Exhibit 12
RATIO OF EARNINGS TO FIXED CHARGES - REAL ESTATE TRUST ONLY
For the Six Months Ended March 31, | For the Year Ended September 30, | |||||||||||||||||||||||||||
(Dollars in thousands) | 2005 | 2004 | 2004 | 2003 | 2002 | 2001 | 2000 | |||||||||||||||||||||
FIXED CHARGES: (1) | ||||||||||||||||||||||||||||
Interest and debt expense | $ | 25,604 | $ | 26,918 | $ | 60,478 | $ | 50,862 | $ | 51,061 | $ | 51,203 | $ | 47,149 | ||||||||||||||
Ground rent | — | — | — | — | — | — | — | |||||||||||||||||||||
Total fixed charges for ratio | $ | 25,604 | $ | 26,918 | $ | 60,478 | $ | 50,862 | $ | 51,061 | $ | 51,203 | $ | 47,149 | ||||||||||||||
EARNINGS: (1) | ||||||||||||||||||||||||||||
Operating income (loss) | $ | (8,190 | ) | $ | (10,164 | ) | $ | (24,371 | ) | $ | (14,893 | ) | $ | (19,548 | ) | $ | (667 | ) | $ | (4,341 | ) | |||||||
Equity in earnings of unconsolidated entities | (3,785 | ) | (3,661 | ) | (7,788 | ) | (7,248 | ) | (8,811 | ) | (7,169 | ) | (7,291 | ) | ||||||||||||||
Distributions from unconsolidated entities | 6,516 | 6,214 | 12,550 | 12,048 | 11,496 | 10,814 | 10,297 | |||||||||||||||||||||
Capitalized interest | — | — | — | — | (287 | ) | (569 | ) | (1,175 | ) | ||||||||||||||||||
(5,459 | ) | (7,611 | ) | (19,609 | ) | (10,093 | ) | (17,150 | ) | 2,409 | (2,510 | ) | ||||||||||||||||
Total fixed charges for ratio | 25,604 | 26,918 | 60,478 | 50,862 | 51,061 | 51,203 | 47,149 | |||||||||||||||||||||
Total earnings for ratio | $ | 20,145 | $ | 19,307 | $ | 40,869 | $ | 40,769 | $ | 33,911 | $ | 53,612 | $ | 44,639 | ||||||||||||||
RATIO OF EARNINGS TO FIXED CHARGES | Less than 1 | Less than 1 | Less than 1 | Less than 1 | Less than 1 | 1.05 x | Less than 1 | |||||||||||||||||||||
Excess (deficiency) of available earnings to fixed charges | $ | (5,459 | ) | $ | (7,611 | ) | $ | (19,609 | ) | $ | (10,093 | ) | $ | (17,150 | ) | $ | 2,409 | $ | (2,510 | ) | ||||||||
(1) | Includes Discontinued Real Estate Operations |
RATIO OF CONSOLIDATED EARNINGS TO FIXED CHARGES
For the Six Months Ended March 31, | For the Year Ended September 30, | |||||||||||||||||||||||||||
(Dollars in thousands) | 2005 | 2004 | 2004 | 2003 | 2002 | 2001 | 2000 | |||||||||||||||||||||
FIXED CHARGES: (1) | ||||||||||||||||||||||||||||
Real estate | ||||||||||||||||||||||||||||
Interest and debt expense | $ | 25,604 | $ | 26,918 | $ | 60,478 | $ | 50,862 | $ | 51,061 | $ | 51,203 | $ | 47,149 | ||||||||||||||
Ground rent | — | — | — | — | — | — | — | |||||||||||||||||||||
Total fixed charges for ratio - real estate | 25,604 | 26,918 | 60,478 | 50,862 | 51,061 | 51,203 | 47,149 | |||||||||||||||||||||
Banking | ||||||||||||||||||||||||||||
Preference security dividend requirements of consolidated subsidiary | 7,692 | 20,297 | 27,989 | 15,000 | 15,000 | 15,000 | 15,000 | |||||||||||||||||||||
Interest expense | 87,510 | 87,177 | 163,022 | 205,479 | 273,186 | 422,744 | 394,400 | |||||||||||||||||||||
Total fixed charges for ratio - total company | $ | 120,806 | $ | 134,392 | $ | 251,489 | $ | 271,341 | $ | 339,247 | $ | 488,947 | $ | 456,549 | ||||||||||||||
EARNINGS: (1) | ||||||||||||||||||||||||||||
Operating income - total company | $ | 132,423 | $ | 73,536 | $ | 206,844 | $ | 131,297 | $ | 84,034 | $ | 94,980 | $ | 69,805 | ||||||||||||||
Equity in earnings of unconsolidated entities | (3,785 | ) | (3,661 | ) | (7,788 | ) | (7,248 | ) | (8,811 | ) | (7,169 | ) | (7,291 | ) | ||||||||||||||
Distributions from unconsolidated entities | 6,516 | 6,214 | 12,550 | 12,048 | 11,496 | 10,814 | 10,297 | |||||||||||||||||||||
Capitalized interest | — | — | — | — | (287 | ) | (569 | ) | (1,175 | ) | ||||||||||||||||||
Preference security dividend requirements of consolidated subsidiary | (7,692 | ) | (20,297 | ) | (27,989 | ) | (15,000 | ) | (15,000 | ) | (15,000 | ) | (15,000 | ) | ||||||||||||||
127,462 | 55,792 | 183,617 | 121,097 | 71,432 | 83,056 | 56,636 | ||||||||||||||||||||||
Total fixed charges for ratio - total company | 120,806 | 134,392 | 251,489 | 271,341 | 339,247 | 488,947 | 456,549 | |||||||||||||||||||||
Total earnings for ratio | $ | 248,268 | $ | 190,184 | $ | 435,106 | $ | 392,438 | $ | 410,679 | $ | 572,003 | $ | 513,185 | ||||||||||||||
RATIO OF EARNINGS TO FIXED CHARGES | 2.06 | x | 1.42 | x | 1.73 | x | 1.45 | x | 1.21 | x | 1.17 | x | 1.12 | x | ||||||||||||||
Excess of available earnings over fixed charges | $ | 127,462 | $ | 55,792 | $ | 183,617 | $ | 121,097 | $ | 71,432 | $ | 83,056 | $ | 56,636 | ||||||||||||||
(1) | Includes Discontinued Real Estate Operations |