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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2001 2000 1999 1998 1997
-------- -------- -------- -------- --------
Earnings before fixed charges
Income before extraordinary item $185,708 $181,583 $155,993 $116,677 $ 68,969
Add: Interest expense 107,991 104,229 94,712 74,155 46,521
Depreciation expense on
capitalized interest 2,311 1,809 1,396 1,001 650
Amortization of deferred
financing costs 4,015 4,066 4,951 4,462 4,448
-------- -------- -------- -------- --------
Earnings before fixed charges $300,025 $291,687 $257,052 $196,295 $120,588
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Fixed charges:
Interest expense 107,991 104,229 94,712 74,155 46,521
Amortization of deferred
financing charges 4,015 4,066 4,951 4,462 4,448
Capitalized interest 22,347 17,784 15,288 16,317 11,802
-------- -------- -------- -------- --------
Fixed charges $134,353 $126,079 $114,951 $ 94,934 $ 62,771
-------- -------- -------- -------- --------
Preferred share distributions 11,000 11,000 11,000 11,000 4,247
Preferred unit distributions 10,612 10,070 3,783 - -
-------- -------- -------- -------- --------
Combined fixed charges $155,965 $147,149 $129,734 $105,934 $ 67,018
======== ======== ======== ======== ========
Ratio of earnings to
fixed charges 2.23 2.31 2.24 2.07 1.92
======== ======== ======== ======== ========
Ratio of earnings to combined
fixed charges 1.92 1.98 1.98 1.85 1.80
======== ======== ======== ======== ========
Certain amounts from prior periods have been restated to conform to current-year
presentation.