EXHIBIT 12(b)
6 Months Ended June 30, 2006 | 6 Months Ended June 30, 2005 | 12 Months Ended December 31, | ||||||||||||||||||||||||||||||||||||||||
2005 | 2004 | 2003 | 2002 | 2001 | ||||||||||||||||||||||||||||||||||||||
Income before equity in earnings of unconsolidated joint ventures, minority interests, discontinued operations and loss on sale of real estate | 10,341,000 | 12,864,000 | 26,394,000 | 34,091,000 | 13,437,000 | 6,534,000 | 2,480,000 | |||||||||||||||||||||||||||||||||||
Add: | ||||||||||||||||||||||||||||||||||||||||||
Distributed income of unconsolidated joint ventures | 410,000 | 430,500 | 821,500 | 988,610 | 753,000 | 371,500 | 10,500 | |||||||||||||||||||||||||||||||||||
Amortization of capitalized interest | 164,000 | 138,000 | 292,110 | 272,160 | 266,130 | 261,900 | 256,740 | |||||||||||||||||||||||||||||||||||
Interest expense | 19,923,870 | 16,394,599 | 42,926,499 | 35,117,327 | 26,486,266 | 28,459,805 | 30,471,907 | |||||||||||||||||||||||||||||||||||
Portion of rent expense – interest factor | 444,749 | 430,178 | 869,205 | 864,050 | 723,154 | 654,247 | 643,528 | |||||||||||||||||||||||||||||||||||
Income as adjusted | 31,283,619 | 30,257,277 | 71,303,314 | 71,333,146 | 41,665,550 | 36,281,452 | 33,862,675 | |||||||||||||||||||||||||||||||||||
Fixed Charges | ||||||||||||||||||||||||||||||||||||||||||
Interest expense | 19,923,870 | 16,394,599 | 42,926,499 | 35,117,327 | 26,486,266 | 28,459,805 | 30,471,907 | |||||||||||||||||||||||||||||||||||
Capitalized interest and capitalized amortization of debt issue costs | 1,234,000 | 120,000 | 711,000 | 212,000 | 149,000 | 180,000 | 583,000 | |||||||||||||||||||||||||||||||||||
Portion of rent expense – interest factor | 444,749 | 430,178 | 869,205 | 864,050 | 723,154 | 654,247 | 643,528 | |||||||||||||||||||||||||||||||||||
Preferred dividends | 2,621,000 | — | 538,000 | — | 806,000 | 1,771,000 | 1,771,000 | |||||||||||||||||||||||||||||||||||
Total combined fixed charges and | ||||||||||||||||||||||||||||||||||||||||||
preferred share dividends | 24,223,619 | 16,944,777 | 45,044,704 | 36,193,377 | 28,164,420 | 31,065,052 | 33,469,435 | |||||||||||||||||||||||||||||||||||
Ratio of earnings to combined fixed charges and preferred share dividends | 1.3 | 1.8 | 1.6 | 2.0 | 1.5 | 1.2 | 1.0 | |||||||||||||||||||||||||||||||||||