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Exhibit 12
Bedford Property Investors, Inc.
Computation of Ratio of Earnings to Fixed Charges and Limited Partner Distributions
(in thousands, except ratios)
Year Ended December 31, | |||||
2003 | 2002 | 2001 | 2000 | 1999 | |
Net income | $27,665 | $36,003 | $34,950 | $68,307 | $38,659 |
Fixed charges – interest and amortization of loan fees: | |||||
Continuing operations | 21,956 | 20,555 | 21,470 | 23,554 | 18,043 |
Discontinued operations | - | 406 | 1,068 | 1,211 | 896 |
Fixed charges – interest capitalized | 131 | 633 | 1,303 | 1,964 | 2,148 |
Total fixed charges | 22,087 | 21,594 | 23,841 | 26,729 | 21,087 |
Preferred dividends and limited partner distributions | 685 | - | 142 | 136 | 128 |
Total fixed charges, including preferred dividends and limited partner distributions | 22,772 | 21,594 | 23,983 | 26,865 | 21,215 |
Net income including fixed charges, preferred dividends and limited partner distributions | $50,437 | $57,597 | $58,933 | $95,172 | $59,874 |
Ratio of earnings to fixed charges, including preferred dividends and limited partner distributions | 2.21 | 2.67 | 2.46 | 3.54 | 2.82 |
Ratio of earnings to fixed charges, excluding preferred dividends and limited partner distributions | 2.28 | 2.67 | 2.47 | 3.56 | 2.84 |