EX-12.1 7 d436362dex121.htm EX-12.1

EX-12.1

Exhibit 12.1

		Six Months Ended June 30, 2017				For the Years Ended December 31,
						2016				2015				2014				2013				2012
Earnings:
Pretax income (loss) from continuing operations (1)		$	26,947			$	94,945			$	84,505			$	64,501			$	24,035			$	(2,441	)
Adjustments Added:
Distibutions from unconsolidated joint ventures			82,274				117,822				55,740				80,634				159,029				150,922
Fixed charges (see below)			91,322				177,289				228,952				206,904				211,602				177,989
Adjustments Subtracted:
Interest Capitalized			(5,977	)			(10,316	)			(13,052	)			(12,559	)			(10,829	)			(10,703	)
Total Earnings		$	194,566			$	379,740			$	356,145			$	339,480			$	383,837			$	315,767
Fixed Charges:
Interest expense (2)		$	85,345			$	166,973			$	215,900			$	194,345			$	200,773			$	167,286
Capitalized interest			5,977				10,316				13,052				12,559				10,829				10,703
Total Fixed Charges		$	91,322			$	177,289			$	228,952			$	206,904			$	211,602			$	177,989
Ratio of Earnings to Fixed Charges			2.13				2.14				1.56				1.64				1.81				1.77
Interest Expense
Ground Rent Expense			5,168				9,894				11,870				10,968				10,579				8,681
Imputed percent as interest			33.33	%			33.33	%			33.33	%			33.33	%			33.33	%			33.33	%
Interest in Ground Rent			1,723				3,298				3,957				3,656				3,526				2,894
Interest Expense as Reported			83,622				163,675				211,943				190,689				197,247				164,392
			85,345				166,973				215,900				194,345				200,773				167,286