EX-12.2 12 a07-28405_1ex12d2.htm EX-12.2

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)

 

 

 

Nine Months Ended
September 30,

 

Twelve Months Ended December 31,

 

 

 

2007(1)

 

2006(1)

 

2006(1)

 

2005(1)

 

2004(1)

 

2003(1)

 

2002(1)

 

Earnings from operations

 

$

106,116

 

$

131,334

 

$

171,502

 

$

107,300

 

$

84,273

 

$

71,183

 

$

78,634

 

Add:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

210,360

 

150,402

 

216,673

 

125,013

 

100,018

 

92,211

 

95,053

 

Earnings as adjusted

 

$

316,476

 

$

281,736

 

$

388,175

 

$

232,313

 

$

184,291

 

$

163,394

 

$

173,687

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Combined fixed charges and Preferred Unit distributions:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

$

210,360

 

$

150,402

 

$

216,673

 

$

125,013

 

$

100,018

 

$

92,211

 

$

95,053

 

Capitalized interest

 

37,575

 

39,638

 

51,808

 

39,111

 

23,572

 

26,854

 

32,377

 

Total fixed charges

 

$

247,935

 

$

190,040

 

$

268,481

 

$

164,124

 

$

123,590

 

$

119,065

 

$

127,430

 

Preferred Unit distributions

 

2,874

 

2,872

 

3,829

 

4,572

 

16,254

 

26,153

 

34,309

 

Combined fixed charges and Preferred Unit distributions

 

$

250,809

 

$

192,912

 

$

272,310

 

$

168,696

 

$

139,844

 

$

145,218

 

$

161,739

 

Ratio of earnings to combined fixed charges and Preferred Unit distributions

 

1.3

 

1.5

 

1.4

 

1.4

 

1.3

 

1.1

 

1.1

 

 

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