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Exhibit 12.3
Computation of Ratio of Earning to fixed charges and Earnings to fixed charges and prefered stock dividends
| For the 12 Months Ended December 31, | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2003 | 2002 | 2001 | 2000 | 1999 | |||||||||||
Earnings: | ||||||||||||||||
Net income before quity in (loss) earnings from joint ventures and unconsolidated subsidiaries, minority interest and other items | $ | 289,607 | $ | 205,879 | $ | 211,477 | 202,077 | 37,839 | ||||||||
Add: Interest expense | 194,999 | 185,375 | 169,974 | 173,549 | 91,112 | |||||||||||
Add: Implied interest component on the Company's rent obligations | 824 | 678 | 572 | 568 | 68 | |||||||||||
Add: Distributions from operations of joint ventures | 2,839 | 5,802 | 4,802 | 4,511 | 470 | |||||||||||
Add: Costs incurred in acquiring former external advisor | — | — | — | — | 94,476 | |||||||||||
Total earnings | $ | 488,269 | $ | 397,734 | $ | 386,825 | $ | 380,705 | $ | 223,965 | ||||||
Fixed charges: | ||||||||||||||||
Interest expense | $ | 194,999 | $ | 185,375 | $ | 169,974 | $ | 173,549 | $ | 91,112 | ||||||
Implied interest component on the Company's rent obligations | 824 | 678 | 572 | 568 | 68 | |||||||||||
Capitalized interest | — | 70 | 1,010 | 513 | 377 | |||||||||||
Fixed charges | $ | 195,823 | $ | 186,123 | $ | 171,556 | $ | 174,630 | $ | 91,557 | ||||||
Preferred dividend requirements | 36,908 | 36,908 | 36,908 | 36,908 | 23,843 | |||||||||||
Fixed charges and prefered stock dividends | $ | 232,731 | $ | 223,031 | $ | 208,464 | $ | 211,538 | $ | 115,400 | ||||||
Earnings to fixed charges | 2.49x | 2.14x | 2.25x | 2.18x | 2.45x | |||||||||||
Earnings to fixed charges and preferred stock dividends | 2.10x | 1.78x | 1.86x | 1.80x | 1.94x |
Computation of Ratio of Earning to fixed charges and Earnings to fixed charges and prefered stock dividends