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Exhibit 12.1
Ratio of Earnings to Fixed Charges
Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
(dollars in thousands)

 
Years Ended December 31,
 
2015
 
2014
 
2013
 
2012
 
2011
Earnings
 
 
 
 
 
 
 
 
 
Income (loss) before equity in earnings (losses) of unconsolidated ventures and income tax benefit (expense)
$
(363,465
)
 
$
(424,832
)
 
$
(163,626
)
 
$
(257,806
)
 
$
(236,911
)
Add (subtract):
 
 
 
 
 
 
 
 
 
Distributions from private equity funds
653,366

 
381,399

 
224,449

 
—

 
—

Distributions from unconsolidated ventures
30,934

 
15,387

 
16,526

 
2,920

 
1,695

Interest expense
495,086

 
243,871

 
178,659

 
140,093

 
140,268

Total earnings
$
815,921

 
$
215,825

 
$
256,008

 
$
(114,793
)
 
$
(94,948
)
Fixed Charges
 
 
 
 
 
 
 
 
 
Interest expense
495,086

 
243,871

 
178,659

 
140,093

 
140,268

Total Fixed Charges
495,086

 
243,871

 
178,659

 
140,093

 
140,268

Preferred stock dividends
84,238

 
73,300

 
55,516

 
27,025

 
20,925

Total Combined Fixed Charges and Preferred Stock Dividends
$
579,324

 
$
317,171

 
$
234,175

 
$
167,118

 
$
161,193

Ratio of earnings to fixed charges(1)
1.65

 
0.88

 
1.43

 
(0.82
)
 
(0.68
)
Ratio of earnings to combined fixed charges and preferred stock dividends(2)
1.41

 
0.68

 
1.09

 
(0.69
)
 
(0.59
)
Deficiency related to ratio of earnings to fixed charges
NA

 
NA

 
NA

 
$
(254,886
)
 
$
(235,216
)
Deficiency related to ratio of earnings to combined fixed charges and preferred stock dividends
NA

 
NA

 
NA

 
$
(281,911
)
 
$
(256,141
)
________________________________
(1)
Excluding unrealized (gain) loss from fair value adjustments and unrealized loss from fair value adjustments related to impairments on operating real estate, goodwill and unconsolidated ventures recognized in the years ended December 31, 2015, 2014, 2013, 2012 and 2011, the ratios of earnings to fixed charges were 2.11, 1.78, 1.39, 2.53 and 2.07, respectively.
(2)
Excluding unrealized (gain) loss from fair value adjustments and unrealized loss from fair value adjustments related to impairments on operating real estate, goodwill and unconsolidated ventures recognized in the years ended December 31, 2015, 2014, 2013, 2012 and 2011, the ratios of earnings to combined fixed charges and preferred stock dividends were 1.80, 1.37, 1.06, 2.12, and 1.80, respectively.