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.