Exhibit 12.1
STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS (in thousands, except ratios)
Three months ended March 31, | Year ended | |||||||||||||||||||||||||||
2013 | 2012 | 2012 | 2011 | 2010 | 2009 | 2008 | ||||||||||||||||||||||
Fixed Charges: | ||||||||||||||||||||||||||||
Interest Expense | 16,373 | 16,537 | 65,023 | 65,817 | 66,486 | 71,464 | 69,692 | |||||||||||||||||||||
Interest Expense Included in Discontinued Operations | 5,932 | 6,274 | 6,279 | 6,296 | ||||||||||||||||||||||||
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Total | 16,373 | 16,537 | 65,023 | 71,749 | 72,760 | 77,743 | 75,988 | |||||||||||||||||||||
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Earnings: | ||||||||||||||||||||||||||||
Income from Continuing Operations | 20,910 | 18,402 | 62,937 | 86,864 | 107,258 | 71,569 | 113,370 | |||||||||||||||||||||
Less Equity in Income of Unconsolidated Joint Ventures | (395 | ) | (170 | ) | (923 | ) | (1,619 | ) | (2,633 | ) | (104 | ) | (256 | ) | ||||||||||||||
Operating Distributions Received from Unconsolidated Joint Ventures | 463 | 788 | 2,338 | 2,932 | 4,463 | 4,445 | 4,747 | |||||||||||||||||||||
Fixed Charges | 16,373 | 16,537 | 65,023 | 71,749 | 72,760 | 77,743 | 75,988 | |||||||||||||||||||||
Less Preferred Dividends of Consolidated Subsidiaries | (4 | ) | (4 | ) | (15 | ) | (15 | ) | (15 | ) | (15 | ) | (15 | ) | ||||||||||||||
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Total | 37,347 | 35,553 | 129,360 | 159,911 | 181,833 | 153,638 | 193,834 | |||||||||||||||||||||
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Ratio of Earnings to Fixed Charges:(1)(2) | 2.3 | 2.1 | 2.0 | 2.2 | 2.5 | 2.0 | 2.6 |
(1) | For the three months ended March 31, 2013 and 2012 and the years ended December 31, 2012, 2011, 2010, 2009 and 2008 amounts have been adjusted to conform with the current period presentation, including classifying revenues from sold properties as discontinued operations for each such period. |
(2) | There was no preferred stock outstanding for any of the periods shown above. Accordingly, the ratio of earnings to combined fixed charges and preferred stock dividends was identical to the ratio of earnings to fixed charges for each period. |