Exhibit 12.1
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED DIVIDENDS
(Amounts in Thousands)
Year Ended December 31,
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1999 2000 2001 2002 2003
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Pretax income from continuing operations $ 84,945 $ 99,085 $ 89,606 $ 100,425 $ 241,155
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Fixed charges:
Interest expense including amortization of deferred costs and
capitalized interest $ 80,131 $ 93,948 $ 93,285 $ 85,393 $ 101,156
Ground Rent 33% $ 176 $ 244 $ 234 $ 252 $ 398
Preferred Dividends $ 32,419 $ 42,563 $ 46,343 $ 50,940 $ 53,441
Proportionate share of fixed charges of 50 % owned joint ventures
accounted for using equity method of accounting $ -- $ -- $ -- $ -- $ --
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Total fixed charges $ 112,726 $ 136,755 $ 139,862 $ 136,585 $ 154,995
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Capitalized interest during the period ($ 13,400) ($ 18,200) ($ 12,927) ($ 9,157) ($ 11,478)
Preferred Dividends ($ 32,419) ($ 42,563) ($ 46,343) ($ 50,940) ($ 53,441)
Amortization of capitalized interest during the period $ 1,272 $ 1,879 $ 2,310 $ 2,616 $ 2,999
Majority-owned subsidiary adjustments $ 11,809 $ 19,593 $ 21,502 $ 21,570 $ 5,365
Equity Company Adjustments ($ 24,713) ($ 23,296) ($ 18,560) ($ 32,769) ($ 52,917)
Equity Company Adjustments Distributed Income $ 24,713 $ 23,296 $ 18,560 $ 32,769 $ 52,917
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Earnings before income taxes and fixed charges $ 164,933 $ 196,549 $ 194,010 $ 201,099 $ 339,595
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Ratio of earnings to combined fixed charges and preferred dividends 1.46 1.44 1.39 1.47 2.19
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