EXHIBIT 12.1
Dollars in thousands
Three Months
Ended
March 31, Year Ended December 31,
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2003 2002 2001 2000 1999 1998
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Income before gains on dispositions,
minority interest in operating partnership
income and extraordinary items $ 4,380 $ 17,576 $ 20,371 $ 21,030 $ 25,899 $ 29,593
Equity in loss of real estate joint ventures 125 532 296 157 31 -
Fixed charges:
Interest expense 11,635 49,448 52,598 50,736 48,302 45,704
Estimate of interest within rental expense - 5 158 407 77 41
Deferred financing costs 624 2,712 2,352 2,758 2,854 2,348
Interest capitalized - 239 1,382 3,730 3,967 4,265
Distributed income of equity investees 125 275 289 267 - -
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16,889 70,787 77,446 79,085 81,130 81,951
Interest capitalized - (239) (1,382) (3,730) (3,967) (4,265)
Minority interest in pre-tax income of
subsidiaries that have not incurred
fixed charges - - - - - -
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Earnings $ 16,889 $ 70,548 $ 76,064 $ 75,355 $ 77,163 $ 77,686
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Fixed charges:
Interest expense $ 11,635 $ 49,448 $ 52,598 $ 50,736 $ 48,302 $ 45,704
Estimate of interest within rental expense - 5 158 122 77 41
Deferred financing costs 624 2,712 2,352 2,758 2,854 2,348
Interest capitalized - 239 1,382 3,730 3,967 4,265
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Fixed charges $ 12,259 $ 52,404 $ 56,490 $ 57,346 $ 55,200 $ 52,358
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Ratio of earnings to fixed charges 1.4x 1.3x 1.3x 1.3x 1.4x 1.5x
Fixed charges:
Interest expense $ 11,635 $ 49,448 $ 52,598 $ 50,736 $ 48,302 $ 45,704
Estimate of interest within rental expense - 5 158 122 77 41
Deferred financing costs 624 2,712 2,352 2,758 2,854 2,348
Interest capitalized - 239 1,382 3,730 3,967 4,265
Preferred stock dividends 3,925 18,070 16,113 16,114 16,114 11,430
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Combined fixed charges and preferred stock dividends $ 16,184 $ 70,474 $ 72,603 $ 73,460 $ 71,314 $ 63,788
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Ratio of earnings to combined fixed charges and preferred
stock di1xdends 1.0x 1.0x 1.0x 1.0x 1.1x 1.2x