Exhibit 12
Statement re: Calculation of Ratios of Earnings to
Combined Fixed Charges and Preferred Stock Dividends
(Dollars in thousands)
|
| Three Months |
| Year Ended |
| Year Ended |
| Year Ended |
| Year Ended |
| Year Ended |
| ||||||
Net income from continuing operationsless preferred distributions |
| $ | 14,032 |
| $ | 93,511 |
| $ | 110,945 |
| $ | 114,620 |
| $ | 120,725 |
| $ | 178,529 |
|
Preferred distributions |
| 12,712 |
| 46,479 |
| 33,777 |
| 37,321 |
| 45,053 |
| 52,442 |
| ||||||
Minority interest in earnings of common unitholders |
| 1,253 |
| 9,400 |
| 11,608 |
| 12,426 |
| 12,958 |
| 24,844 |
| ||||||
Interest expense |
| 38,655 |
| 119,640 |
| 109,297 |
| 100,047 |
| 86,844 |
| 82,570 |
| ||||||
Earnings before fixed charges |
| $ | 66,652 |
| $ | 269,030 |
| $ | 265,627 |
| $ | 264,414 |
| $ | 265,580 |
| $ | 338,385 |
|
Interest expense |
| $ | 38,655 |
| $ | 119,640 |
| $ | 109,297 |
| $ | 100,047 |
| $ | 86,844 |
| $ | 82,570 |
|
Interest costs capitalized |
| 5,580 |
| 9,510 |
| 5,961 |
| 6,734 |
| 13,529 |
| 25,859 |
| ||||||
Total fixed charges |
| $ | 44,235 |
| $ | 129,150 |
| $ | 115,258 |
| $ | 106,781 |
| $ | 100,373 |
| $ | 108,429 |
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Preferred distributions |
| $ | 12,712 |
| $ | 46,479 | �� | $ | 33,777 |
| $ | 37,321 |
| $ | 45,053 |
| $ | 52,442 |
|
Total fixed charges and preferred distributions |
| $ | 56,947 |
| $ | 175,629 |
| $ | 149,035 |
| $ | 144,102 |
| $ | 145,426 |
| $ | 160,871 |
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Ratio of Earnings to Fixed Charges |
| 1.51 |
| 2.08 |
| 2.30 |
| 2.48 |
| 2.65 |
| 3.12 |
| ||||||
Ratio of Earnings to Combined Fixed Charges and Preferred Distributions |
| 1.17 |
| 1.53 |
| 1.78 |
| 1.83 |
| 1.83 |
| 2.10 |
|