EX-12.1 6 d547204dex121.htm EX-12.1 EX-12.1

Exhibit 12.1

STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS (in thousands, except ratios)

 

     Three months ended
March 31,
    Year ended  
     2013     2012     2012     2011     2010     2009     2008  

Fixed Charges:

              

Interest Expense

     16,373        16,537        65,023        65,817        66,486        71,464        69,692   

Interest Expense Included in Discontinued Operations

           5,932        6,274        6,279        6,296   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total

     16,373        16,537        65,023        71,749        72,760        77,743        75,988   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Earnings:

              

Income from Continuing Operations

     20,910        18,402        62,937        86,864        107,258        71,569        113,370   

Less Equity in Income of Unconsolidated Joint Ventures

     (395     (170     (923     (1,619     (2,633     (104     (256

Operating Distributions Received from Unconsolidated Joint Ventures

     463        788        2,338        2,932        4,463        4,445        4,747   

Fixed Charges

     16,373        16,537        65,023        71,749        72,760        77,743        75,988   

Less Preferred Dividends of Consolidated Subsidiaries

     (4     (4     (15     (15     (15     (15     (15
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total

     37,347        35,553        129,360        159,911        181,833        153,638        193,834   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Ratio of Earnings to Fixed Charges:(1)(2)

     2.3        2.1        2.0        2.2        2.5        2.0        2.6   

 

(1) For the three months ended March 31, 2013 and 2012 and the years ended December 31, 2012, 2011, 2010, 2009 and 2008 amounts have been adjusted to conform with the current period presentation, including classifying revenues from sold properties as discontinued operations for each such period.
(2) There was no preferred stock outstanding for any of the periods shown above. Accordingly, the ratio of earnings to combined fixed charges and preferred stock dividends was identical to the ratio of earnings to fixed charges for each period.