EXHIBIT 12
STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO
FIXED CHARGES AND RATIO OF EARNINGS TO COMBINED FIXED CHARGES
YEAR ENDED DECEMBER 31,
----------------------------------------------------
1999 1998 1997 1996 1995
-------- -------- -------- -------- --------
Earnings before fixed charges
Income before extraordinary item $155,993 $116,677 $ 68,969 $ 37,631 $ 22,309
Add: Interest expense 94,712 74,155 46,521 33,967 32,819
Depreciation expense on
capitalized interest 1,396 1,001 650 502 450
Amortization of deferred
financing costs 4,951 4,462 4,448 4,561 4,869
-------- -------- -------- -------- --------
Earnings before fixed charges $257,052 $196,295 $120,588 $ 76,661 $ 60,447
======== ======== ======== ======== ========
Fixed charges:
Interest expense 94,712 74,155 46,521 33,967 32,819
Amortization of deferred
financing charges 4,951 4,462 4,448 4,561 4,869
Capitalized interest 15,288 16,317 11,802 7,708 3,475
-------- -------- -------- -------- --------
Fixed charges $114,951 $ 94,934 $ 62,771 $ 46,236 $ 41,163
-------- -------- -------- -------- --------
Preferred share distributions 11,000 11,000 4,247 - -
Preferred unit distributions 3,783 - - - -
-------- -------- -------- -------- --------
Combined fixed charges $129,734 $105,934 $ 67,018 $ 46,236 $ 41,163
======== ======== ======== ======== ========
Ratio of earnings to
fixed charges 2.24 2.07 1.92 1.66 1.47
======== ======== ======== ======== ========
Ratio of earnings to combined
fixed charges 1.98 1.85 1.80 1.66 1.47
======== ======== ======== ======== ========
Certain amounts from prior periods have been restated to conform to
current-year presentation.