EX-12 10 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, 2007, 2006, 2005, 2004 and 2003 are as follows:

 

 

 

Year Ended December 31,

 

($ in thousands)

 

2007

 

2006

 

2005

 

2004

 

2003

 

Net income from continuing operations

 

$

510,190

 

$

522,545

 

$

498,584

 

$

504,365

 

$

273,549

 

Fixed charges and preference dividends

 

 

965,535

 

 

808,699

 

 

536,022

 

 

424,696

 

 

423,631

 

Minority interest in the Operating Partnership
not included in fixed charges

 

 

29,391

 

 

37,368

 

 

86,965

 

 

82,030

 

 

82,816

 

Capitalized interest

 

 

(53,648

)

 

(26,195

)

 

(15,582

)

 

(8,718

)

 

(5,407

)

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

 

 

(13,352

)

 

—

 

 

—

 

 

(26,624

)

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings - Numerator

 

$

1,438,116

 

$

1,342,417

 

$

1,105,989

 

$

975,749

 

$

774,589

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

823,030

 

$

692,496

 

$

415,826

 

$

313,289

 

$

296,059

 

Capitalized interest

 

 

53,648

 

 

26,195

 

 

15,582

 

 

8,718

 

 

5,407

 

1/3 of rental expense – interest factor

 

 

11,848

 

 

9,490

 

 

7,382

 

 

5,491

 

 

5,491

 

Fixed charges - Denominator

 

 

888,526

 

 

728,181

 

 

438,790

 

 

327,498

 

 

306,957

 

Preferred share dividends

 

 

57,177

 

 

57,511

 

 

46,501

 

 

21,920

 

 

20,815

 

Preferred unit distributions, a component of minority interest

 

 

19,832

 

 

23,007

 

 

50,731

 

 

75,278

 

 

95,859

 

Combined fixed charges and preference dividends - Denominator

 

$

965,535

 

$

808,699

 

$

536,022

 

$

424,696

 

$

423,631

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

 

1.62

 

 

1.84

 

 

2.52

 

 

2.98

 

 

2.52

 

Ratio of earnings to combined fixed charges and preference dividends

 

 

1.49

 

 

1.66

 

 

2.06

 

 

2.30

 

 

1.83

 

 

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.