EXHIBIT 12.1
STATEMENT RE COMPUTATION OF RATIO OF CONSOLIDATED EARNINGS TO FIXED CHARGES
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For the Twelve Months Ended September 30
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(Dollars in thousands) 2001 2000 1999 1998 1997
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FIXED CHARGES:
Real estate
Interest and debt expense $ 51,203 $ 47,149 $ 40,546 $ 43,025 $ 40,845
Ground rent -- -- -- 69 101
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Total fixed charges for ratio - real estate 51,203 47,149 40,546 43,094 40,946
Banking
Preference security dividend requirements of
consolidated subsidiary 15,000 15,000 15,000 15,000 15,000
Interest expense 422,744 394,400 245,507 238,410 239,815
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Total fixed charges for ratio - total company $488,947 $456,549 $301,053 $296,504 $ 295,761
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EARNINGS:
Operating income - total company $114,834 $ 77,351 $ 85,689 $165,950 $ 61,194
Equity in earnings of unconsolidated entities (8,314) (7,711) (5,360) (1,918) (4,150)
Distributions from unconsolidated entities 10,814 10,297 9,513 8,581 7,992
Capitalized interest (569) (1,175) (961) (208) (26)
Preference security dividend requirements of
consolidated subsidiary (15,000) (15,000) (15,000) (15,000) (15,000)
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101,765 63,762 73,881 157,405 50,010
Total fixed charges for ratio - total company 488,947 456,549 301,053 296,504 295,761
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Total earnings for ratio $590,712 $520,311 $374,934 $453,909 $ 345,771
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RATIO OF EARNINGS TO FIXED CHARGES 1.2 x 1.1 x 1.2 x 1.5 x 1.2 x
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Excess of available earnings over fixed charges $101,765 $ 63,762 $ 73,881 $157,405 $ 50,010
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