Exhibit 12
STATEMENT RE COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES - REAL ESTATE TRUST ONLY
For the Twelve Months Ended September 30, | ||||||||||||||||||||
(Dollars in thousands) | 2005 | 2004 | 2003 | 2002 | 2001 | |||||||||||||||
FIXED CHARGES: (1) | ||||||||||||||||||||
Interest and debt expense | $ | 49,439 | $ | 60,478 | $ | 50,862 | $ | 51,061 | $ | 51,203 | ||||||||||
Ground rent | — | — | — | — | — | |||||||||||||||
Total fixed charges for ratio | $ | 49,439 | $ | 60,478 | $ | 50,862 | $ | 51,061 | $ | 51,203 | ||||||||||
EARNINGS: (1) | ||||||||||||||||||||
Operating income (loss) | $ | (8,905 | ) | $ | (24,371 | ) | $ | (14,893 | ) | $ | (19,548 | ) | $ | (667 | ) | |||||
Equity in earnings of unconsolidated entities | (8,246 | ) | (7,788 | ) | (7,248 | ) | (8,811 | ) | (7,169 | ) | ||||||||||
Distributions from unconsolidated entities | 13,272 | 12,550 | 12,048 | 11,496 | 10,814 | |||||||||||||||
Capitalized interest | — | — | — | (287 | ) | (569 | ) | |||||||||||||
(3,879 | ) | (19,609 | ) | (10,093 | ) | (17,150 | ) | 2,409 | ||||||||||||
Total fixed charges for ratio | 49,439 | 60,478 | 50,862 | 51,061 | 51,203 | |||||||||||||||
Total earnings for ratio | $ | 45,560 | $ | 40,869 | $ | 40,769 | $ | 33,911 | $ | 53,612 | ||||||||||
RATIO OF EARNINGS TO FIXED CHARGES | Less than 1 | Less than 1 | Less than 1 | Less than 1 | 1.05 x | |||||||||||||||
Excess (deficiency) of available earnings to fixed charges | $ | (3,879 | ) | $ | (19,609 | ) | $ | (10,093 | ) | $ | (17,150 | ) | $ | 2,409 | ||||||
(1) | Includes Discontinued Real Estate Operations |
STATEMENT RE COMPUTATION OF RATIO OF CONSOLIDATED EARNINGS TO FIXED CHARGES
For the Twelve Months Ended September 30, | ||||||||||||||||||||
(Dollars in thousands) | 2005 | 2004 | 2003 | 2002 | 2001 | |||||||||||||||
FIXED CHARGES: (1) | ||||||||||||||||||||
Real estate | ||||||||||||||||||||
Interest and debt expense | $ | 49,439 | $ | 60,478 | $ | 50,862 | $ | 51,061 | $ | 51,203 | ||||||||||
Ground rent | — | — | — | — | — | |||||||||||||||
Total fixed charges for ratio - real estate | 49,439 | 60,478 | 50,862 | 51,061 | 51,203 | |||||||||||||||
Banking | ||||||||||||||||||||
Preference security dividend requirements of consolidated subsidiary | 15,385 | 27,989 | 15,000 | 15,000 | 15,000 | |||||||||||||||
Interest expense | 207,193 | 163,022 | 205,479 | 273,186 | 422,744 | |||||||||||||||
Total fixed charges for ratio - total company | $ | 272,017 | $ | 251,489 | $ | 271,341 | $ | 339,247 | $ | 488,947 | ||||||||||
EARNINGS: (1) | ||||||||||||||||||||
Operating income - total company | $ | 180,790 | $ | 206,844 | $ | 131,297 | $ | 84,034 | $ | 94,980 | ||||||||||
Equity in earnings of unconsolidated entities | (8,246 | ) | (7,788 | ) | (7,248 | ) | (8,811 | ) | (7,169 | ) | ||||||||||
Distributions from unconsolidated entities | 13,272 | 12,550 | 12,048 | 11,496 | 10,814 | |||||||||||||||
Capitalized interest | — | — | — | (287 | ) | (569 | ) | |||||||||||||
Preference security dividend requirements of consolidated subsidiary | (15,385 | ) | (27,989 | ) | (15,000 | ) | (15,000 | ) | (15,000 | ) | ||||||||||
170,431 | 183,617 | 121,097 | 71,432 | 83,056 | ||||||||||||||||
Total fixed charges for ratio - total company | 272,017 | 251,489 | 271,341 | 339,247 | 488,947 | |||||||||||||||
Total earnings for ratio | $ | 442,448 | $ | 435,106 | $ | 392,438 | $ | 410,679 | $ | 572,003 | ||||||||||
RATIO OF EARNINGS TO FIXED CHARGES | 1.63 x | 1.73 x | 1.45 x | 1.21 x | 1.17 x | |||||||||||||||
Excess of available earnings over fixed charges | $ | 170,431 | $ | 183,617 | $ | 121,097 | $ | 71,432 | $ | 83,056 | ||||||||||
(1) | Includes Discontinued Real Estate Operations |