EXHIBIT 12.1
ALEXANDRIA REAL ESTATE EQUITIES, INC.
COMPUTATION OF CONSOLIDATED RATIO OF EARNINGS TO COMBINED FIXED
CHARGES, AND PREFERRED STOCK DIVIDENDS
(in thousands, except ratios)
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| Nine Months |
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| Ended |
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| September 30, |
| Year Ended December 31, (a) |
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| 2010 |
| 2009 |
| 2008 |
| 2007 |
| 2006 |
| 2005 |
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Income from continuing operations before noncontrolling interests |
| $ | 46,295 |
| $ | 136,065 |
| $ | 101,427 |
| $ | 76,476 |
| $ | 65,844 |
| $ | 51,910 |
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Add: Interest expense |
| 52,451 |
| 82,249 |
| 85,366 |
| 93,539 |
| 69,087 |
| 46,792 |
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Subtract: Noncontrolling interests in income of subsidiaries which have not incurred fixed charges |
| (878 | ) | (1,217 | ) | (1,304 | ) | (1,407 | ) | (1,404 | ) | (571 | ) | ||||||
Earnings available for fixed charges |
| $ | 97,868 |
| $ | 217,097 |
| $ | 185,489 |
| $ | 168,608 |
| $ | 133,527 |
| $ | 98,131 |
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Combined fixed charges and preferred stock dividends: |
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Interest incurred |
| $ | 102,687 |
| $ | 148,345 |
| $ | 151,587 |
| $ | 142,641 |
| $ | 105,359 |
| $ | 75,371 |
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Preferred stock dividends |
| 21,268 |
| 28,357 |
| 24,225 |
| 12,020 |
| 16,090 |
| 16,090 |
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Preferred stock redemption charge |
| – |
| – |
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| 2,799 |
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| – |
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Total combined fixed charges and preferred stock dividends |
| $ | 123,955 |
| $ | 176,702 |
| $ | 175,812 |
| $ | 157,460 |
| $ | 121,449 |
| $ | 91,461 |
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Ratio of earnings to combined fixed charges and preferred stock dividends (b) |
| 0.79 | (c) | 1.23 |
| 1.06 | (d) | 1.07 | (e) | 1.10 |
| 1.07 |
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(a) | Amounts disclosed for prior periods have been reclassified to conform to the current period presentation related to discontinued operations. |
(b) | For purposes of calculating the consolidated ratio of earnings to combined fixed charges and preferred stock dividends, earnings consist of earnings from continuing operations before income taxes and fixed charges less noncontrolling interests’ in income of subsidiaries which have not incurred fixed charges. Fixed charges consist of interest incurred (including amortization of deferred financing costs and capitalized interest) and preferred stock dividends. |
(c) | Ratio of earnings to combined fixed charges and preferred stock dividends for the nine months ended September 30, 2010 includes the effect of losses on early extinguishment of debt aggregating $42.8 million. Excluding the impact of losses on early extinguishment of debt, the ratio of earnings to combined fixed charges and preferred stock dividends for the nine months ended September 30, 2010 was 1.13. |
(d) | Ratio of earnings to combined fixed charges and preferred stock dividends for the year ended December 31, 2008 includes the effect of non-cash impairment charges aggregating $13.3 million for other-than-temporary declines in the fair value of certain investments. Excluding the impact of the non-cash impairment charges, the ratio of earnings to combined fixed charges and preferred stock dividends for the year ended December 31, 2008 was 1.13. |
(e) | Ratio of earnings to combined fixed charges and preferred stock dividends for the year ended December 31, 2007 includes the effect of the preferred stock redemption charge. Excluding the impact of this charge, the ratio of earnings to combined fixed charges and preferred stock dividends for the year ended December 31, 2007 was 1.09. |