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 operations (which includes a charge to
income for depreciation and amortization expense) plus fixed charges. "Fixed
charges" is comprised of (i) interest charges, whether expensed or capitalized,
(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, and (iii) preferred stock or OP Unit distributions.
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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2001 2000 1999 1998 1997
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(unaudited, in thousands)
Earnings:
Net income (before minority
interest) ............... $47,246 $46,304 $37,435 $32,054 $27,927
Add fixed charges other than
capitalized interest .......... 31,016 29,651 27,289 23,987 14,423
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$78,262 $75,955 $64,724 $56,041 $42,350
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Fixed Charges:
Interest expense .............. $31,016 $29,651 $27,289 $23,987 $14,423
Preferred OP Unit distributions 8,131 7,826 3,663 2,505 2,505
Capitalized interest .......... 3,704 3,148 2,230 1,045 756
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Total fixed charges ........... $42,851 $40,625 $33,182 $27,537 $17,684
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Ratio of earnings to
fixed charges ................ 1.83 1.87 1.95 2.03 2.39
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