EX-12 2 l37064exv12.htm EX-12 EX-12
EXHIBIT 12
STATEMENT REGARDING COMPUTATION OF RATIO OF EARNINGS
TO FIXED CHARGES AND RATIO OF EARNINGS TO COMBINED FIXED
CHARGES AND PREFERRED STOCK DIVIDENDS
(UNAUDITED)
                                                         
                                            Six Months
                                            Ended
    Year Ended December 31,   June 30,
    2004   2005   2006   2007   2008   2008   2009
Earnings:
                                                        
Pretax income from continuing operations before adjustment for income or loss from equity investees (1)
   $ 64,061     $ 62,475     $ 87,131     $ 104,933     $ 141,428     $ 71,603     $ 100,185  
Fixed charges
     75,201       84,262       101,263       149,439       154,857       78,147       70,618  
Capitalized interest
     (875 )     (665 )     (4,470 )     (12,526 )     (25,029 )     (10,230 )     (20,891 )
Amortized premiums, discounts and capitalized expenses related to indebtedness
     1,623       1,738       3,403       8,413       11,231       5,559       5,616  
Noncontrolling interest in pre-tax income of subsidiaries that have not incurred fixed charges
     0       0       (13 )     (238 )     (126 )     (127 )     (5 )
         
Earnings
   $ 140,010     $ 147,810     $ 187,314     $ 250,021     $ 282,361     $ 144,952     $ 155,523  
         
 
                                                        
Fixed charges:
                                                        
Interest expense (2)
   $ 75,949     $ 85,335     $ 100,196     $ 145,326     $ 141,059     $ 73,476     $ 55,343  
Capitalized interest
     875       665       4,470       12,526       25,029       10,230       20,891  
Amortized premiums, discounts and capitalized expenses related to indebtedness
     (1,623 )     (1,738 )     (3,403 )     (8,413 )     (11,231 )     (5,559 )     (5,616 )
         
Fixed charges
   $ 75,201     $ 84,262     $ 101,263     $ 149,439     $ 154,857     $ 78,147     $ 70,618  
         
Consolidated ratio of earnings to fixed charges
     1.86       1.75       1.85       1.67       1.82       1.85       2.20  
 
                                                        
Earnings:
                                                        
Pretax income from continuing operations before adjustment for income or loss from equity investees (1)
   $ 64,061     $ 62,475     $ 87,131     $ 104,933     $ 141,428     $ 71,603     $ 100,185  
Fixed charges
     75,201       84,262       101,263       149,439       154,857       78,147       70,618  
Capitalized interest
     (875 )     (665 )     (4,470 )     (12,526 )     (25,029 )     (10,230 )     (20,891 )
Amortized premiums, discounts and capitalized expenses related to indebtedness
     1,623       1,738       3,403       8,413       11,231       5,559       5,616  
Noncontrolling interest in pre-tax income of subsidiaries that have not incurred fixed charges
     0       0       (13 )     (238 )     (126 )     (127 )     (5 )
         
Earnings
   $ 140,010     $ 147,810     $ 187,314     $ 250,021     $ 282,361     $ 144,952     $ 155,523  
         
 
                                                        
Fixed charges:
                                                        
Interest expense (2)
   $ 75,949     $ 85,335     $ 100,196     $ 145,326     $ 141,059     $ 73,476     $ 55,343  
Capitalized interest
     875       665       4,470       12,526       25,029       10,230       20,891  
Amortized premiums, discounts and capitalized expenses related to indebtedness
     (1,623 )     (1,738 )     (3,403 )     (8,413 )     (11,231 )     (5,559 )     (5,616 )
         
Fixed charges
     75,201       84,262       101,263       149,439       154,857       78,147       70,618  
Preferred stock dividends
     12,737       21,594       21,463       25,130       23,201       11,931       11,039  
         
Combined fixed charges and preferred stock dividends
   $ 87,938     $ 105,856     $ 122,726     $ 174,569     $ 178,058     $ 90,078     $ 81,657  
         
Consolidated ratio of earnings to combined fixed charges and preferred stock dividends
     1.59       1.40       1.53       1.43       1.59       1.61       1.90  
 
(1)   In accordance with FASB Statement No. 144, we have reclassified the income and expenses attributable to the properties sold prior to or held for sale at June 30, 2009 to discontinued operations.
 
(2)   For purposes of this statement, interest expense consists of interest on all indebtedness including amounts allocated to discontinued operations in accordance with FASB Statement No. 144. It also reflects additional interest expense as a result of retroactively adopting FSP 14-1 on January 1, 2009.