Exhibit 12
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Amounts in Thousands)
| Year Ended December 31, | September 30, | |||||||||||||||||||||||||||
| 1998 | 1999 | 2000 | 2001 | 2002 | 2002 | 2003 | ||||||||||||||||||||||
| Pretax income from continuing operations | $ | 76,443 | $ | 85,019 | $ | 99,317 | $ | 89,098 | $ | 99,888 | $ | 73,729 | $ | 146,927 | ||||||||||||||
| Fixed charges: | ||||||||||||||||||||||||||||
| Interest expense including amortization of deferred costs and capitalized interest | $ | 67,050 | $ | 80,495 | $ | 94,252 | $ | 93,575 | $ | 85,673 | $ | 64,772 | $ | 73,917 | ||||||||||||||
| Ground Rent 33% | $ | 120 | $ | 176 | $ | 244 | $ | 234 | $ | 252 | $ | 186 | $ | 283 | ||||||||||||||
| Preferred Dividends of consolidated subsidiaries | $ | 186 | $ | 5,157 | $ | 15,301 | $ | 19,081 | $ | 18,338 | $ | 14,311 | $ | 2,236 | ||||||||||||||
| Proportionate share of fixed charges of 50% owned joint ventures accounted for using equity method of accounting | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||
| Total fixed charges | $ | 67,356 | $ | 85,828 | $ | 109,797 | $ | 112,890 | $ | 104,263 | $ | 79,269 | $ | 76,436 | ||||||||||||||
| Capitalized interest during the period | $ | (9,900 | ) | $ | (13,400 | ) | $ | (18,200 | ) | $ | (12,927 | ) | $ | (9,157 | ) | $ | (7,184 | ) | $ | (8,297 | ) | |||||||
| Preferred Dividends of consolidated subsidiaries | $ | (186 | ) | $ | (5,157 | ) | $ | (15,301 | ) | $ | (19,081 | ) | $ | (18,338 | ) | $ | (14,311 | ) | $ | (2,236 | ) | |||||||
| Amortization of capitalized interest during the period | $ | 826 | $ | 1,272 | $ | 1,879 | $ | 2,310 | $ | 2,616 | $ | 1,973 | $ | 2,239 | ||||||||||||||
| Majority-owned subsidiary adjustments | $ | 3,312 | $ | 11,809 | $ | 19,593 | $ | 21,502 | $ | 21,570 | $ | 16,770 | $ | 4,802 | ||||||||||||||
| Equity Company Adjustments | $ | (13,351 | ) | $ | (24,713 | ) | $ | (23,296 | ) | $ | (18,560 | ) | $ | (32,769 | ) | $ | (22,398 | ) | $ | (23,748 | ) | |||||||
| Equity Company Adjustments Distributed Income | $ | 12,903 | $ | 24,713 | $ | 23,296 | $ | 18,560 | $ | 32,769 | $ | 22,398 | $ | 23,748 | ||||||||||||||
| Earnings before income taxes and fixed charges | $ | 137,403 | $ | 165,371 | $ | 197,085 | $ | 193,792 | $ | 200,842 | $ | 150,246 | $ | 219,871 | ||||||||||||||
| Ratio of earnings to fixed charges | 2.04 | 1.93 | 1.79 | 1.72 | 1.93 | 1.90 | 2.88 | |||||||||||||||||||||
