Exhibit 12.1
CENTERPOINT PROPERTIES TRUST
COMPUTATION OF RATIO OF EARNINGS TO
COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS
(dollars in thousands)
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| Nine Months |
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| Ended |
| Years Ended December 31, |
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| 9/30/2004 |
| 2003 |
| 2002 |
| 2001 |
| 2000 |
| 1999 |
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Available earnings: |
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Income from continuing operations before income taxes, equity in net income of affiliate plus gains on sale of real estate |
| $ | 18,121 |
| $ | 29,959 |
| $ | 36,999 |
| $ | 14,271 |
| $ | 46,464 |
| $ | 39,553 |
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Plus: |
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Interest expense |
| 22,227 |
| 23,305 |
| 26,880 |
| 30,778 |
| 30,976 |
| 19,954 |
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Amortization of deferred financing costs |
| 2,606 |
| 3,354 |
| 2,918 |
| 2,376 |
| 2,155 |
| 1,905 |
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Distributed share of equity from affiliates |
| 1,466 |
| 2,281 |
| 1,994 |
| 3,309 |
| — |
| 2,126 |
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Available earnings |
| $ | 44,420 |
| $ | 58,899 |
| $ | 68,791 |
| $ | 50,734 |
| $ | 79,595 |
| $ | 63,538 |
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Combined fixed charges and preferred dividends: |
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Interest expense, including discontinued operations |
| $ | 22,227 |
| $ | 25,166 |
| $ | 29,875 |
| $ | 30,778 |
| $ | 30,976 |
| $ | 19,954 |
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Amortization of deferred financing costs |
| 2,606 |
| 3,354 |
| 2,918 |
| 2,376 |
| 2,155 |
| 1,905 |
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Preferred dividends |
| 2,092 |
| 9,599 |
| 10,090 |
| 10,090 |
| 10,105 |
| 8,318 |
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Interest capitalized |
| 4,755 |
| 8,569 |
| 8,444 |
| 7,154 |
| 3,404 |
| 1,926 |
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Combined fixed charges and preferred dividends |
| $ | 31,680 |
| $ | 46,688 |
| $ | 51,327 |
| $ | 50,398 |
| $ | 46,640 |
| $ | 32,103 |
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Ratio of earnings to combined fixed charges and preferred dividends |
| 1.4 |
| 1.3 |
| 1.3 |
| 1.0 |
| 1.7 |
| 2.0 |
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