EXHIBIT 12 - STATEMENT RE: COMPUTATION OF RATIO OF
EARNINGS TO FIXED CHARGES
Nine Months Ended
September 30,
---------------------------
1997 1996
---------- ----------
Net income $133,117 $110,446
Add: Minority interest in income 7,708 7,268
Less: Gain on disposition of real estate - -
Less: Minority interests in income which
do not have fixed charges (6,770) (6,451)
---------- ----------
Income from continuing operations 134,055 111,263
Interest expense 5,821 6,893
---------- ----------
Total Earnings Available to Cover Fixed Charges $ 139,876 $ 118,156
========== ==========
Total Fixed Charges - Interest expense $ 7,242 $ 8,035
========== ==========
Total Preferred Stock dividends $ 68,134 $ 50,118
========== ==========
Total Combined Fixed Charges and Preferred Stock
dividends $ 75,376 $ 58,153
========== ==========
Ratio of Earnings to Fixed Charges 19.31 14.71
========== ==========
Ratio of Earnings to Combined Fixed Charges and
Preferred Stock dividends 1.86 2.03
========== ==========
Ratio of Earnings to Combined Fixed Charges and
Preferred Stock dividends (A) 2.26
===========
(A) Supplemental ratio after elimination of $13,412,000 of non-recurring special
dividends paid to the Series CC Preferred Stock.
EXHIBIT 12 - STATEMENT RE: COMPUTATION OF RATIO OF
EARNINGS TO FIXED CHARGES
For the Year Ended December 31,
-------------------------------------------------------------------------
1996 1995 1994 1993 1992
---------- ---------- ---------- ---------- ----------
(Amounts in thousands, except ratios)
Net income $ 153,549 $ 70,386 $ 42,118 $ 28,036 $ 15,123
Add: Minority interest in income 9,363 7,137 9,481 7,291 6,895
Less: Gain on disposition of real estate - - - - (398)
Less: Minority interests in income which
do not have fixed charges (8,273) (4,700) (5,906) (737) (694)
---------- ---------- ---------- ---------- ----------
Income from continuing operations 154,639 72,823 45,693 34,590 20,926
Interest expense 8,482 8,508 6,893 6,079 9,834
---------- ---------- ---------- ---------- ----------
Total Earnings Available to Cover Fixed Charges $ 163,121 $ 81,331 $ 52,586 $ 40,669 $ 30,760
========== ========== ========== ========== ==========
Total Fixed Charges - Interest expense $ 10,343 $ 8,815 $ 6,893 $ 6,079 $ 9,834
========== ========== ========== ========== ==========
Total Preferred Stock dividends $ 68,599 $ 31,124 $ 16,846 $ 10,889 $ 812
========== ========== ========== ========== ==========
Total Combined Fixed Charges and Preferred Stock
dividends $ 78,942 $ 39,939 $ 23,739 $ 16,968 $ 10,646
========== ========== ========== ========== ==========
Ratio of Earnings to Fixed Charges 15.77 9.23 7.63 6.69 3.13
========== ========== ========== ========== ==========
Ratio of Earnings to Combined Fixed Charges and
Preferred Stock dividends 2.07 2.04 2.22 2.40 2.89
========== ========== ========== ========== ==========
Ratio of Earnings to Combined Fixed Charges and
Preferred Stock dividends (A)
(A) Supplemental ratio after elimination of $13,412,000 of non-recurring special
dividends paid to the Series CC Preferred Stock.
Nine Months Ended
September 30,
------------------------------------------
1997 1996 1996
---------- ---------- ----------
SUPPLEMENTAL DISCLOSURE OF RATIO OF FUNDS FROM OPERATIONS
("FFO") TO FIXED CHARGES:
- -------------------------------------------------------------
FFO $ 200,106 $ 162,532 $ 224,384
Interest expense 5,821 6,893 8,482
---------- ---------- ----------
Adjusted FFO available to cover fixed charges $ 205,927 $ 169,425 $ 232,866
========== ========== ==========
Total Fixed Charges - Interest expense $ 7,242 $ 8,035 $ 10,343
========== ========== ==========
Total Preferred Stock dividends $ 68,134 $ 50,118 $ 68,599
========== ========== ==========
Total Combined Fixed Charges and Preferred Stock dividends $ 75,376 $ 58,153 $ 78,942
========== ========== ==========
Ratio of FFO to Fixed Charges 28.44 21.09 22.51
========== ========== ==========
Ratio of FFO to Combined Fixed Charges and Preferred Stock
dividends 2.73 2.91 2.95
========== ========== ==========
Ratio of FFO to Combined Fixed Charges and Preferred
Stock dividends (A) 3.32
==========
(A) Supplemental ratio after elimination of $13,412,000 of non-recurring special
dividends paid to the Series CC Preferred Stock.
For the Year Ended December 31,
---------------------------------------------
1995 1994 1993 1992
---------- ---------- ---------- ----------
SUPPLEMENTAL DISCLOSURE OF RATIO OF FUNDS FROM OPERATIONS
("FFO") TO FIXED CHARGES:
- -------------------------------------------------------------
FFO $ 105,086 $ 56,143 $ 35,830 $ 21,133
Interest expense 8,508 6,893 6,079 9,834
---------- ---------- ---------- ----------
Adjusted FFO available to cover fixed charges $ 113,594 $ 63,036 $ 41,909 $ 30,967
========== ========== ========== ==========
Total Fixed Charges - Interest expense $ 8,815 $ 6,893 $ 6,079 $ 9,834
========== ========== ========== ==========
Total Preferred Stock dividends $ 31,124 $ 16,846 $ 10,889 $ 812
========== ========== ========== ==========
Total Combined Fixed Charges and Preferred Stock dividends $ 39,939 $ 23,739 $ 16,968 $ 10,646
========== ========== ========== ==========
Ratio of FFO to Fixed Charges 12.88 9.15 6.89 3.15
========== ========== ========== ==========
Ratio of FFO to Combined Fixed Charges and Preferred Stock
dividends 2.84 2.66 2.47 2.91
========== ========== ========== ==========
Ratio of FFO to Combined Fixed Charges and Preferred
Stock dividends (A)
(A) Supplemental ratio after elimination of $13,412,000 of non-recurring special
dividends paid to the Series CC Preferred Stock.