EX-12.1 21 k74386exv12w1.txt COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES EXHIBIT 12.1 COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DISTRIBUTIONS The ratio of earnings to fixed charges for the Company (including its subsidiaries and majority-owned partnerships) presents the relationship of the Company's earnings to its fixed charges. "Earnings" as used in the computation, is based on the Company's net income from operations (which includes a charge to income for depreciation and amortization expense) plus fixed charges. "Fixed charges" is comprised of (i) interest charges, whether expensed or capitalized, (ii) amortization of loan costs and discounts or premiums relating to indebtedness of the Company and its subsidiaries and majority-owned partnerships, excluding in all cases items which would be or are eliminated in consolidation, and (iii) preferred stock or OP Unit distributions. The Company's ratio of earnings to combined fixed charges presents the relationship of the Company's earnings (as defined above) to fixed charges (as defined above).
YEAR ENDED DECEMBER 31 ---------------------- 2002 2001 2000 1999 1998 (unaudited, in thousands) Earnings: Net income (before minority interest) $39,745 $42,915 $40,985 $37,435 $32,054 Add fixed charges other than capitalized interest 31,926 31,016 29,651 27,289 23,987 ------- ------- ------- ------- ------- $71,633 $73,856 $70,547 $64,724 $56,041 ======= ======= ======= ======== ======= Fixed Charges: Interest expense $32,375 $31,016 $29,651 $27,289 $23,987 Less Hedging Transaction Valuation Adjustment (449) Preferred OP Unit Distribution 7,803 8,131 7,826 3,663 2,505 Capitalized interest 2,915 3,704 3,118 2,230 1,045 ------- ------- ------- ------- ------- Total fixed charges $42,644 $42,851 $40,595 $33,182 $27,537 ======= ======= ======= ======= ======= Ratio of earnings to fixed charges 1.68 1.73 1.74 1.95 2.03 ======= ======= ======= ======= =======