|
For the Year Ended December 31,
|
|||||
|
2013
|
2012
|
2011
|
2010
|
2009
|
|
|
EARNINGS:
|
|||||
|
ADD:
|
|||||
|
Income (loss) from continuing operations before
|
|||||
|
noncontrolling interest and equity in
|
|||||
|
earnings from unconsolidated joint ventures
|
$ ( 87,359)
|
$ 33,477
|
$ 57,477
|
$ 44,155
|
$ 63,433
|
|
Fixed charges (see calculation below)
|
136,721
|
126,516
|
125,074
|
150,108
|
140,501
|
|
Amortization of capitalized interest
|
2,154
|
1,981
|
1,913
|
2,070
|
2,028
|
|
Distributed income of unconsolidated joint ventures
|
8,485
|
3,990
|
3,301
|
2,311
|
2,637
|
|
SUBTRACT:
|
|||||
|
Capitalized interest
|
(12,885)
|
(4,342)
|
(1,081)
|
(1,912)
|
(1,401)
|
|
TOTAL EARNINGS:
|
$ 47,116
|
$ 161,622
|
$ 186,684
|
$ 196,732
|
$ 207,198
|
|
FIXED CHARGES:
|
|||||
|
Interest expense (includes amortization of deferred financing costs)
|
$ 123,701
|
$ 122,039
|
$ 123,858
|
$ 148,033
|
$ 138,855
|
|
Capitalized interest
|
12,885
|
4,342
|
1,081
|
1,912
|
1,401
|
|
Interest portion (33 percent) of ground rents on land leases
|
135
|
135
|
135
|
163
|
245
|
|
TOTAL FIXED CHARGES:
|
$ 136,721
|
$ 126,516
|
$ 125,074
|
$ 150,108
|
$ 140,501
|
|
Preferred stock dividends
|
-
|
-
|
1,736
|
2,000
|
2,000
|
|
TOTAL COMBINED FIXED CHARGES AND PREFERRED
|
|||||
|
SECURITY DIVIDENDS:
|
$ 136,721
|
$ 126,516
|
$ 126,810
|
$ 152,108
|
$ 142,501
|
|
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND
|
|||||
|
PREFERRED SECURITY DIVIDENDS:
|
(a)
|
1.3
|
1.5
|
1.3
|
1.5
|
|
(a) Deficiency of earnings to cover combined fixed charges and preferred security dividends
|
$ (89,605)
|
||||