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EXHIBIT 12.1
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
AND RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS
The ratio of earnings to fixed charges for the Company (including its
subsidiaries and majority-owned partnerships) presents the relationship of the
Company's earnings to its fixed charges. "Earnings" as used in the computation,
is based on the Company's net income (loss) from continuing operations (which
includes a charge to income for depreciation and amortization expense) before
income taxes, plus fixed charges. "Fixed charges" is comprised of (i) interest
charges, whether expensed or capitalized, and (ii) amortization of loan costs
and discounts or premiums relating to indebtedness of the Company and its
subsidiaries and majority-owned partnerships, excluding in all cases items which
would be or are eliminated in consolidation.
The Company's ratio of earnings to combined fixed charges presents the
relationship of the Company's earnings (as defined above) to fixed charges (as
defined above).
Year Ended December 31
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1999 1998 1997 1996 1995
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(unaudited, in thousands)
Earnings:
Net income (before
minority interest) $37,435 $32,054 $27,927 $21,953(1) $13,591
Add fixed charges other than
capitalized interest 26,751 24,245 14,534 1,277 6,420
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$64,186 $56,299 $42,461 $23,230 $20,011
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Fixed Charges:
Interest expense $26,751 $23,699 $14,423 $11,277 $ 6,420
Preferred OP Unit distribution 3,663 2,505 2,505 1,670 -
Capitalized interest 2,322 1,333 756 380 192
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Total fixed charges $32,736 $27,537 $17,684 $13,327 $ 6,612
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(1) Before Extraordinary Item