EXHIBIT 12.1
STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO
FIXED CHARGES AND RATIO OF EARNINGS TO COMBINED FIXED CHARGES
YEAR ENDED DECEMBER 31,
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2000 1999 1998 1997 1996
-------- -------- -------- -------- --------
Earnings before fixed charges
Income before extraordinary item $181,583 $155,993 $116,677 $ 68,969 $ 37,631
Add: Interest expense 104,229 94,712 74,155 46,521 33,967
Depreciation expense on
capitalized interest 1,809 1,396 1,001 650 502
Amortization of deferred
financing costs 4,066 4,951 4,462 4,448 4,561
-------- -------- -------- -------- --------
Earnings before fixed charges $291,687 $257,052 $196,295 $120,588 $ 76,661
======== ======== ======== ======== ========
Fixed charges:
Interest expense 104,229 94,712 74,155 46,521 33,967
Amortization of deferred
financing charges 4,066 4,951 4,462 4,448 4,561
Capitalized interest 17,784 15,288 16,317 11,802 7,708
-------- -------- -------- -------- --------
Fixed charges $126,079 $114,951 $ 94,934 $ 62,771 $ 46,236
-------- -------- -------- -------- --------
Preferred share distributions 11,000 11,000 11,000 4,247 -
Preferred unit distributions 10,070 3,783 - - -
-------- -------- -------- -------- --------
Combined fixed charges $147,149 $129,734 $105,934 $ 67,018 $ 46,236
======== ======== ======== ======== ========
Ratio of earnings to
fixed charges 2.31 2.24 2.07 1.92 1.66
======== ======== ======== ======== ========
Ratio of earnings to combined
fixed charges 1.98 1.98 1.85 1.80 1.66
======== ======== ======== ======== ========
Certain amounts from prior periods have been restated to conform to current-year
presentation.