Exhibit 12.2
RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED SHARE DIVIDENDS
(in thousands)
3 Months Ended March 31, | 12 Months Ended December 31, | |||||||||||||
2009 | 2008 | 2008 | 2007 | 2006 | 2005 | 2004 | ||||||||
Income before equity in earnings of unconsolidated joint ventures, noncontrolling interests, discontinued operations and loss on sale of real estate | 37,365 | 7,004 | 28,866 | 28,965 | 27,233 | 26,152 | 33,844 | |||||||
Add: | ||||||||||||||
Distributed income of unconsolidated joint ventures | 168 | 885 | 2,366 | 1,706 | 906 | 821 | 989 | |||||||
Amortization of capitalized interest | 117 | 108 | 465 | 413 | 360 | 292 | 272 | |||||||
Interest expense | 11,210 | 10,199 | 49,628 | 42,599 | 40,793 | 42,926 | 35,117 | |||||||
Portion of rent expense - interest factor | 386 | 292 | 1,168 | 1,078 | 986 | 993 | 988 | |||||||
Income as adjusted | 49,246 | 18,488 | 82,493 | 74,761 | 70,278 | 71,184 | 71,210 | |||||||
Fixed Charges | ||||||||||||||
Interest expense | 11,210 | 10,199 | 49,628 | 42,599 | 40,793 | 42,926 | 35,117 | |||||||
Capitalized interest and capitalized amortization of debt issue costs | 28 | 556 | 1,811 | 1,857 | 2,327 | 711 | 212 | |||||||
Portion of rent expense - interest factor | 386 | 292 | 1,168 | 1,078 | 986 | 993 | 988 | |||||||
Preferred share dividends | 1,406 | 1,406 | 5,625 | 5,625 | 5,433 | 538 | — | |||||||
Total combined fixed charges and preferred share dividends | 13,040 | 12,453 | 58,232 | 51,159 | 49,539 | 45,168 | 36,317 | |||||||
Ratio of earnings to combined fixed charges and preferred share dividends | 3.8 | 1.5 | 1.4 | 1.5 | 1.4 | 1.6 | 2.0 | |||||||