EX-12.1 2 a08-11608_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)

 

 

 

Three Months

 

 

 

 

 

 

 

 

 

 

 

Ended

 

Year Ended December 31, (a)

 

 

March 31, 2008

 

2007

 

2006

 

2005

 

2004

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations before minority interest

 

$

22,940

 

$

86,391

 

$

67,342

 

$

54,497

 

$

49,925

 

Add: Interest expense

 

22,245

 

87,230

 

70,179

 

47,892

 

27,414

 

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

 

(331

)

(1,407

)

(1,404

)

(571

)

–

 

Earnings available for fixed charges

 

$

44,854

 

$

172,214

 

$

136,117

 

$

101,818

 

$

77,339

 

 

 

 

 

 

 

 

 

 

 

 

 

Combined fixed charges and preferred stock dividends:

 

 

 

 

 

 

 

 

 

 

 

Interest incurred

 

$

39,648

 

$

143,910

 

$

106,451

 

$

76,471

 

$

45,477

 

Preferred stock dividends

 

2,928

 

12,020

 

16,090

 

16,090

 

12,595

 

Preferred stock redemption charge

 

–

 

2,799

 

–

 

–

 

1,876

 

 

 

 

 

 

 

 

 

 

 

 

 

Total combined fixed charges and preferred stock dividends

 

$

42,576

 

$

158,729

 

$

122,541

 

$

92,561

 

$

59,948

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

1.05

(d)

1.08

(c)

1.11

 

1.10

 

1.29

(c)

 

(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 included the effect of the preferred stock redemption charge pursuant to FASB 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 2007 and 2004 is 1.10 and 1.33, respectively.

(d)         Ratio of earnings to combined fixed charges and preferred stock dividends for the three months ended March 31, 2008 included the effect of a non-cash impairment charge aggregating $1,985,000 related to certain investments.  Excluding the impact of this non-cash impairment charge, the ratio of earnings to combined fixed charges and preferred stock dividends for the quarter ended March 31, 2008 is 1.10.