

 

 

(1,681)

 

 

(1,465)

 

 

(7,825)

Fixed charges

 

$

359,947

 

$

460,918

 

$

485,762

 

$

498,253

 

$

536,607

 

$

405,629

 

$

359,613

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated ratio of earnings to fixed charges

 

 

1.53

 

 

1.23

 

 

1.78

 

 

2.25

 

 

2.29

 

 

2.38

 

 

1.98

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pretax income from continuing operations before adjustment for income or loss from equity investees(1)

 

$

185,912

 

$

102,245

 

$

384,213

 

$

636,117

 

$

709,253

 

$

572,065

 

$

360,628

Fixed charges

 

 

359,947

 

 

460,918

 

 

485,762

 

 

498,253

 

 

536,607

 

 

405,629

 

 

359,613

Capitalized interest

 

 

(9,777)

 

 

(6,700)

 

 

(7,150)

 

 

(8,670)

 

 

(16,943)

 

 

(12,109)

 

 

(10,033)

Amortized premiums, discounts and capitalized expenses related to indebtedness

 

 

11,395

 

 

4,142

 

 

2,427

 

 

2,586

 

 

1,681

 

 

1,465

 

 

7,825

Noncontrolling interest in pre-tax income of subsidiaries that have not incurred fixed charges

 

 

2,415

 

 

6,770

 

 

(147)

 

 

(4,799)

 

 

(4,267)

 

 

(2,553)

 

 

(7,735)

Earnings

 

$

549,892

 

$

567,375

 

$

865,105

 

$

1,123,487

 

$

1,226,331

 

$

964,497

 

$

710,298

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense(1)

 

$

361,565

 

$

458,360

 

$

481,039

 

$

492,169

 

$

521,345

 

$

394,985

 

$

357,405

Capitalized interest

 

 

9,777

 

 

6,700

 

 

7,150

 

 

8,670

 

 

16,943

 

 

12,109

 

 

10,033

Amortized premiums, discounts and capitalized expenses related to indebtedness

 

 

(11,395)

 

 

(4,142)

 

 

(2,427)

 

 

(2,586)

 

 

(1,681)

 

 

(1,465)

 

 

(7,825)

Fixed charges

 

 

359,947

 

 

460,918

 

 

485,762

 

 

498,253

 

 

536,607

 

 

405,629

 

 

359,613

Preferred stock dividends

 

 

69,129

 

 

66,336

 

 

65,408

 

 

65,406

 

 

65,406

 

 

49,055

 

 

37,734

Combined fixed charges and preferred stock dividends

 

$

429,076

 

$

527,254

 

$

551,170

 

$

563,659

 

$

602,013

 

$

454,684

 

$

397,347

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated ratio of earnings to combined fixed charges and preferred stock dividends

 

 

1.28

 

 

1.08

 

 

1.57

 

 

1.99

 

 

2.04

 

 

2.12

 

 

1.79

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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.

 

1