Attached files
file | filename |
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EX-99.1 - EX-99.1 - STARWOOD PROPERTY TRUST, INC. | a17-26315_2ex99d1.htm |
EX-12.1 - EX-12.1 - STARWOOD PROPERTY TRUST, INC. | a17-26315_2ex12d1.htm |
8-K - 8-K - STARWOOD PROPERTY TRUST, INC. | a17-26315_28k.htm |
Starwood Property Trust, Inc.
Statement of Computation of Ratios of Earnings to Combined Fixed Charges and Preferred Stock Dividends
(in thousands, except ratios)
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For the |
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For the Year Ended December 31, |
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2017 |
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2016 |
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2015 |
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2014 |
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2013 |
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2012 |
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Fixed Charges |
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Interest expense |
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$ |
199,177 |
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$ |
214,622 |
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$ |
188,376 |
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$ |
149,315 |
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$ |
101,870 |
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$ |
41,456 |
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Interest capitalized |
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Amortization of premiums and discounts |
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Amortization of capitalized expenses relating to debt |
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14,431 |
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16,177 |
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14,174 |
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11,789 |
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9,933 |
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5,669 |
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Interest within rental expense |
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Preferred security dividend requirements in consolidated subsidiaries |
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Total fixed charges |
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$ |
213,608 |
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$ |
230,799 |
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$ |
202,550 |
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$ |
161,104 |
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$ |
111,803 |
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$ |
47,125 |
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Earnings |
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Pre-tax income from continuing operations before equity investees |
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$ |
310,173 |
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$ |
355,727 |
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$ |
428,712 |
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$ |
485,874 |
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$ |
322,787 |
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$ |
202,298 |
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Add: |
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Fixed charges |
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213,608 |
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230,799 |
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202,550 |
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161,104 |
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111,803 |
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47,125 |
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Amortization of capitalized interest |
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Distributed income of equity investees |
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3,952 |
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18,528 |
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19,879 |
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11,528 |
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5,304 |
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1,692 |
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Income from equity investees arising from guarantees |
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Less: |
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Interest capitalized |
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Preference security dividend requirements of consolidated subsidiaries |
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The non-controlling interest in pre-tax subsidiaries that have not incurred fixed charges |
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10,720 |
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2,465 |
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1,486 |
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5,517 |
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5,300 |
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2,487 |
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Earnings |
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$ |
517,013 |
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$ |
602,589 |
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$ |
649,655 |
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$ |
652,989 |
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$ |
434,594 |
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$ |
248,628 |
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Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends (1) |
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2.42 |
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2.61 |
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3.21 |
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4.05 |
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3.89 |
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5.28 |
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(1) As of the date hereof and during the above periods, neither Starwood Property Trust, Inc. nor its consolidated subsidiaries had issued any preferred stock, and therefore there are no preferred stock dividends included in the calculation of ratios of earnings to combined fixed charges and preferred stock dividends.