EX-12.2 3 0003.txt COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED EXHIBIT 12.2 Archstone Communities Trust Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Share Dividends (Dollar amounts in thousands) (Unaudited)
Year Ended December 31, ----------------------------------------------------------------------------------------- 2000 1999 1998 1997 (1) 1996 ---------------- -------------- --------------- --------------- --------------- Earnings from operations.................. $ 176,466 $ 169,339 $ 134,571 $ 24,686 $ 94,089 Add: Interest expense..................... 145,173 121,494 83,350 61,153 35,288 ---------------- -------------- --------------- --------------- --------------- Earnings as adjusted...................... $ 321,639 $ 290,833 $ 217,921 $ 85,839 $ 129,377 ================ ============== =============== =============== =============== Combined fixed charges and Preferred Share dividends: Interest expense..................... $ 145,173 $ 121,494 $ 83,350 $ 61,153 $ 35,288 Capitalized interest................. 24,317 31,912 29,942 17,606 16,941 ---------------- -------------- --------------- --------------- --------------- Total fixed charges............. 169,490 153,406 113,292 78,759 52,229 ---------------- -------------- --------------- --------------- --------------- Preferred Share dividends............ 25,340 23,733 20,938 19,384 24,167 ---------------- -------------- --------------- --------------- --------------- Combined fixed charges and Preferred $ 194,830 $ 177,139 $ 134,230 $ 98,143 $ 76,396 Share dividends........................================ ============== =============== =============== =============== Ratio of earnings to combined fixed Charges and Preferred Share dividends.. 1.7 1.6 1.6 0.9 1.7 ================ ============== =============== =============== ===============
(1) Earnings from operations for 1997 includes a one-time, non-cash charge of $71.7 million associated with costs incurred in acquiring Archstone's REIT and property management companies from Security Capital. Accordingly, earnings from operations were insufficient to cover combined fixed charges and Preferred Share dividends by $12.3 million for the year ended December 31, 1997. Excluding the charge, the ratio of earnings to combined fixed charges and Preferred Share dividends for the year ended December 31, 1997 would be 1.6.