EXHIBIT 12
STATEMENT REGARDING COMPUTATION OF RATIO OF EARNINGS TO FIXED
CHARGES AND RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND
PREFERRED STOCK DIVIDENDS (UNAUDITED)
CHARGES AND RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND
PREFERRED STOCK DIVIDENDS (UNAUDITED)
| Year Ended December 31, | ||||||||||||||||||||
| 2005 | 2006 | 2007 | 2008 | 2009 | ||||||||||||||||
| (dollars in thousands) | ||||||||||||||||||||
Earnings: | ||||||||||||||||||||
| Pretax income from continuing operations before adjustment for income or loss from equity investees (1) | $ | 61,344 | $ | 85,069 | $ | 104,189 | $ | 140,672 | $ | 161,738 | ||||||||||
| Fixed charges | 84,262 | 101,263 | 149,439 | 154,857 | 139,044 | |||||||||||||||
| Capitalized interest | (665 | ) | (4,470 | ) | (12,526 | ) | (25,029 | ) | (41,170 | ) | ||||||||||
| Amortized premiums, discounts and capitalized expenses related to indebtedness | 1,738 | 3,403 | 8,413 | 11,231 | 11,898 | |||||||||||||||
| Noncontrolling interest in pre-tax income of subsidiaries that have not incurred fixed charges | 0 | (13 | ) | (238 | ) | (126 | ) | 342 | ||||||||||||
| Earnings | $ | 146,679 | $ | 185,252 | $ | 249,277 | $ | 281,605 | $ | 271,852 | ||||||||||
Fixed charges: | ||||||||||||||||||||
| Interest expense (1) | $ | 85,335 | $ | 100,196 | $ | 145,326 | $ | 141,059 | $ | 109,772 | ||||||||||
| Capitalized interest | 665 | 4,470 | 12,526 | 25,029 | 41,170 | |||||||||||||||
| Amortized premiums, discounts and capitalized expenses related to indebtedness | (1,738 | ) | (3,403 | ) | (8,413 | ) | (11,231 | ) | (11,898 | ) | ||||||||||
| Fixed charges | $ | 84,262 | $ | 101,263 | $ | 149,439 | $ | 154,857 | $ | 139,044 | ||||||||||
Consolidated ratio of earnings to fixed charges | 1.74 | 1.83 | 1.67 | 1.82 | 1.96 | |||||||||||||||
Earnings: | ||||||||||||||||||||
| Pretax income from continuing operations before adjustment for income or loss from equity investees (1) | $ | 61,344 | $ | 85,069 | $ | 104,189 | $ | 140,672 | $ | 161,738 | ||||||||||
| Fixed charges | 84,262 | 101,263 | 149,439 | 154,857 | 139,044 | |||||||||||||||
| Capitalized interest | (665 | ) | (4,470 | ) | (12,526 | ) | (25,029 | ) | (41,170 | ) | ||||||||||
| Amortized premiums, discounts and capitalized expenses related to indebtedness | 1,738 | 3,403 | 8,413 | 11,231 | 11,898 | |||||||||||||||
| Noncontrolling interest in pre-tax income of subsidiaries that have not incurred fixed charges | 0 | (13 | ) | (238 | ) | (126 | ) | 342 | ||||||||||||
| Earnings | $ | 146,679 | $ | 185,252 | $ | 249,277 | $ | 281,605 | $ | 271,852 | ||||||||||
Fixed charges: | ||||||||||||||||||||
| Interest expense (1) | $ | 85,335 | $ | 100,196 | $ | 145,326 | $ | 141,059 | $ | 109,772 | ||||||||||
| Capitalized interest | 665 | 4,470 | 12,526 | 25,029 | 41,170 | |||||||||||||||
| Amortized premiums, discounts and capitalized expenses related to indebtedness | (1,738 | ) | (3,403 | ) | (8,413 | ) | (11,231 | ) | (11,898 | ) | ||||||||||
| Fixed charges | 84,262 | 101,263 | 149,439 | 154,857 | 139,044 | |||||||||||||||
| Preferred stock dividends | 21,594 | 21,463 | 25,130 | 23,201 | 22,079 | |||||||||||||||
| Combined fixed charges and preferred stock dividends | $ | 105,856 | $ | 122,726 | $ | 174,569 | $ | 178,058 | $ | 161,123 | ||||||||||
Consolidated ratio of earnings to combined fixed charges and preferred stock dividends | 1.39 | 1.51 | 1.43 | 1.58 | 1.69 | |||||||||||||||
| (1) | We have reclassified the income and expenses attributable to the properties sold prior to or held for sale at December 31, 2009 to discontinued operations. |