EXHIBIT 12.1
ALEXANDRIA REAL ESTATE EQUITIES, INC.
COMPUTATION OF CONSOLIDATED RATIO OF EARNINGS TO COMBINED FIXED
CHARGES AND PREFERRED STOCK DIVIDENDS
(in thousands, except ratios)
The Period
October 27,
1994
(inception)
Year Ended December 31, though
--------------------------------------- December 31,
1998 1997 1996 1995 1994
------- -------- ------ ------ ------------
Earnings (Loss):............................................ 19,403 $(2,797) $2,175 $ 866 $(648)
Add back:
Interest Expense........................................ 14,033 7,043 6,327 3,553 328
Write-Off of Unamortized Loan Costs..................... -- 2,295 -- -- --
Acquisition LLC Financing Costs......................... -- 6,973 -- -- --
------- ------- ------ ------ ------
Earnings Available for Fixed Charges................ 33,436 $13,514 $8,502 $4,419 $(320)
------- ------- ------ ------ ------
Combined Fixed Charges:
Interest Incurred....................................... 16,232 $ 7,139 $6,327 $3,553 $ 328
Write-Off of Unamortized Loan Costs(a).................. -- 2,295 -- -- --
Acquisition LLC Financing Costs(b)...................... -- 6,973 -- -- --
Preferred Dividends..................................... -- 3,038 1,590 -- --
------- ------- ------ ------ ------
Fixed Charges....................................... 16,232 $19,445 $7,917 $3,553 $ 328
------- ------- ------ ------ ------
Ratio of Earnings to Fixed Charges and Preferred
Stock Dividends(c)...................................... 2.06 0.69 1.07 1.24 --
Excess of Fixed Charges Over Earnings....................... $ -- $ 5,931 $ -- $ -- $ 648
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(a) This amount represents unamortized loan costs associated with debt retired
in connection with the IPO.
(b) This amount represents the portion of the purchase price of the
membership interests in ARE Acquisitions, LLC (the "Acquisition LLC") paid
by the Company in excess of the cost incurred by the Acquisition LLC to
acquire the three Life Science Facilities owned by it.
(c) For purposes of calculating the consolidated ratio of earnings to
combined fixed charges and preferred stock dividends, earnings consist
of earnings before income taxes and fixed charges. Fixed charges consist
of interest incurred (including amortization of deferred financing costs
and capitalized interest), write-off of unamortized loan costs,
Acquisition LLC Financing Costs (see Note (b)), and preferred stock
dividends.