Exhibit 12
Statement re: Calculation of Ratios of Earnings to
Combined Fixed Charges and Preferred Unit Distributions
(Dollars in thousands)
|
| Six Months |
| Year |
| Year Ended |
| Year Ended |
| Year Ended |
| Year Ended |
|
Net income from continuing operations less preferred distributions |
| $62,420 |
| $144,893 |
| $158,300 |
| $169,004 |
| $243,107 |
| $232,810 |
|
Preferred distributions |
| 23,240 |
| 33,777 |
| 39,225 |
| 52,613 |
| 60,850 |
| 57,389 |
|
Interest expense |
| 70,835 |
| 132,936 |
| 123,423 |
| 109,269 |
| 104,271 |
| 121,961 |
|
Earnings before fixed charges |
| $156,495 |
| $311,606 |
| $320,948 |
| $330,886 |
| $408,228 |
| $412,160 |
|
Interest expense |
| $70,835 |
| $132,936 |
| $123,423 |
| $109,269 |
| $104,271 |
| $121,961 |
|
Interest costs capitalized |
| 3,554 |
| 5,961 |
| 6,734 |
| 13,529 |
| 25,859 |
| 32,980 |
|
Total fixed charges |
| $74,389 |
| $138,897 |
| $130,157 |
| $122,798 |
| $130,130 |
| $154,941 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred distributions |
| $23,240 |
| $33,777 |
| $39,225 |
| $52,613 |
| $60,850 |
| $57,389 |
|
Total fixed charges and preferred distributions |
| $97,629 |
| $172,674 |
| $169,382 |
| $175,411 |
| $190,980 |
| $212,330 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of Earnings to Fixed Charges |
| 2.10 |
| 2.24 |
| 2.47 |
| 2.69 |
| 3.14 |
| 2.66 |
|
Ratio of Earnings to Combined Fixed Charges and Preferred Distributions |
| 1.60 |
| 1.80 |
| 1.89 |
| 1.89 |
| 2.14 |
| 1.94 |
|