|
For
the Year Ended December 31,
|
|||||||||||||||||
|
2009
|
2008
|
2007
|
2006
|
2005
|
|||||||||||||
|
EARNINGS:
|
|||||||||||||||||
|
ADD:
|
|||||||||||||||||
|
Income
from continuing operations before minority interest and equity in earnings
from unconsolidated joint ventures
|
$
|
69,288
|
$
|
104,631
|
$
|
94,530
|
$
|
110,138
|
$
|
92,051
|
|||||||
|
Fixed
charges (see calculation below)
|
142,919
|
134,178
|
132,609
|
142,648
|
128,966
|
||||||||||||
|
Distributed
income of unconsolidated joint ventures
|
2,637
|
5,784
|
1,875
|
2,302
|
—
|
||||||||||||
|
SUBTRACT:
|
|||||||||||||||||
|
Capitalized
interest
|
(1,401
|
)
|
(5,799
|
)
|
(5,101
|
)
|
(6,058
|
)
|
(5,518
|
)
|
|||||||
|
Preferred
security dividend requirements of consolidated
subsidiaries
|
—
|
—
|
—
|
—
|
(3,909
|
)
|
|||||||||||
|
TOTAL
EARNINGS:
|
$
|
213,443
|
$
|
238,794
|
$
|
223,913
|
$
|
249,030
|
$
|
211,590
|
|||||||
|
FIXED
CHARGES:
|
|||||||||||||||||
|
Interest
expense (includes amortization of deferred financing
costs)
|
$
|
141,273
|
$
|
128,145
|
$
|
127,287
|
$
|
136,357
|
$
|
119,337
|
|||||||
|
Capitalized
interest
|
1,401
|
5,799
|
5,101
|
6,058
|
5,518
|
||||||||||||
|
Interest
portion (33 percent) of ground rents on land leases
|
245
|
234
|
221
|
233
|
202
|
||||||||||||
|
Preferred
security dividend requirements of consolidated
subsidiaries
|
—
|
—
|
—
|
—
|
3,909
|
||||||||||||
|
TOTAL
FIXED CHARGES:
|
$
|
142,919
|
$
|
134,178
|
$
|
132,609
|
$
|
142,648
|
$
|
128,966
|
|||||||
|
Preferred
stock dividends
|
2,000
|
2,000
|
2,000
|
2,000
|
2,000
|
||||||||||||
|
TOTAL
COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS:
|
$
|
144,919
|
$
|
136,178
|
$
|
134,609
|
$
|
144,648
|
$
|
130,966
|
|||||||
|
RATIO
OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK
DIVIDENDS:
|
1.5
|
1.8
|
1.7
|
1.7
|
1.6
|
||||||||||||