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,

Six Months Ended June 30,

(dollars in thousands)

2009

2010

2011

2012

2013

2013

2014

Earnings:

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

$

 102,612 

$

 32,976 

$

 112,203 

$

 185,912 

$

 102,245 

$

 31,941 

$

 160,154 

Fixed charges

 104,824 

 134,905 

 290,240 

 359,947 

 460,918 

 216,564 

 243,223 

Capitalized interest

 (41,170) 

 (20,792) 

 (13,164) 

 (9,777) 

 (6,700) 

 (2,992) 

 (3,305) 

Amortized premiums, discounts and capitalized expenses related to indebtedness

 11,898 

 13,945 

 13,905 

 11,395 

 4,142 

 4,731 

 1,980 

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

 342 

 (357) 

 4,894 

 2,415 

 6,770 

 774 

 1,502 

Earnings

$

 178,506 

$

 160,677 

$

 408,078 

$

 549,892 

$

 567,375 

$

 251,018 

$

 403,554 

Fixed charges:

Interest expense⁽¹⁾

$

 75,552 

$

 128,058 

$

 290,981 

$

 361,565 

$

 458,360 

$

 218,303 

$

 241,898 

Capitalized interest

 41,170 

 20,792 

 13,164 

 9,777 

 6,700 

 2,992 

 3,305 

Amortized premiums, discounts and capitalized expenses related to indebtedness

 (11,898) 

 (13,945) 

 (13,905) 

 (11,395) 

 (4,142) 

 (4,731) 

 (1,980) 

Fixed charges

$

 104,824 

$

 134,905 

$

 290,240 

$

 359,947 

$

 460,918 

$

 216,564 

$

 243,223 

Consolidated ratio of earnings to fixed charges

 1.70 

 1.19 

 1.41 

 1.53 

 1.23 

 1.16 

 1.66 

Earnings:

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

$

 102,612 

$

 32,976 

$

 112,203 

$

 185,912 

$

 102,245 

$

 31,941 

$

 160,154 

Fixed charges

 104,824 

 134,905 

 290,240 

 359,947 

 460,918 

 216,564 

 243,223 

Capitalized interest

 (41,170) 

 (20,792) 

 (13,164) 

 (9,777) 

 (6,700) 

 (2,992) 

 (3,305) 

Amortized premiums, discounts and capitalized expenses related to indebtedness

 11,898 

 13,945 

 13,905 

 11,395 

 4,142 

 4,731 

 1,980 

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

 342 

 (357) 

 4,894 

 2,415 

 6,770 

 774 

 1,502 

Earnings

$

 178,506 

$

 160,677 

$

 408,078 

$

 549,892 

$

 567,375 

$

 251,018 

$

 403,554 

Fixed charges:

Interest expense⁽¹⁾

$

 75,552 

$

 128,058 

$

 290,981 

$

 361,565 

$

 458,360 

$

 218,303 

$

 241,898 

Capitalized interest

 41,170 

 20,792 

 13,164 

 9,777 

 6,700 

 2,992 

 3,305 

Amortized premiums, discounts and capitalized expenses related to indebtedness

 (11,898) 

 (13,945) 

 (13,905) 

 (11,395) 

 (4,142) 

 (4,731) 

 (1,980) 

Fixed charges

 104,824 

 134,905 

 290,240 

 359,947 

 460,918 

 216,564 

 243,223 

Preferred stock dividends

 22,079 

 21,645 

 60,502 

 69,129 

 66,336 

 33,203 

 32,705 

Combined fixed charges and preferred stock dividends

$

 126,903 

$

 156,550 

$

 350,742 

$

 429,076 

$

 527,254 

$

 249,767 

$

 275,928 

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

 1.41 

 1.03 

 1.16 

 1.28 

 1.08 

 1.01 

 1.46 

(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.