EXHIBIT 12.1
COMPUTATION OF RATIO OF EARNINGS TO COMBINED
FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
(in thousands, except ratio data)
Year ended December 31,
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2002 2001 2000 1999 1998
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Net Income Before Minority Interests $ 13,428 $ 19,666 $ 17,962 $ 16,754 $ 12,109
Add:
Distributed Income of Equity Investees 719 803 302 287 106
Fixed Charges and Preferred Dividends Excluding Capitalized Interest 27,724 29,866 31,289 28,983 27,132
Amortization of Capitalized Interest 79 53 39 8 --
Equity in Loss of Equity Investees -- -- -- 204 304
Deduct:
Gain on Sale of Real Estate (2,164) (5,550) (3,795) (974) --
Preferred Dividends (1,151) (3,360) (3,360) (3,407) (1,614)
Equity in Earnings of Equity Investees (790) (813) (198) -- --
-------- -------- -------- -------- --------
$ 37,845 $ 40,665 $ 42,239 $ 41,855 $ 38,037
======== ======== ======== ======== ========
Fixed Charges:
Interest Expense including Amortization of Debt Costs $ 26,429 $ 26,332 $ 27,756 $ 25,421 $ 25,396
Capitalized Interest 1,243 348 1,310 1,694 171
Interest Factor in Rental Expense 144 174 173 155 122
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Total Fixed Charges $ 27,816 $ 26,854 $ 29,239 $ 27,270 $ 25,689
Preferred Stock Dividends 1,151 3,360 3,360 3,407 1,614
-------- -------- -------- -------- --------
Total Fixed Charges and Preferred Dividends $ 28,967 $ 30,214 $ 32,599 $ 30,677 $ 27,303
======== ======== ======== ======== ========
Ratio of Earnings to Combined Fixed Charges 1.4 1.5 1.4 1.5 1.5
Ratio of Earnings to Combined Fixed Charges and Preferred Dividends 1.3 1.3 1.3 1.4 1.4
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