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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2003 2002 2001 2000 1999
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Income Before Minority Interests $12,955 $13,428 $19,666 $17,962 $16,754
Add:
Distributed Income of Equity Investees 656 719 803 302 287
Fixed Charges and Preferred Dividends Excluding
Capitalized Interest 31,947 27,724 29,866 31,289 28,983
Amortization of Capitalized Interest 111 79 53 39 8
Equity in Loss of Equity Investees - - - - 204
Deduct:
Gain on Sale of Real Estate (1,160) (2,164) (5,550) (3,795) (974)
Preferred Dividends (2,375) (1,151) (3,360) (3,360) (3,407)
Equity in Earnings of Equity Investees (252) (790) (813) (198) -
------------ ----------- ----------- ---------- ----------
$41,882 $37,845 $40,665 $42,239 $41,855
============ =========== =========== ========== ==========
Fixed Charges:
Interest Expense including Amortization of Debt Costs $29,432 $26,429 $26,332 $27,756 $25,421
Capitalized Interest 586 1,243 348 1,310 1,694
Interest Factor in Rental Expense 140 144 174 173 155
------------ ----------- ----------- ---------- ----------
Total Fixed Charges $30,158 $27,816 $26,854 $29,239 $27,270
Preferred Stock Dividends 2,375 1,151 3,360 3,360 3,407
------------ ----------- ----------- ---------- ----------
Total Fixed Charges and Preferred Dividends $32,533 $28,967 $30,214 $32,599 $30,677
============ =========== =========== ========== ==========
Ratio of Earnings to Combined Fixed Charges 1.4 1.4 1.5 1.4 1.5
Ratio of Earnings to Combined Fixed Charges and Preferred
Dividends 1.3 1.3 1.3 1.3 1.4