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)

2011

2012

2013

2014

2015

2015

2016

Earnings:

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

$

112,203

$

185,912

$

102,245

$

384,213

$

636,117

$

512,132

$

572,065

Fixed charges

290,240

359,947

460,918

485,762

498,253

367,673

405,629

Capitalized interest

(13,164)

(9,777)

(6,700)

(7,150)

(8,670)

(6,311)

(12,109)

Amortized premiums, discounts and capitalized expenses related to indebtedness

13,905

11,395

4,142

2,427

2,586

(291)

1,465

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

4,894

2,415

6,770

(147)

(4,799)

(4,666)

(2,553)

Earnings

$

408,078

$

549,892

$

567,375

$

865,105

$

1,123,487

$

868,537

$

964,497

Fixed charges:

Interest expense⁽¹⁾

$

290,981

$

361,565

$

458,360

$

481,039

$

492,169

$

361,071

$

394,985

Capitalized interest

13,164

9,777

6,700

7,150

8,670

6,311

12,109

Amortized premiums, discounts and capitalized expenses related to indebtedness

(13,905)

(11,395)

(4,142)

(2,427)

(2,586)

291

(1,465)

Fixed charges

$

290,240

$

359,947

$

460,918

$

485,762

$

498,253

$

367,673

$

405,629

Consolidated ratio of earnings to fixed charges

1.41

1.53

1.23

1.78

2.25

2.36

2.38

Earnings:

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

$

112,203

$

185,912

$

102,245

$

384,213

$

636,117

$

512,132

$

572,065

Fixed charges

290,240

359,947

460,918

485,762

498,253

367,673

405,629

Capitalized interest

(13,164)

(9,777)

(6,700)

(7,150)

(8,670)

(6,311)

(12,109)

Amortized premiums, discounts and capitalized expenses related to indebtedness

13,905

11,395

4,142

2,427

2,586

(291)

1,465

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

4,894

2,415

6,770

(147)

(4,799)

(4,666)

(2,553)

Earnings

$

408,078

$

549,892

$

567,375

$

865,105

$

1,123,487

$

868,537

$

964,497

Fixed charges:

Interest expense⁽¹⁾

$

290,981

$

361,565

$

458,360

$

481,039

$

492,169

$

361,071

$

394,985

Capitalized interest

13,164

9,777

6,700

7,150

8,670

6,311

12,109

Amortized premiums, discounts and capitalized expenses related to indebtedness

(13,905)

(11,395)

(4,142)

(2,427)

(2,586)

291

(1,465)

Fixed charges

290,240

359,947

460,918

485,762

498,253

367,673

405,629

Preferred stock dividends

60,502

69,129

66,336

65,408

65,406

49,055

49,055

Combined fixed charges and preferred stock dividends

$

350,742

$

429,076

$

527,254

$

551,170

$

563,659

$

416,728

$

454,684

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

1.16

1.28

1.08

1.57

1.99

2.08

2.12

(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.