Exhibit 12
Statement re: Calculation of Ratios of Earnings to
Combined Fixed Charges and Preferred Unit Distributions
(Dollars in thousands)
|
| NineMonths |
| Year |
| Year Ended |
| Year Ended |
| Year Ended |
| Year Ended |
| ||||||
Net income from continuing operations less preferred distributions |
| $ | 104,458 |
| $ | 160,241 |
| $ | 173,576 |
| $ | 248,780 |
| $ | 237,571 |
| $ | 159,447 |
|
Preferred distributions |
| 24,321 |
| 39,225 |
| 52,613 |
| 60,850 |
| 57,389 |
| 46,808 |
| ||||||
Earnings from land and depreciated property dispositions |
| (8,940 | ) | (15,752 | ) | (7,292 | ) | (45,708 | ) | (60,692 | ) | (10,012 | ) | ||||||
Interest expense |
| 99,755 |
| 126,039 |
| 111,730 |
| 106,575 |
| 124,154 |
| 86,757 |
| ||||||
Earnings before fixed charges |
| $ | 219,594 |
| $ | 309,753 |
| $ | 330,627 |
| $ | 370,497 |
| $ | 358,422 |
| $ | 283,000 |
|
Interest expense |
| $ | 99,755 |
| $ | 126,039 |
| $ | 111,730 |
| $ | 106,575 |
| $ | 124,154 |
| $ | 86,757 |
|
Interest costs capitalized |
| 4,381 |
| 6,734 |
| 13,529 |
| 25,859 |
| 32,980 |
| 26,017 |
| ||||||
Total fixed charges |
| $ | 104,136 |
| $ | 132,773 |
| $ | 125,259 |
| $ | 132,434 |
| $ | 157,134 |
| $ | 112,774 |
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Preferred distributions |
| $ | 24,321 |
| $ | 39,225 |
| $ | 52,613 |
| $ | 60,850 |
| $ | 57,389 |
| $ | 46,808 |
|
Total fixed charges and preferred distributions |
| $ | 128,457 |
| $ | 171,998 |
| $ | 177,872 |
| $ | 193,284 |
| $ | 214,523 |
| $ | 159,582 |
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Ratio of Earnings to Fixed Charges |
| 2.11 |
| 2.33 |
| 2.64 |
| 2.80 |
| 2.28 |
| 2.51 |
| ||||||
Ratio of Earnings to Combined Fixed Charges and Preferred Distributions |
| 1.71 |
| 1.80 |
| 1.86 |
| 1.92 |
| 1.67 |
| 1.77 |
|
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