Year Ended December 31, | |||||||||||||||
2012 | 2013 | 2014 | 2015 | 2016 | |||||||||||
Earnings: | |||||||||||||||
Income (loss) before taxes, noncontrolling interests and equity in earnings of equity investees | $ | (304 | ) | $ | 5,493 | $ | 15,394 | $ | 18,327 | $ | 21,760 | ||||
Interest expense, net of amortization of premium/discount | 14,390 | 17,526 | 20,656 | 24,449 | 15,454 | ||||||||||
Amortization of deferred financing fees | 1,215 | 1,758 | 2,156 | 2,089 | 1,731 | ||||||||||
Distributed income of equity investees | 277 | 71 | 45 | 892 | 689 | ||||||||||
Portion of rent expense representative of interest | 2,244 | 2,605 | 3,027 | 3,718 | 4,075 | ||||||||||
Total earnings | $ | 17,822 | $ | 27,453 | $ | 41,278 | $ | 49,475 | $ | 43,709 | |||||
Fixed Charges (2): | |||||||||||||||
Interest expense, net of amortization of premium/discount | $ | 14,390 | $ | 17,526 | $ | 20,656 | $ | 24,449 | $ | 15,454 | |||||
Capitalized interest | 3,884 | 5,038 | 5,767 | 5,376 | 7,207 | ||||||||||
Amortization of deferred fees | 1,215 | 1,758 | 2,156 | 2,089 | 1,731 | ||||||||||
Portion of rent expense representative of interest | 2,244 | 2,605 | 3,027 | 3,718 | 4,075 | ||||||||||
Total fixed charges | $ | 21,733 | $ | 26,927 | $ | 31,606 | $ | 35,632 | $ | 28,467 | |||||
Consolidated ratio of earnings to fixed charges (1) | 1.0 | 1.3 | 1.4 | 1.5 | |||||||||||
(1) | For the year ended December 31, 2012 fixed charges exceeded earnings by $3,911. |
(2) | As of December 31, 2013 and 2012, the Trust accrued $3,000 according to the authoritative guidance related to the guarantee of a construction loan for the Johns Hopkins participating development. The Trust has not included the liability in the calculation of fixed charges because it is not considered probable that such obligation will be incurred by the Trust. |