EX-12.1 4 d03068exv12w1.htm EX-12.1 COMPUTATION OF RATIO OF EARNINGS exv12w1
 

EXHIBIT 12.1

ARCHSTONE-SMITH TRUST
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(Dollar amounts in thousands)

(Unaudited)

                                             
        Years Ended December 31,
       
        2002(1)   2001(1)   2000(1)   1999(1)   1998(1)
       
 
 
 
 
Earnings from operations
   $ 276,290     $ 163,993     $ 167,980     $ 161,802     $ 131,521  
Add:
                                        
 
Interest expense
     194,955       130,027       134,999       111,795       74,335  
 
    
     
     
     
     
 
Earnings as adjusted
   $ 471,245     $ 294,020     $ 302,979     $ 273,597     $ 205,856  
 
    
     
     
     
     
 
Fixed charges:
                                        
 
Interest expense
   $ 194,955     $ 130,027     $ 134,999     $ 111,795     $ 74,335  
 
Capitalized interest
     21,652       20,294       24,317       31,912       29,942  
 
    
     
     
     
     
 
   
Total fixed charges
   $ 216,607     $ 150,321     $ 159,316     $ 143,707     $ 104,277  
 
    
     
     
     
     
 
Ratio of earnings to fixed charges
     2.2       2.0       1.9       1.9       2.0  
 
    
     
     
     
     
 

     (1)  Net earnings from discontinued operations have been reclassified for all years presented.