EX-12.2 5 0005.txt COMPUTATION OF RATION OF EARNINGS TO COMBINED EXHIBIT 12.2 ARCHSTONE COMMUNITIES TRUST COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED SHARE DIVIDENDS (Dollar amounts in thousands) (Unaudited)
Six Months Ended June 30, Twelve Months Ended December 31, ------------------------------------------------------------------------------- 2000 1999 1999 1998 1997(1) 1996 1995 ------------------------------------------------------------------------------- Earnings from operations.......................... $ 90,079 $ 82,421 $169,339 $134,571 $24,686 $ 94,089 $ 81,696 Add: Interest expense............................. 71,527 56,041 121,494 83,350 61,153 35,288 19,584 ------------------------------------------------------------------------------- Earnings as adjusted.............................. $ 161,606 $138,462 $290,833 $217,921 $85,839 $129,377 $101,280 =============================================================================== Combined fixed charges and Preferred Share dividends: Interest expense............................. $ 71,527 $ 56,041 $121,494 $ 83,350 $61,153 $ 35,288 $ 19,584 Capitalized interest......................... 13,032 17,739 31,912 29,942 17,606 16,941 11,741 ------------------------------------------------------------------------------- Total fixed charges...................... 84,559 73,780 153,406 113,292 78,759 52,229 31,325 ------------------------------------------------------------------------------- Preferred Share dividends.................... 12,801 11,308 23,731 20,938 19,384 24,167 21,823 ------------------------------------------------------------------------------- Combined fixed charges and Preferred Share dividends........................................ $ 97,360 $ 85,088 $177,137 $134,230 $98,143 $ 76,396 $ 53,148 =============================================================================== Ratio of earnings to combined charges and Preferred Share dividends........................ 1.7 1.6 1.6 1.6 0.9 1.7 1.9 ===============================================================================
(1) Earnings from operations for 1997 includes a one-time, non-cash charge of $71.7 million associated with costs incurred in acquiring the management companies from an affiliate. Accordingly, earnings from operations were insufficient to cover combined fixed charges and Preferred Share dividends by $12.3 million. Excluding this charge, the ratio of earnings to combined fixed charges and Preferred Share dividends for the year ended December 31, 1997 would be 1.6.