EX-12.1 3 d22604exv12w1.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES exv12w1
 

EXHIBIT 12.1

ARCHSTONE-SMITH OPERATING TRUST
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
 
(Dollar amounts in thousands)

                                         
    Years Ended December 31,  
    2004(1)     2003(1)     2002(1)     2001(1)     2000(1)  
Earnings from operations
   $ 131,797     $ 116,932     $ 137,947     $ 100,078     $ 101,887  
Add:
                                        
Interest Expense
     175,249       160,871       149,538       34,223       53,781  
 
                              
Earnings as adjusted
   $ 307,046     $ 277,803     $ 287,485     $ 134,301     $ 155,668  
 
                              
Fixed Charges:
                                        
Interest expense
   $ 175,249     $ 160,871     $ 149,538     $ 34,223     $ 53,781  
Capitalized interest
     23,572       26,854       32,377       29,186       37,079  
 
                              
Total fixed charges
   $ 198,821     $ 187,725     $ 181,915     $ 63,409     $ 90,860  
 
                              
Ratio of earnings to fixed charges
     1.5       1.5       1.6       2.1       1.7  
 
                              

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