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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 the
Sun Partnerships and 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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1998 1997 1996 1995 1994
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(unaudited, in thousands)
Earnings:
Net income $32,054 $27,927 $21,953(1) $13,591 $8,924
Add fixed charges other than
capitalized interest 24,245 14,534 1,277 6,420 4,894
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$56,299 $42,461 $33,230 $20,011 $13,818
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Fixed Charges:
Interest expense $24,245 $14,534 $11,277 $6,420 $4,894
Preferred OP Unit distribution 2,505 2,505 1,670 - -
Capitalized interest 787 645 380 192 58
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Total fixed charges $27,537 $17,684 $13,327 $6,612 $4,952
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(1) Before Extraordinary Item