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,

Nine Months Ended September 30,

(dollars in thousands)

2010

2011

2012

2013

2014

2014

2015

Earnings:

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

$

32,976

$

112,203

$

185,912

$

102,245

$

384,213

$

275,754

$

512,132

Fixed charges

134,905

290,240

359,947

460,918

485,762

362,891

367,673

Capitalized interest

(20,792)

(13,164)

(9,777)

(6,700)

(7,150)

(5,084)

(6,311)

Amortized premiums, discounts and capitalized expenses related to indebtedness

13,945

13,905

11,395

4,142

2,427

2,527

(291)

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

(357)

4,894

2,415

6,770

(147)

1,339

(4,666)

Earnings

$

160,677

$

408,078

$

549,892

$

567,375

$

865,105

$

637,427

$

868,537

Fixed charges:

Interest expense⁽¹⁾

$

128,058

$

290,981

$

361,565

$

458,360

$

481,039

$

360,334

$

361,071

Capitalized interest

20,792

13,164

9,777

6,700

7,150

5,084

6,311

Amortized premiums, discounts and capitalized expenses related to indebtedness

(13,945)

(13,905)

(11,395)

(4,142)

(2,427)

(2,527)

291

Fixed charges

$

134,905

$

290,240

$

359,947

$

460,918

$

485,762

$

362,891

$

367,673

Consolidated ratio of earnings to fixed charges

1.19

1.41

1.53

1.23

1.78

1.76

2.36

Earnings:

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

$

32,976

$

112,203

$

185,912

$

102,245

$

384,213

$

275,754

$

512,132

Fixed charges

134,905

290,240

359,947

460,918

485,762

362,891

367,673

Capitalized interest

(20,792)

(13,164)

(9,777)

(6,700)

(7,150)

(5,084)

(6,311)

Amortized premiums, discounts and capitalized expenses related to indebtedness

13,945

13,905

11,395

4,142

2,427

2,527

(291)

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

(357)

4,894

2,415

6,770

(147)

1,339

(4,666)

Earnings

$

160,677

$

408,078

$

549,892

$

567,375

$

865,105

$

637,427

$

868,537

Fixed charges:

Interest expense⁽¹⁾

$

128,058

$

290,981

$

361,565

$

458,360

$

481,039

$

360,334

$

361,071

Capitalized interest

20,792

13,164

9,777

6,700

7,150

5,084

6,311

Amortized premiums, discounts and capitalized expenses related to indebtedness

(13,945)

(13,905)

(11,395)

(4,142)

(2,427)

(2,527)

291

Fixed charges

134,905

290,240

359,947

460,918

485,762

362,891

367,673

Preferred stock dividends

21,645

60,502

69,129

66,336

65,408

49,057

49,055

Combined fixed charges and preferred stock dividends

$

156,550

$

350,742

$

429,076

$

527,254

$

551,170

$

411,948

$

416,728

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

1.03

1.16

1.28

1.08

1.57

1.55

2.08

(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.