EX-12.2 4 d08053exv12w2.htm EX-12.2 COMPUTATION RATIO OF EARNINGS exv12w2
 

EXHIBIT 12.2

ARCHSTONE-SMITH OPERATING TRUST
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED UNIT DISTRIBUTIONS

(Dollar amounts in thousands)

(Unaudited)

                                                             
        Six Months Ended                                        
        June 30,   Twelve Months Ended December 31,
       
 
        2003(1)   2002(1)   2002(1)   2001(1)   2000(1)   1999(1)   1998(1)
       
 
 
 
 
 
 
Earnings from operations
   $ 66,010     $ 104,617     $ 260,160     $ 151,175     $ 155,704     $ 158,670     $ 117,482  
Add:
                                                        
 
Interest expense
     94,913       90,399       176,186       105,817       114,041       99,261       65,312  
 
    
     
     
     
     
     
     
 
Earnings as adjusted
   $ 160,923     $ 195,016     $ 436,346     $ 256,992     $ 269,745     $ 257,931     $ 182,794  
 
    
     
     
     
     
     
     
 
Combined fixed charges and Preferred Unit distributions:
                                                        
 
Interest expense
   $ 94,913     $ 90,399     $ 176,186     $ 105,817     $ 114,041     $ 99,261     $ 65,312  
 
Capitalized interest
     8,911       11,870       21,652       20,294       24,317       31,912       29,942  
 
    
     
     
     
     
     
     
 
   
Total fixed charges
     103,824       102,269       197,838       126,111       138,358       131,173       95,254  
 
    
     
     
     
     
     
     
 
 
Preferred Unit distributions
     15,609       17,440       34,024       22,277       25,340       23,733       20,938  
 
    
     
     
     
     
     
     
 
Combined fixed charges and Preferred Unit distributions
   $ 119,433     $ 119,709     $ 231,862     $ 148,388     $ 163,698     $ 154,906     $ 116,192  
 
    
     
     
     
     
     
     
 
Ratio of earnings to combined fixed charges and Preferred Unit distributions
     1.4       1.6       1.9       1.7       1.6       1.7       1.6  
 
    
     
     
     
     
     
     
 

(1)   Net earnings from discontinued operations have been reclassified for all periods presented.
 
(2)   The six months ended June 30, 2003 include $25.0 million in expense for estimated and incurred legal fees for our counsel and plaintiffs’ counsel, estimated settlement costs based upon the current status of discussions, additional resident property repair and replacement costs and temporary resident relocation expenses associated with moisture infiltration and resulting mold issues at Harbour House, a Southeast Florida high-rise property that became subject to litigation in the third quarter of 2002.