|
For the Year Ended December 31,
|
|||||
|
2012
|
2011
|
2010
|
2009
|
2008
|
|
|
EARNINGS:
|
|||||
|
ADD:
|
|||||
|
Income from continuing operations before
|
|||||
|
noncontrolling interest and equity in
|
|||||
|
earnings from unconsolidated joint ventures
|
$ 42,192
|
$ 75,780
|
$ 63,395
|
$ 82,564
|
$ 101,931
|
|
Fixed charges (see calculation below)
|
126,845
|
125,403
|
150,438
|
140,723
|
131,955
|
|
Amortization of capitalized interest
|
1,981
|
1,913
|
2,070
|
2,028
|
1,950
|
|
Distributed income of unconsolidated joint ventures
|
3,990
|
3,301
|
2,311
|
2,637
|
5,784
|
|
SUBTRACT:
|
|||||
|
Capitalized interest
|
(4,342)
|
(1,081)
|
(1,912)
|
(1,401)
|
(5,799)
|
|
TOTAL EARNINGS:
|
$ 170,666
|
$ 205,316
|
$ 216,302
|
$ 226,551
|
$ 235,821
|
|
FIXED CHARGES:
|
|||||
|
Interest expense (includes amortization of deferred financing costs)
|
$ 122,368
|
$ 124,187
|
$ 146,363
|
$ 139,077
|
$ 125,922
|
|
Capitalized interest
|
4,342
|
1,081
|
1,912
|
1,401
|
5,799
|
|
Interest portion (33 percent) of ground rents on land leases
|
135
|
135
|
163
|
245
|
234
|
|
TOTAL FIXED CHARGES:
|
$ 126,845
|
$ 125,403
|
$ 150,438
|
$ 140,723
|
$ 131,955
|
|
Preferred stock dividends
|
-
|
1,736
|
2,000
|
2,000
|
2,000
|
|
TOTAL COMBINED FIXED CHARGES AND PREFERRED
|
|||||
|
STOCK DIVIDENDS:
|
$ 126,845
|
$ 127,139
|
$ 152,438
|
$ 142,723
|
$ 133,955
|
|
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND
|
|||||
|
PREFERRED STOCK DIVIDENDS:
|
1.3
|
1.6
|
1.4
|
1.6
|
1.8
|