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Exhibit 99.5
Computation of Ratio of Earnings 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 equity in (loss) earnings from joint ventures and unconsolidated subsidiaries, minority interest and other items | $ | 277,469 | $ | 198,005 | $ | 206,748 | 197,581 | 36,442 | ||||||||
Add: Interest expense | 194,999 | 185,362 | 170,121 | 173,891 | 91,184 | |||||||||||
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 | |||||||||||
Total earnings | $ | 476,131 | $ | 389,847 | $ | 382,243 | $ | 376,551 | $ | 128,164 | ||||||
Fixed charges: | ||||||||||||||||
Interest expense | $ | 194,999 | $ | 185,362 | $ | 170,121 | $ | 173,891 | $ | 91,184 | ||||||
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 | $ | 186,110 | $ | 171,703 | $ | 174,972 | $ | 91,629 | ||||||
Preferred dividend requirements | 36,908 | 36,908 | 36,908 | 36,908 | 23,843 | |||||||||||
Fixed charges and prefered stock dividends | $ | 232,731 | $ | 223,018 | $ | 208,611 | $ | 211,880 | $ | 115,472 | ||||||
Earnings to fixed charges | 2.43x | 2.09x | 2.23x | 2.15x | 1.40x | |||||||||||
Earnings to fixed charges and preferred stock dividends | 2.05x | 1.75x | 1.83x | 1.78x | 1.11x |
Computation of Ratio of Earnings to fixed charges and Earnings to fixed charges and prefered stock dividends