EX-12.1 5 d13102exv12w1.htm EX-12.1 COMPUTATION OF RATIO OF EARNINGS exv12w1
 

EXHIBIT 12.1

ARCHSTONE-SMITH OPERATING TRUST
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(Dollar amounts in thousands)

(Unaudited)

                                         
    Years Ended December 31,
    2003(1)
   2002(1)
   2001(1)
   2000(1)
   1999(1)
Earnings from operations
   $ 108,262     $ 127,619     $ 130,070     $ 139,295     $ 140,920  
Add:
                                        
Interest expense
     186,832       190,005       88,081       107,231       94,471  
 
    
 		      
 		      
 		      
 		      
 		  
Earnings as adjusted
   $ 295,094     $ 317,624     $ 218,151     $ 246,526     $ 235,391  
 
    
 		      
 		      
 		      
 		      
 		  
Fixed charges:
                                        
Interest expense
   $ 186,832     $ 190,005     $ 88,081     $ 107,231     $ 94,471  
Capitalized interest
     26,854       32,377       31,600       37,079       41,099  
 
    
 		      
 		      
 		      
 		      
 		  
Total fixed charges
   $ 213,686     $ 222,382     $ 119,681     $ 144,310     $ 135,570  
 
    
 		      
 		      
 		      
 		      
 		  
Ratio of earnings to fixed charges
     1.4       1.4       1.8       1.7       1.7  
 
    
 		      
 		      
 		      
 		      
 		  

(1)   Net earnings from discontinued operations have been reclassified for all years presented.

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