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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 DISTRIBUTIONS
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 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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2000 1999 1998 1997 1996
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(unaudited, in thousands)
Earnings:
Net income (before minority
interest) $46,304 $37,435 $32,054 $27,927 $ 21,953 (1)
Add fixed charges other than
capitalized interest 29,651 27,289 23,987 14,423 11,277
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$75,955 $64,724 $56,041 $42,350 $33,230
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Fixed Charges:
Interest expense $29,651 $27,289 $23,987 $14,423 $11,277
Preferred OP Unit distribution 7,826 3,663 2,505 2,505 1,670
Capitalized interest 3,148 2,230 1,045 756 380
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Total fixed charges $40,625 $33,182 $27,537 $17,684 $13,327
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Ratio of earnings to
fixed charges 1.87 1.95 2.03 2.39 2.49
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(1) Before Extraordinary Item in 1996