EX-12 2 ex12.htm EXHIBIT 12.1

 

EXHIBIT 12.1

 

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, 2008, 2007, 2006, 2005 and 2004 are as follows:

 

 

 

Year Ended December 31,

 

(Amounts in thousands)

 

2008

 

2007

 

2006

 

2005

 

2004

 

Net income from continuing operations

 

$

193,203

 

$

484,423

 

$

603,339

 

$

559,081

 

$

603,596

 

Fixed charges

 

 

718,483

 

 

681,452

 

 

455,960

 

 

356,612

 

 

322,847

 

Income distributions from partially owned entities

 

 

44,690

 

 

24,044

 

 

35,911

 

 

40,152

 

 

16,740

 

Capitalized interest

 

 

(63,063

)

 

(53,648

)

 

(26,195

)

 

(15,582

)

 

(8,718

)

Preferred unit distributions

 

 

(19,743

)

 

(19,832

)

 

(23,007

)

 

(50,731

)

 

(75,278

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings - Numerator

 

$

873,570

 

$

1,116,439

 

$

1,046,008

 

$

889,532

 

$

859,187

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and debt expense

 

$

625,904

 

$

599,804

 

$

400,540

 

$

284,876

 

$

233,750

 

Capitalized interest

 

 

63,063

 

 

53,648

 

 

26,195

 

 

15,582

 

 

8,718

 

1/3 of rental expense – interest factor

 

 

9,773

 

 

8,168

 

 

6,218

 

 

5,423

 

 

5,101

 

Preferred unit distributions

 

 

19,743

 

 

19,832

 

 

23,007

 

 

50,731

 

 

75,278

 

Fixed charges - Denominator

 

 

718,483

 

 

681,452

 

 

455,960

 

 

356,612

 

 

322,847

 

Preferred share dividends

 

 

57,091

 

 

57,177

 

 

57,511

 

 

46,501

 

 

21,920

 

Combined fixed charges and preference dividends - Denominator

 

$

775,574

 

$

738,629

 

$

513,471

 

$

403,113

 

$

344,767

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

 

1.21

(1)

 

1.64

 

 

2.29

 

 

2.49

 

 

2.66

 

Ratio of earnings to combined fixed charges and preference dividends

 

 

1.12

(1)

 

1.51

 

 

2.04

 

 

2.21

 

 

2.49

 

 

Earnings equals (i) income from continuing operations before income taxes and income from partially owned entities, plus, (ii) fixed charges, (iii) income distributions from partially owned entities, minus (iv) capitalized interest and (v) preferred unit distributions of the Operating Partnership. Fixed charges equals (i) interest and debt expense, plus (ii) capitalized interest, (iii) the portion of operating lease rental expense that is representative of the interest factor, which is one-third of operating lease rentals and (iv) preferred unit distributions of the Operating Partnership. Combined fixed charges and preference dividends equals fixed charges plus preferred share dividends.

 

_______________________

(1)

Excluding non-cash impairment charges recognized in the year ended December 31, 2008, the ratios of earnings to fixed charges and ratio of earnings to combined fixed charges and preference dividends were 1.45 and 1.31, respectively.