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
(Dollars in thousands) 2002 2001 2000 1999 1998
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FIXED CHARGES:
Real estate
Interest and debt expense $ 51,061 $ 51,203 $ 47,149 $ 40,546 $ 43,025
Ground rent -- -- -- -- 69
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Total fixed charges for ratio - real estate 51,061 51,203 47,149 40,546 43,094
Banking
Preference security dividend requirements of
consolidated subsidiary 15,000 15,000 15,000 15,000 15,000
Interest expense 273,186 422,744 394,400 245,507 238,410
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Total fixed charges for ratio - total company $339,247 $488,947 $456,549 $301,053 $296,504
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EARNINGS:
Operating income - total company $ 87,177 $ 96,481 $ 68,350 $ 83,033 $164,676
Equity in earnings of unconsolidated entities (9,057) (7,402) (7,291) (4,964) (1,642)
Distributions from unconsolidated entities 11,496 10,814 10,297 9,513 8,581
Capitalized interest (287) (569) (1,175) (961) (208)
Preference security dividend requirements of
consolidated subsidiary (15,000) (15,000) (15,000) (15,000) (15,000)
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74,329 84,324 55,181 71,621 156,407
Total fixed charges for ratio - total company 339,247 488,947 456,549 301,053 296,504
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Total earnings for ratio $413,576 $573,271 $511,730 $372,674 $452,911
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RATIO OF EARNINGS TO FIXED CHARGES 1.2 x 1.2 x 1.1 x 1.2 x 1.5 x
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Excess of available earnings over fixed charges $ 74,329 $ 84,324 $ 55,181 $ 71,621 $156,407
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