Exhibit 12.1

STATEMENT REGARDING COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
|  | For the Six Months Ended June 30, 2017
|  | (Dollars in thousands)
Income before unconsolidated entities, income taxes, discontinued operations, real estate dispositions and noncontrolling interest |  | $ | 299,836 |
Interest expense |  |
Senior notes payable and other debt |  | 222,376 |
Distributions from unconsolidated entities |  | 3,134 |
Earnings |  | $ | 525,346 |
Interest |  |
Senior notes payable and other debt expense |  | $ | 222,376 |
Interest capitalized |  | 2,095 |
Fixed charges |  | $ | 224,471 |
Ratio of Earnings to Fixed Charges |  | 2.34 |