|
For the Year Ended December 31,
|
|||||
|
2010
|
2009
|
2008
|
2007
|
2006
|
|
|
EARNINGS:
|
|||||
|
ADD:
|
|||||
|
Income from continuing operations before minority interest
|
|||||
|
and equity in earnings from unconsolidated joint ventures
|
$ 56,474
|
$ 85,868
|
$ 105,142
|
$ 94,708
|
$ 110,928
|
|
Fixed charges (see calculation below)
|
151,404
|
141,714
|
132,970
|
130,789
|
140,488
|
|
Amortization of capitalized interest
|
2,070
|
2,028
|
1,950
|
1,849
|
1,750
|
|
Distributed income of unconsolidated joint ventures
|
2,311
|
2,637
|
5,784
|
1,875
|
2,302
|
|
SUBTRACT:
|
|||||
|
Capitalization interest
|
(1,912)
|
(1,401)
|
(5,799)
|
(5,101)
|
(6,058)
|
|
TOTAL EARNINGS:
|
$ 210,347
|
$ 230,846
|
$ 240,047
|
$ 224,120
|
$ 249,410
|
|
FIXED CHARGES:
|
|||||
|
Interest expense (includes amortization of deferred financing costs)
|
$ 149,329
|
$ 140,068
|
$ 126,937
|
$ 125,467
|
$ 134,197
|
|
Capitalized interest
|
1,912
|
1,401
|
5,799
|
5,101
|
6,058
|
|
Interest portion (33 percent) of ground rents on land leases
|
163
|
245
|
234
|
221
|
233
|
|
TOTAL FIXED CHARGES:
|
$ 151,404
|
$ 141,714
|
$ 132,970
|
$ 130,789
|
$ 140,488
|
|
Preferred stock dividends
|
2,000
|
2,000
|
2,000
|
2,000
|
2,000
|
|
TOTAL COMBINED FIXED CHARGES AND PREFERRED
|
|||||
|
STOCK DIVIDENDS:
|
$ 153,404
|
$ 143,714
|
$ 134,970
|
$ 132,789
|
$ 142,488
|
|
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND
|
|||||
|
PREFERRED STOCK DIVIDENDS:
|
1.4
|
1.6
|
1.8
|
1.7
|
1.8
|