Nine Months Ended September 30,

Year Ended December 31,

2017

2016

2016

2015

2014

2013

2012

Income (loss) from continuing operations

$

498,297

$

4,177,599

$

4,479,586

$

907,621

$

657,101

$

(168,174

)

$

160,298

Interest expense incurred, net

288,579

386,316

482,246

444,487

457,460

587,141

455,477

Amortization of deferred financing costs

6,447

10,000

12,633

10,801

11,088

22,197

21,295

Earnings before combined fixed charges and preferred

   distributions

793,323

4,573,915

4,974,465

1,362,909

1,125,649

441,164

637,070

Preferred Share/Preference Unit distributions

(2,318

)

(2,318

)

(3,091

)

(3,357

)

(4,145

)

(4,145

)

(10,355

)

Premium on redemption of Preferred Shares/Preference Units

—

—

—

(3,486

)

—

—

(5,152

)

Earnings before combined fixed charges

$

791,005

$

4,571,597

$

4,971,374

$

1,356,066

$

1,121,504

$

437,019

$

621,563

Interest expense incurred, net

$

288,579

$

386,316

$

482,246

$

444,487

$

457,460

$

587,141

$

455,477

Amortization of deferred financing costs

6,447

10,000

12,633

10,801

11,088

22,197

21,295

Interest capitalized for real estate and unconsolidated entities

   under development

23,164

41,658

51,451

59,885

52,782

47,321

22,509

Amortization of deferred financing costs for real estate under

   development

—

—

—

—

—

152

—

Total combined fixed charges

318,190

437,974

546,330

515,173

521,330

656,811

499,281

Preferred Share/Preference Unit distributions

2,318

2,318

3,091

3,357

4,145

4,145

10,355

Premium on redemption of Preferred Shares/Preference Units

—

—

—

3,486

—

—

5,152

Total combined fixed charges and preferred distributions

$

320,508

$

440,292

$

549,421

$

522,016

$

525,475

$

660,956

$

514,788

Ratio of earnings before combined fixed charges to total

   combined fixed charges (1) (2)

2.49

10.44

9.10

2.63

2.15

—

1.24

Ratio of earnings before combined fixed charges and

   preferred distributions to total combined fixed charges

   and preferred distributions (1) (2)

2.48

10.39

9.05

2.61

2.14

—

1.24

(1)

For the years ended December 31, 2016, 2015 and 2014, and the nine months ended September 30, 2017 and 2016, 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.  All 2013 and prior year 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 impairment charges 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.