EX-12 5 dex12.htm STATEMENTS RE COMPUTATION OF RATIOS Statements re Computation of ratios

EXHIBIT 12

 

BRE PROPERTIES, INC.

 

STATEMENT RE:

COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES

AND EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

 

   

Year Ended December 31,

  
   

2002

    

2001

    

2000

    

1999

    

1998

  
   

(dollar amounts in thousands)

  

Net income before gains (loss) on sales of investments, minority interest in income and discontinued operations

  

$

82,870

 

  

$

86,004

 

  

$

80,676

 

  

$

77,027

 

  

$

65,775

 

Provision for unusual charges

  

 

—  

 

  

 

7,163

 

  

 

8,765

 

  

 

1,250

 

  

 

2,400

 

Minority interest not convertible into Common Stock

  

 

(719

)

  

 

(656

)

  

 

(518

)

  

 

(600

)

  

 

(98

)

Discontinued operations

  

 

1,692

 

  

 

1,768

 

  

 

1,452

 

  

 

1,582

 

  

 

952

 

   
 
 
 
 
   

$

83,843

 

  

$

94,279

 

  

$

90,375

 

  

$

79,259

 

  

$

69,029

 

   
 
 
 
 

Fixed charges:

                                        

Interest

  

$

56,106

 

  

$

47,522

 

  

$

43,996

 

  

$

40,637

 

  

$

34,671

 

Interest from discontinued operations

  

 

1,026

 

  

 

995

 

  

 

1,032

 

  

 

1,058

 

  

 

927

 

Capitalized interest

  

 

12,015

 

  

 

13,502

 

  

 

16,434

 

  

 

9,485

 

  

 

12,606

 

Other

  

 

156

 

  

 

152

 

  

 

148

 

  

 

144

 

  

 

112

 

   
 
 
 
 

Fixed charges

  

$

69,303

 

  

$

62,171

 

  

$

61,610

 

  

$

51,324

 

  

$

48,316

 

   
 
 
 
 

Preferred stock dividends

  

 

7,765

 

  

 

4,569

 

  

 

4,569

 

  

 

4,182

 

  

 

—  

 

   
 
 
 
 

Fixed charges and preferred stock dividends

  

$

77,068

 

  

$

66,740

 

  

$

66,179

 

  

$

55,506

 

  

$

48,316

 

   
 
 
 
 

Net income before gains (loss) on sales of investments and minority interest in income and provision for unusual charges and fixed charges, excluding capitalized interest and preferred stock dividends

  

$

141,131

 

  

$

142,948

 

  

$

135,551

 

  

$

121,098

 

  

$

104,739

 

Divided by fixed charges

  

$

69,303

 

  

$

62,171

 

  

$

61,610

 

  

$

51,324

 

  

$

48,316

 

   
 
 
 
 

Ratio of earnings to fixed charges

  

 

2.0

 

  

 

2.3

 

  

 

2.2

 

  

 

2.4

 

  

 

2.2

 

   
 
 
 
 

Net income before gains (loss) on sales of investments and minority interest in income and provision for unusual charges and fixed charges, excluding capitalized interest and preferred stock dividends

  

$

141,131

 

  

$

142,948

 

  

$

135,551

 

  

$

121,098

 

  

$

104,739

 

Divided by fixed charges and preferred stock
dividends

  

$

77,068

 

  

$

66,740

 

  

$

66,179

 

  

$

55,506

 

  

$

48,316

 

   
 
 
 
 

Ratio of earnings to fixed charges and preferred stock

  

 

1.8

 

  

 

2.1

 

  

 

2.0

 

  

 

2.2

 

  

 

2.2