EX-12 3 exhibit12.htm EXHIBIT 12

 

EXHIBIT 12

 

COMPUTATION OF RATIOS

(UNAUDITED)

 

Our consolidated ratios of earnings to fixed charges and earnings to combined fixed charges and preference dividends for each of the fiscal years ended December 31, 2005, 2004, 2003, 2002 and 2001 are as follows:

 

 

 

Year Ended December 31,

 

($ in thousands)

 

2006

 

2005

 

2004

 

2003

 

2002

 

Net income from continuing operations

 

$

522,943

 

$

504,089

 

$

511,672

 

$

282,641

 

$

251,873

 

Fixed charges and preference dividends

 

 

808,699

 

 

536,022

 

 

424,696

 

 

423,577

 

 

437,605

 

Minority interest in the Operating Partnership
not included in fixed charges

 

 

37,386

 

 

86,965

 

 

82,030

 

 

83,132

 

 

44,811

 

Capitalized interest

 

 

(26,195

)

 

(15,582

)

 

(8,718

)

 

(5,407

)

 

(6,677

)

Equity in income of partially-owned entities in excess of distributions

 

 

—

 

 

—

 

 

(26,624

)

 

—

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings - Numerator

 

$

1,342,815

 

$

1,111,494

 

$

983,056

 

$

783,681

 

$

727,612

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and debt expense, including the Company’s pro-rata share of partially-owned entities

 

$

692,496

 

$

415,826

 

$

313,289

 

$

296,059

 

$

305,920

 

Capitalized interest

 

 

26,195

 

 

15,582

 

 

8,718

 

 

5,407

 

 

6,677

 

1/3 of rental expense – interest factor

 

 

9,490

 

 

7,382

 

 

5,491

 

 

5,491

 

 

5,719

 

Fixed charges - Denominator

 

 

728,181

 

 

438,790

 

 

327,498

 

 

306,957

 

 

318,316

 

Preferred share dividends

 

 

57,511

 

 

46,501

 

 

21,920

 

 

20,815

 

 

23,167

 

Preferred unit distributions, a component of minority interest

 

 

23,007

 

 

50,731

 

 

75,278

 

 

95,805

 

 

96,122

 

Combined fixed charges and preference dividends - Denominator

 

$

808,699

 

$

536,022

 

$

424,696

 

$

423,577

 

$

437,605

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

 

1.84

 

 

2.53

 

 

3.00

 

 

2.55

 

 

2.29

 

Ratio of earnings to combined fixed charges and preference dividends

 

 

1.66

 

 

2.07

 

 

2.31

 

 

1.85

 

 

1.66

 

 

Earnings equals (i) income from continuing operations before income taxes plus, (ii) minority interest in the Operating Partnership not included in fixed charges and (iii) fixed charges, minus (iv) equity in income of partially-owned entities in excess of distributions and (v) capitalized interest. Fixed charges equals (i) interest debt expense, plus (ii) the Company’s pro-rata share of interest expense of partially-owned entities, (iii) capitalized interest and (iv) the portion of operating lease rental expense that is representative of the interest factor, which is one-third of operating lease rentals. Combined fixed charges and preference dividends equals fixed charges plus preferred unit distributions of the Operating Partnership and preferred share dividends.