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,

Three Months Ended March 31,

(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

$

167,569

$

118,869

Fixed charges

359,947

460,918

485,762

498,253

536,607

136,596

121,047

Capitalized interest

(9,777)

(6,700)

(7,150)

(8,670)

(16,943)

(3,037)

(4,129)

Amortized premiums, discounts and capitalized expenses related to indebtedness

11,395

4,142

2,427

2,586

1,681

(599)

1,679

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

2,415

6,770

(147)

(4,799)

(4,267)

(153)

(823)

Earnings

$

549,892

$

567,375

$

865,105

$

1,123,487

$

1,226,331

$

300,376

$

236,643

Fixed charges:

Interest expense⁽¹⁾

$

361,565

$

458,360

$

481,039

$

492,169

$

521,345

$

132,960

$

118,597

Capitalized interest

9,777

6,700

7,150

8,670

16,943

3,037

4,129

Amortized premiums, discounts and capitalized expenses related to indebtedness

(11,395)

(4,142)

(2,427)

(2,586)

(1,681)

599

(1,679)

Fixed charges

$

359,947

$

460,918

$

485,762

$

498,253

$

536,607

$

136,596

$

121,047

Consolidated ratio of earnings to fixed charges

1.53

1.23

1.78

2.25

2.29

2.20

1.95

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

$

167,569

$

118,869

Fixed charges

359,947

460,918

485,762

498,253

536,607

136,596

121,047

Capitalized interest

(9,777)

(6,700)

(7,150)

(8,670)

(16,943)

(3,037)

(4,129)

Amortized premiums, discounts and capitalized expenses related to indebtedness

11,395

4,142

2,427

2,586

1,681

(599)

1,679

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

2,415

6,770

(147)

(4,799)

(4,267)

(153)

(823)

Earnings

$

549,892

$

567,375

$

865,105

$

1,123,487

$

1,226,331

$

300,376

$

236,643

Fixed charges:

Interest expense⁽¹⁾

$

361,565

$

458,360

$

481,039

$

492,169

$

521,345

$

132,960

$

118,597

Capitalized interest

9,777

6,700

7,150

8,670

16,943

3,037

4,129

Amortized premiums, discounts and capitalized expenses related to indebtedness

(11,395)

(4,142)

(2,427)

(2,586)

(1,681)

599

(1,679)

Fixed charges

359,947

460,918

485,762

498,253

536,607

136,596

121,047

Preferred stock dividends

69,129

66,336

65,408

65,406

65,406

16,352

14,379

Combined fixed charges and preferred stock dividends

$

429,076

$

527,254

$

551,170

$

563,659

$

602,013

$

152,948

$

135,426

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

1.28

1.08

1.57

1.99

2.04

1.96

1.75

(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.