EX-12 4 ex12.htm ex12.htm - Generated by SEC Publisher for SEC Filing

 

 

 

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, 2011, 2010, 2009, 2008 and 2007 are as follows:

 

 

 

Year Ended December 31,

 

(Amounts in thousands)

 

2011

 

2010

 

2009

 

2008

 

2007

 

Income from continuing operations before income taxes and

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

income from partially owned entities

 

$

498,984

 

$

643,589

 

$

26,773

 

$

163,983

 

$

451,958

 

Fixed charges

 

 

574,457

 

 

591,247

 

 

666,352

 

 

711,784

 

 

664,624

 

Income distributions from partially owned entities

 

 

93,635

 

 

55,397

 

 

30,473

 

 

44,690

 

 

24,044

 

Capitalized interest

 

 

(1,197

)

 

(864

)

 

(17,256

)

 

(63,063

)

 

(53,648

)

Preferred unit distributions

 

 

(16,853

)

 

(18,192

)

 

(19,658

)

 

(19,743

)

 

(19,832

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings - Numerator

 

$

1,149,026

 

$

1,271,177

 

$

686,684

 

$

837,651

 

$

1,067,146

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and debt expense

 

$

544,015

 

$

560,052

 

$

617,768

 

$

619,298

 

$

583,042

 

Capitalized interest

 

 

1,197

 

 

864

 

 

17,256

 

 

63,063

 

 

53,648

 

1/3 of rental expense – interest factor

 

 

12,392

 

 

12,139

 

 

11,670

 

 

9,680

 

 

8,102

 

Preferred unit distributions

 

 

16,853

 

 

18,192

 

 

19,658

 

 

19,743

 

 

19,832

 

Fixed charges - Denominator

 

 

574,457

 

 

591,247

 

 

666,352

 

 

711,784

 

 

664,624

 

Preferred share dividends

 

 

65,531

 

 

55,534

 

 

57,076

 

 

57,091

 

 

57,177

 

Combined fixed charges and preference dividends - Denominator

 

$

639,988

 

$

646,781

 

$

723,428

 

$

768,875

 

$

721,801

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

 

2.00

 

 

2.15

 

 

1.03

 

 

1.18

 

 

1.61

 

Ratio of earnings to combined fixed charges and preference dividends

 

 

1.80

 

 

1.97

 

 

0.95

 

 

1.09

 

 

1.48

 

 

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.