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)

2013

2014

2015

2016

2017

2017

2018

Earnings:

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

$

102,245

$

384,213

$

636,117

$

709,253

$

299,616

$

118,869

$

119,388

Fixed charges

460,918

485,762

498,253

536,607

487,752

121,047

120,932

Capitalized interest

(6,700)

(7,150)

(8,670)

(16,943)

(13,489)

(4,129)

(2,336)

Amortized premiums, discounts and capitalized expenses related to indebtedness

4,142

2,427

2,586

1,681

10,359

1,679

4,179

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

6,770

(147)

(4,799)

(4,267)

(17,839)

(823)

(4,208)

Earnings

$

567,375

$

865,105

$

1,123,487

$

1,226,331

$

766,399

$

236,643

$

237,955

Fixed charges:

Interest expense⁽¹⁾

$

458,360

$

481,039

$

492,169

$

521,345

$

484,622

$

118,597

$

122,775

Capitalized interest

6,700

7,150

8,670

16,943

13,489

4,129

2,336

Amortized premiums, discounts and capitalized expenses related to indebtedness

(4,142)

(2,427)

(2,586)

(1,681)

(10,359)

(1,679)

(4,179)

Fixed charges

$

460,918

$

485,762

$

498,253

$

536,607

$

487,752

$

121,047

$

120,932

Consolidated ratio of earnings to fixed charges

1.23

1.78

2.25

2.29

1.57

1.95

1.97

Earnings:

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

$

102,245

$

384,213

$

636,117

$

709,253

$

299,616

$

118,869

$

119,388

Fixed charges

460,918

485,762

498,253

536,607

487,752

121,047

120,932

Capitalized interest

(6,700)

(7,150)

(8,670)

(16,943)

(13,489)

(4,129)

(2,336)

Amortized premiums, discounts and capitalized expenses related to indebtedness

4,142

2,427

2,586

1,681

10,359

1,679

4,179

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

6,770

(147)

(4,799)

(4,267)

(17,839)

(823)

(4,208)

Earnings

$

567,375

$

865,105

$

1,123,487

$

1,226,331

$

766,399

$

236,643

$

237,955

Fixed charges:

Interest expense⁽¹⁾

$

458,360

$

481,039

$

492,169

$

521,345

$

484,622

$

118,597

$

122,775

Capitalized interest

6,700

7,150

8,670

16,943

13,489

4,129

2,336

Amortized premiums, discounts and capitalized expenses related to indebtedness

(4,142)

(2,427)

(2,586)

(1,681)

(10,359)

(1,679)

(4,179)

Fixed charges

460,918

485,762

498,253

536,607

487,752

121,047

120,932

Preferred stock dividends

66,336

65,408

65,406

65,406

49,410

14,379

11,676

Combined fixed charges and preferred stock dividends

$

527,254

$

551,170

$

563,659

$

602,013

$

537,162

$

135,426

$

132,608

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

1.08

1.57

1.99

2.04

1.43

1.75

1.79

(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.