EX-12 3 l96335aexv12.txt EX-12 COMPUTATION OF RATIOS Exhibit 12 COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS (Amounts in Thousands)
Year Ended December 31, ------------------------------------------------------------- 1997 1998 1999 2000 2001 --------- --------- --------- --------- --------- Pretax income from continuing operations $67,110 $78,048 $86,662 $100,053 $90,599 ========= ========= ========= ========= ========= Fixed charges: Interest expense including amortization of deferred costs and capitalized interest $38,976 $66,573 $80,851 $94,540 $94,080 Ground rent 33% $56 $120 $176 $244 $234 Preferred dividends $14,200 $20,139 $32,419 $42,563 $46,343 Proportionate share of fixed charges of 50 % owned joint ventures accounted for using equity method of accounting $ - $ - $ - $ - $ - --------- --------- --------- --------- --------- Total fixed charges $53,232 $86,832 $113,446 $137,347 $140,657 --------- --------- --------- --------- --------- Capitalized interest during the period ($3,991) ($9,900) ($13,400) ($18,200) ($12,927) Preferred dividends and preferred operating partnership dividends ($14,200) ($20,139) ($32,419) ($42,563) ($46,343) Amortization of capitalized interest during the period $498 $826 $1,272 $1,879 $2,310 Majority-owned subsidiary adjustments $1,049 $3,312 $11,809 $19,593 $21,502 Equity company adjustments ($10,893) ($13,351) ($24,713) ($23,296) ($18,560) Equity company adjustments distributed income and preferred dividends $10,185 $12,903 $24,713 $23,296 $18,560 --------- --------- --------- --------- --------- Earnings before income taxes and fixed charges and preferred dividends $102,990 $138,531 $167,370 $198,109 $195,798 ========= ========= ========= ========= ========= Ratio of earnings to combined fixed charges and preferred dividends $1.93 $1.60 $1.48 $1.44 $1.39 ========= ========= ========= ========= ========= June 30, ---------------------- 2001 2002 --------- --------- Pretax income from continuing operations $50,109 $50,577 ========= ========= Fixed charges: Interest expense including amortization of deferred costs and capitalized interest $47,696 $43,178 Ground rent 33% $152 $151 Preferred dividends $23,171 $23,618 Proportionate share of fixed charges of 50 % owned joint ventures accounted for using equity method of accounting $ - $ - --------- --------- Total fixed charges $71,019 $66,947 --------- --------- Capitalized interest during the period ($6,860) ($4,967) Preferred dividends and preferred operating partnership dividends ($23,171) ($23,618) Amortization of capitalized interest during the period $2,540 $2,705 Majority-owned subsidiary adjustments $10,443 $11,200 Equity company adjustments ($10,905) ($17,617) Equity company adjustments distributed income and preferred dividends $8,701 $17,617 --------- --------- Earnings before income taxes and fixed charges and preferred dividends $101,876 $102,844 ========= ========= Ratio of earnings to combined fixed charges and preferred dividends $1.43 $1.54 ========= =========