EX-12 2 a04-13530_1ex12.htm EX-12

Exhibit 12

 

Statement re: Calculation of Ratios of Earnings to

Combined Fixed Charges and Preferred Unit Distributions

(Dollars in thousands)

 

 

 

NineMonths
Ended
September
30, 2004

 

Year
Ended
December
31, 2003

 

Year Ended
December
31, 2002

 

Year Ended
December
31, 2001

 

Year Ended
December
31, 2000

 

Year Ended
December
31, 1999

 

Net income from continuing operations less preferred distributions

 

$

104,458

 

$

160,241

 

$

173,576

 

$

248,780

 

$

237,571

 

$

159,447

 

Preferred distributions

 

24,321

 

39,225

 

52,613

 

60,850

 

57,389

 

46,808

 

Earnings from land and depreciated property dispositions

 

(8,940

)

(15,752

)

(7,292

)

(45,708

)

(60,692

)

(10,012

)

Interest expense

 

99,755

 

126,039

 

111,730

 

106,575

 

124,154

 

86,757

 

Earnings before fixed charges

 

$

219,594

 

$

309,753

 

$

330,627

 

$

370,497

 

$

358,422

 

$

283,000

 

Interest expense

 

$

99,755

 

$

126,039

 

$

111,730

 

$

106,575

 

$

124,154

 

$

86,757

 

Interest costs capitalized

 

4,381

 

6,734

 

13,529

 

25,859

 

32,980

 

26,017

 

Total fixed charges

 

$

104,136

 

$

132,773

 

$

125,259

 

$

132,434

 

$

157,134

 

$

112,774

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred distributions

 

$

24,321

 

$

39,225

 

$

52,613

 

$

60,850

 

$

57,389

 

$

46,808

 

Total fixed charges and preferred distributions

 

$

128,457

 

$

171,998

 

$

177,872

 

$

193,284

 

$

214,523

 

$

159,582

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of Earnings to Fixed Charges

 

2.11

 

2.33

 

2.64

 

2.80

 

2.28

 

2.51

 

Ratio of Earnings to Combined Fixed Charges and Preferred Distributions

 

1.71

 

1.80

 

1.86

 

1.92

 

1.67

 

1.77

 

 

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