Quarter Ended March 31,

Year Ended December 31,

2018

2017

2017

2016

2015

2014

2013

Net income or income (loss) from continuing operations

$

220,548

$

149,941

$

628,381

$

4,479,586

$

907,621

$

657,101

$

(168,174

)

Interest expense incurred, net

116,104

106,210

383,890

482,246

444,487

457,460

587,141

Amortization of deferred financing costs

3,679

2,296

8,526

12,633

10,801

11,088

22,197

Earnings before combined fixed charges and preferred

   distributions

340,331

258,447

1,020,797

4,974,465

1,362,909

1,125,649

441,164

Preferred Share/Preference Unit distributions

(773

)

(773

)

(3,091

)

(3,091

)

(3,357

)

(4,145

)

(4,145

)

Premium on redemption of Preferred Shares/Preference Units

—

—

—

—

(3,486

)

—

—

Earnings before combined fixed charges

$

339,558

$

257,674

$

1,017,706

$

4,971,374

$

1,356,066

$

1,121,504

$

437,019

Interest expense incurred, net

$

116,104

$

106,210

$

383,890

$

482,246

$

444,487

$

457,460

$

587,141

Amortization of deferred financing costs

3,679

2,296

8,526

12,633

10,801

11,088

22,197

Interest capitalized for real estate and unconsolidated entities

   under development

1,688

8,238

26,290

51,451

59,885

52,782

47,321

Amortization of deferred financing costs for real estate under

   development

—

—

—

—

—

—

152

Total combined fixed charges

121,471

116,744

418,706

546,330

515,173

521,330

656,811

Preferred Share/Preference Unit distributions

773

773

3,091

3,091

3,357

4,145

4,145

Premium on redemption of Preferred Shares/Preference Units

—

—

—

—

3,486

—

—

Total combined fixed charges and preferred distributions

$

122,244

$

117,517

$

421,797

$

549,421

$

522,016

$

525,475

$

660,956

Ratio of earnings before combined fixed charges to total

   combined fixed charges (1) (2)

2.80

2.21

2.43

9.10

2.63

2.15

—

Ratio of earnings before combined fixed charges and

   preferred distributions to total combined fixed charges

   and preferred distributions (1) (2)

2.78

2.20

2.42

9.05

2.61

2.14

—

(1)

For the quarters ended March 31, 2018 and 2017 and the years ended December 31, 2017, 2016, 2015 and 2014, the ratios have been increased primarily due to gains on the sales of real estate properties that were not included in discontinued operations as a result of the Company’s adoption of the accounting standard effective January 1, 2014.

(2)

For the year ended December 31, 2013, the coverage deficiency approximated $219.8 million.  The 2013 ratios have been reduced due to the disposition of properties which resulted in the inclusion of those properties in discontinued operations. The ratios have been further reduced due to non-cash depreciation expense and premiums on the redemption of Preferred Shares/Preference Units.  The Company was in compliance with its unsecured public debt covenants for all periods presented.