Exhibit 12.1
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED
CHARGES AND PREFERRED STOCK DIVIDENDS
CHARGES AND PREFERRED STOCK DIVIDENDS
Year Ended December 31, | ||||||||||||||||||||
2007 | 2006 | 2005 | 2004 | 2003 | ||||||||||||||||
Income Before Minority Interests | $ | 45,985 | $ | 41,848 | $ | 21,853 | $ | 17,828 | $ | 12,491 | ||||||||||
Add: | ||||||||||||||||||||
Distributed Income of Equity Investees | 5,934 | 2,872 | 1,964 | 468 | 656 | |||||||||||||||
Fixed Charges and Preferred Dividends Excluding | ||||||||||||||||||||
Capitalized Interest | 46,054 | 52,338 | 49,342 | 39,535 | 31,947 | |||||||||||||||
Amortization of Capitalized Interest | 139 | 130 | 123 | 136 | 111 | |||||||||||||||
Deduct: | ||||||||||||||||||||
Gain on Sale of Real Estate | (32,643 | ) | (23,388 | ) | (1,136 | ) | (2,408 | ) | (1,160 | ) | ||||||||||
Preferred Dividends | (3,146 | ) | (6,655 | ) | (6,655 | ) | (4,814 | ) | (2,375 | ) | ||||||||||
Equity in Earnings of Equity Investees | (2,496 | ) | (3,002 | ) | (2,400 | ) | (180 | ) | (252 | ) | ||||||||||
$ | 59,827 | $ | 64,143 | $ | 63,091 | $ | 50,565 | $ | 41,418 | |||||||||||
Fixed Charges: | ||||||||||||||||||||
Interest Expense including Amortization of Debt Costs | $ | 42,609 | $ | 45,409 | $ | 42,421 | $ | 34,525 | $ | 29,432 | ||||||||||
Capitalized Interest | 2,881 | 1,431 | 741 | 692 | 586 | |||||||||||||||
Interest Factor in Rental Expense | 299 | 274 | 266 | 196 | 140 | |||||||||||||||
Total Fixed Charges | $ | 45,789 | $ | 47,114 | $ | 43,428 | $ | 35,413 | $ | 30,158 | ||||||||||
Preferred Stock Dividends | 3,146 | 6,655 | 6,655 | 4,814 | 2,375 | |||||||||||||||
Total Fixed Charges and Preferred Dividends | $ | 48,935 | $ | 53,769 | $ | 50,083 | $ | 40,227 | $ | 32,533 | ||||||||||
Ratio of Earnings to Combined Fixed Charges | 1.31 | 1.36 | 1.45 | 1.43 | 1.37 | |||||||||||||||
Ratio of Earnings to Combined Fixed Charges | ||||||||||||||||||||
and Preferred Dividends | 1.22 | 1.19 | 1.26 | 1.26 | 1.27 |