|
For the Year Ended December 31,
|
|||||
|
2015
|
2014
|
2013
|
2012
|
2011
|
|
|
EARNINGS:
|
|||||
|
ADD:
|
|||||
|
Income (loss) from continuing operations before
|
|||||
|
noncontrolling interest and equity in
|
|||||
|
earnings from unconsolidated joint ventures
|
$ (138,880)
|
$ 33,814
|
$ ( 87,359)
|
$ 33,477
|
$ 57,477
|
|
Fixed charges (see calculation below)
|
119,403
|
128,483
|
136,721
|
126,516
|
125,074
|
|
Amortization of capitalized interest
|
2,774
|
2,440
|
2,154
|
1,981
|
1,913
|
|
Distributed income of unconsolidated joint ventures
|
5,644
|
11,213
|
8,485
|
3,990
|
3,301
|
|
SUBTRACT:
|
|||||
|
Capitalized interest
|
(16,217)
|
(15,470)
|
(12,885)
|
(4,342)
|
(1,081)
|
|
TOTAL EARNINGS:
|
$ (27,276)
|
$ 160,480
|
$ 47,116
|
$ 161,622
|
$ 186,684
|
|
FIXED CHARGES:
|
|||||
|
Interest expense (includes amortization of deferred financing costs)
|
$ 103,051
|
$ 112,878
|
$ 123,701
|
$ 122,039
|
$ 123,858
|
|
Capitalized interest
|
16,217
|
15,470
|
12,885
|
4,342
|
1,081
|
|
Interest portion (33 percent) of ground rents on land leases
|
135
|
135
|
135
|
135
|
135
|
|
TOTAL FIXED CHARGES:
|
$ 119,403
|
$ 128,483
|
$ 136,721
|
$ 126,516
|
$ 125,074
|
|
Preferred stock dividends
|
-
|
-
|
-
|
-
|
1,736
|
|
TOTAL COMBINED FIXED CHARGES AND PREFERRED
|
|||||
|
SECURITY DIVIDENDS:
|
$ 119,403
|
$ 128,483
|
$ 136,721
|
$ 126,516
|
$ 126,810
|
|
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND
|
|||||
|
PREFERRED SECURITY DIVIDENDS:
|
(a)
|
1.2
|
(a)
|
1.3
|
1.5
|
|
(a) Deficiency of earnings to cover combined fixed charges and preferred security dividends for the years ended December 31, 2015 and 2013, respectively.
|
$ (146,679)
|
-
|
$ (89,605)
|
-
|
-
|