EX-12.1 3 a08-6477_1ex12d1.htm EX-12.1

 

EXHIBIT 12.1

ALEXANDRIA REAL ESTATE EQUITIES, INC.

 

COMPUTATION OF CONSOLIDATED RATIO OF EARNINGS TO COMBINED FIXED

CHARGES AND PREFERRED STOCK DIVIDENDS

(in thousands, except ratios)

 

 

 

 

Year Ended December 31, (a)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2007

 

2006

 

2005

 

2004

 

2003

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations before minority interest

 

$

88,831

 

$

71,150

 

$

57,179

 

$

52,606

 

$

41,026

 

Add: Interest expense

 

88,387

 

71,371

 

49,116

 

28,670

 

26,416

 

Subtract: Minority interest in income of subsidiaries which have not incurred fixed charges

 

(1,407

)

(1,404

)

(571

)

—

 

—

 

Earnings available for fixed charges

 

$

175,811

 

$

141,117

 

$

105,724

 

$

81,276

 

$

67,442

 

 

 

 

 

 

 

 

 

 

 

 

 

Combined fixed charges and preferred stock dividends:

 

 

 

 

 

 

 

 

 

 

 

Interest incurred

 

$

145,067

 

$

107,643

 

$

77,695

 

$

46,733

 

$

40,647

 

Preferred stock dividends

 

12,020

 

16,090

 

16,090

 

12,595

 

8,898

 

Preferred stock redemption charge

 

2,799

 

—

 

—

 

1,876

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

Total combined fixed charges and preferred stock dividends

 

$

159,886

 

$

123,733

 

$

93,785

 

$

61,204

 

$

49,545

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to combined fixed charges and preferred stock dividends (b)

 

1.10

(c)

1.14

 

1.13

 

1.33

(c)

1.36

 

 

(a) 

Amounts disclosed for prior periods have been reclassified to conform to the current year presentation related to discontinued operations.

 

 

(b) 

For purposes of calculating the consolidated ratio of earnings to combined fixed charges and preferred stock dividends, earnings consist of earnings from continuing operations before income taxes and fixed charges less minority interest in income of subsidiaries which have not incurred fixed charges. Fixed charges consist of interest incurred (including amortization of deferred financing costs and capitalized interest) and preferred stock dividends.

 

 

(c) 

Ratio of earnings to combined fixed charges and preferred stock dividends for the year ended December 31, 2007 and year ended December 31, 2004 include the effect of the preferred stock redemption charge pursuant to Emerging Issues Task Force Topic D-42. Excluding the impact of these charges, the ratio of earnings to combined fixed charges and preferred stock dividends for the year ended December 31, 2007 and year ended December 31, 2004 is 1.12 and 1.37, respectively.