EX-12 2 l36013aexv12.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)
                                                         
                                            Three Months
                                            Ended
    Year Ended December 31,   March 31,
    2004   2005   2006   2007   2008   2008   2009
Earnings:
                                                        
Pretax income from continuing operations before adjustment for income or loss from equity investees (1)
   $ 66,531     $ 63,627     $ 89,225     $ 110,962     $ 145,413     $ 33,471     $ 48,580  
Fixed charges
     75,201       84,262       101,263       149,439       154,857       39,697       35,104  
Capitalized interest
     (875 )     (665 )     (4,470 )     (12,526 )     (25,029 )     (5,167 )     (9,865 )
Amortized premiums, discounts and capitalized expenses related to indebtedness
     1,623       1,738       3,403       8,413       11,231       2,790       2,772  
Noncontrolling interest in pre-tax income of subsidiaries that have not incurred fixed charges
     0       0       (13 )     (238 )     (126 )     (62 )     (2 )
         
Earnings
   $ 142,480     $ 148,962     $ 189,408     $ 256,050     $ 286,346     $ 70,729     $ 76,589  
         
 
                                                        
Fixed charges:
                                                        
Interest expense (2)
   $ 75,949     $ 85,335     $ 100,196     $ 145,326     $ 141,059     $ 37,320     $ 28,011  
Capitalized interest
     875       665       4,470       12,526       25,029       5,167       9,865  
Amortized premiums, discounts and capitalized expenses related to indebtedness
     (1,623 )     (1,738 )     (3,403 )     (8,413 )     (11,231 )     (2,790 )     (2,772 )
         
Fixed charges
   $ 75,201     $ 84,262     $ 101,263     $ 149,439     $ 154,857     $ 39,697     $ 35,104  
         
Consolidated ratio of earnings to fixed charges
     1.89       1.77       1.87       1.71       1.85       1.78       2.18  
 
                                                        
Earnings:
                                                        
Pretax income from continuing operations before adjustment for income or loss from equity investees (1)
   $ 66,531     $ 63,627     $ 89,225     $ 110,962     $ 145,413     $ 33,471     $ 48,580  
Fixed charges
     75,201       84,262       101,263       149,439       154,857       39,697       35,104  
Capitalized interest
     (875 )     (665 )     (4,470 )     (12,526 )     (25,029 )     (5,167 )     (9,865 )
Amortized premiums, discounts and capitalized expenses related to indebtedness
     1,623       1,738       3,403       8,413       11,231       2,790       2,772  
Noncontrolling interest in pre-tax income of subsidiaries that have not incurred fixed charges
     0       0       (13 )     (238 )     (126 )     (62 )     (2 )
         
Earnings
   $ 142,480     $ 148,962     $ 189,408     $ 256,050     $ 286,346     $ 70,729     $ 76,589  
         
 
                                                        
Fixed charges:
                                                        
Interest expense (2)
   $ 75,949     $ 85,335     $ 100,196     $ 145,326     $ 141,059     $ 37,320     $ 28,011  
Capitalized interest
     875       665       4,470       12,526       25,029       5,167       9,865  
Amortized premiums, discounts and capitalized expenses related to indebtedness
     (1,623 )     (1,738 )     (3,403 )     (8,413 )     (11,231 )     (2,790 )     (2,772 )
         
Fixed charges
     75,201       84,262       101,263       149,439       154,857       39,697       35,104  
Preferred stock dividends
     12,737       21,594       21,463       25,130       23,201       6,147       5,524  
         
Combined fixed charges and preferred stock dividends
   $ 87,938     $ 105,856     $ 122,726     $ 174,569     $ 178,058     $ 45,844     $ 40,628  
         
Consolidated ratio of earnings to combined fixed charges and preferred stock dividends
     1.62       1.41       1.54       1.47       1.61       1.54       1.89  
 
(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 March 31, 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.