| Year Ended December 31, | June 30, | |||||||||||||||||||||||||||
| 2004 | 2005 | 2006 | 2007 (1) | 2008 (1)(2) | 2008 (1) | 2009 (2) | ||||||||||||||||||||||
| Pretax income (loss) from continuing operations | $ | 242,036 | $ | 250,400 | $ | 234,134 | $ | 253,903 | $ | (83,784 | ) | $ | 76,442 | $ | (127,594 | ) | ||||||||||||
| Fixed charges: | ||||||||||||||||||||||||||||
| Interest expense including amortization of deferred costs and capitalized interest | $ | 125,252 | $ | 180,955 | $ | 225,800 | $ | 291,832 | $ | 292,725 | $ | 144,966 | $ | 130,819 | ||||||||||||||
| Ground Rent 33% | $ | 587 | $ | 1,118 | $ | 1,319 | $ | 1,329 | $ | 1,175 | $ | 572 | $ | 724 | ||||||||||||||
| Preferred Dividends | $ | 50,706 | $ | 55,169 | $ | 55,169 | $ | 50,934 | $ | 42,269 | $ | 21,134 | $ | 21,134 | ||||||||||||||
| Proportionate share of fixed charges of 50 % owned joint ventures accounted for using equity method of accounting | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||
| Total fixed charges | $ | 176,545 | $ | 237,242 | $ | 282,288 | $ | 344,095 | $ | 336,169 | $ | 166,672 | $ | 152,677 | ||||||||||||||
| Capitalized interest during the period | $ | (9,882 | ) | $ | (12,672 | ) | $ | (20,049 | ) | $ | (28,003 | ) | $ | (41,062 | ) | $ | (19,354 | ) | $ | (11,600 | ) | |||||||
| Preferred Dividends | $ | (50,706 | ) | $ | (55,169 | ) | $ | (55,169 | ) | $ | (50,934 | ) | $ | (42,269 | ) | $ | (21,134 | ) | $ | (21,134 | ) | |||||||
| Amortization of capitalized interest during the period | $ | 3,328 | $ | 3,750 | $ | 4,418 | $ | 5,351 | $ | 6,720 | $ | 4,658 | $ | 5,427 | ||||||||||||||
| Equity Company Adjustments | $ | (40,895 | ) | $ | (34,873 | ) | $ | (30,337 | ) | $ | (43,229 | ) | $ | (17,719 | ) | $ | (19,943 | ) | $ | 8,801 | ||||||||
| Equity Company Adjustments Distributed Income | $ | 40,895 | $ | 34,873 | $ | 30,337 | $ | 43,229 | $ | 17,719 | $ | 19,943 | $ | 3,305 | ||||||||||||||
| Earnings before income taxes and fixed charges | $ | 361,321 | $ | 423,551 | $ | 445,622 | $ | 524,412 | $ | 175,774 | $ | 207,284 | $ | 9,882 | ||||||||||||||
| Ratio of earnings to combined fixed charges and preferred dividends | 2.05 | 1.79 | 1.58 | 1.52 | 0.52 | 1.24 | 0.06 | |||||||||||||||||||||
| (1) | These periods have been restated to reflect the retroactive adoption of FSP APB 14-1, also known as ASC 470-02, for interest expense related to our convertible debt. | |
| (2) | The loss from continuing operations for 2008 includes impairment charges, including impairment of joint ventures, of $183.2 million that are discussed in the Current Report of Form 8-K filed August 10, 2009, which updates certain portions of the Company's Annual Report on Form 10-K for the year ended December 31, 2008. The loss from continuing operations for the six months ended June 30, 2009 includes impairment charges, including impairments of joint ventures, of $159.1 million that are discussed in the Company's Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2009. Due to these impairment charges, the Company's fixed charges exceed the Company's earnings as adjusted by $160.4 million and $142.8 million for the year ended December 31, 2008 and the six months ended June 30, 2009, respectively. |
