Exhibit 12
Statement re: Calculation of Ratios of Earnings to
Combined Fixed Charges and Preferred Stock Dividends
(Dollars in thousands)
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| Ended |
| Year Ended |
| Year Ended |
| Year Ended |
| Year Ended |
| Year Ended |
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| September |
| December |
| December |
| December |
| December |
| December |
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| 30, 200 |
| 31, 2003 |
| 31, 2002 |
| 31, 2001 |
| 31, 2000 |
| 31, 1999 |
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Net income from continuing operations less preferred dividends |
| $ | 94,411 |
| $ | 144,455 |
| $ | 156,582 |
| $ | 218,320 |
| $ | 206,475 |
| $ | 139,636 |
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Preferred dividends |
| 24,321 |
| 37,321 |
| 45,053 |
| 52,442 |
| 48,981 |
| 42,604 |
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Earnings from land and depreciated property dispositions |
| (8,940 | ) | (15,752 | ) | (7,292 | ) | (45,708 | ) | (60,692 | ) | (10,012 | ) |
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Operating Partnership minority interest |
| 9,970 |
| 15,656 |
| 17,088 |
| 30,460 |
| 31,096 |
| 19,811 |
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Interest expense |
| 99,755 |
| 126,039 |
| 111,730 |
| 106,575 |
| 124,154 |
| 86,757 |
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Earnings before fixed charges |
| $ | 219,517 |
| $ | 307,719 |
| $ | 323,161 |
| $ | 362,089 |
| $ | 350,014 |
| $ | 278,796 |
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Interest expense |
| $ | 99,755 |
| $ | 126,039 |
| $ | 111,730 |
| $ | 106,575 |
| $ | 124,154 |
| $ | 86,757 |
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Interest costs capitalized |
| 4,381 |
| 6,734 |
| 13,529 |
| 25,859 |
| 32,980 |
| 26,017 |
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Total fixed charges |
| $ | 104,136 |
| $ | 132,773 |
| $ | 125,259 |
| $ | 132,434 |
| $ | 157,134 |
| $ | 112,774 |
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Preferred dividends |
| $ | 24,321 |
| $ | 37,321 |
| $ | 45,053 |
| $ | 52,442 |
| $ | 48,981 |
| $ | 42,604 |
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Total fixed charges and preferred Dividends |
| $ | 128,457 |
| $ | 170,094 |
| $ | 170,312 |
| $ | 184,876 |
| $ | 206,115 |
| $ | 155,378 |
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Ratio of Earnings to Fixed Charges |
| 2.11 |
| 2.32 |
| 2.58 |
| 2.73 |
| 2.23 |
| 2.47 |
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Ratio of Earnings to Combined Fixed Charges and Preferred Dividends |
| 1.71 |
| 1.81 |
| 1.90 |
| 1.96 |
| 1.70 |
| 1.79 |
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