EX-12 3 exhibit12.htm EXHIBIT 12 exhibit12.htm - Generated by SEC Publisher for SEC Filing

 

 

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, 2012, 2011, 2010, 2009 and 2008 are as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Year Ended December 31,

(Amounts in thousands)

2012 

 

2011 

 

2010 

 

2009 

 

2008 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Loss) income from continuing operations before income taxes and

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

income from partially owned entities

$

(6,395)

 

$

484,198 

 

$

630,843 

 

$

(7,166)

 

$

136,618 

Fixed charges

 

541,607 

 

 

556,037 

 

 

569,963 

 

 

645,098 

 

 

683,333 

Income distributions from partially owned entities

 

226,172 

 

 

93,635 

 

 

61,037 

 

 

30,473 

 

 

44,690 

Capitalized interest

 

(16,801)

 

 

(1,197)

 

 

(864)

 

 

(17,256)

 

 

(63,063)

Preferred unit distributions

 

(9,936)

 

 

(16,853)

 

 

(18,192)

 

 

(19,658)

 

 

(19,743)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings - Numerator

$

734,647 

 

$

1,115,820 

 

$

1,242,787 

 

$

631,491 

 

$

781,835 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and debt expense

$

500,361 

 

$

526,175 

 

$

539,370 

 

$

597,105 

 

$

591,419 

Capitalized interest

 

16,801 

 

 

1,197 

 

 

864 

 

 

17,256 

 

 

63,063 

1/3 of rental expense – interest factor

 

14,509 

 

 

11,812 

 

 

11,537 

 

 

11,079 

 

 

9,108 

Preferred unit distributions

 

9,936 

 

 

16,853 

 

 

18,192 

 

 

19,658 

 

 

19,743 

Fixed charges - Denominator

 

541,607 

 

 

556,037 

 

 

569,963 

 

 

645,098 

 

 

683,333 

Preferred share dividends

 

76,937 

 

 

65,531 

 

 

55,534 

 

 

57,076 

 

 

57,091 

Combined fixed charges and preference dividends - Denominator

$

618,544 

 

$

621,568 

 

$

625,497 

 

$

702,174 

 

$

740,424 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

1.36 

 

 

2.01 

 

 

2.18 

 

 

0.98 

 

 

1.14 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to combined fixed charges and preference dividends

 

1.19 

 

 

1.80 

 

 

1.99 

 

 

0.90 

 

 

1.06 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings equals (i) income from continuing operations before income taxes and income from partially owned entities, plus, (ii) fixed charges, (iii) income distributions from partially owned entities, minus (iv) capitalized interest and (v) preferred unit distributions of the Operating Partnership. Fixed charges equals (i) interest and debt expense, plus (ii) capitalized interest, (iii) the portion of operating lease rental expense that is representative of the interest factor, which is one-third of operating lease rentals and (iv) preferred unit distributions of the Operating Partnership. Combined fixed charges and preference dividends equals fixed charges plus preferred share dividends.