EX-12.2 5 d03068exv12w2.htm EX-12.2 COMPUTATION OF RATIO OF EARNINGS exv12w2
 

EXHIBIT 12.2

ARCHSTONE-SMITH TRUST
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED SHARE DIVIDENDS

(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  
 
    
     
     
     
     
 
Combined fixed charges and Preferred Share dividends:
                                        
 
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  
 
    
     
     
     
     
 
 
Preferred Share dividends
     32,185       22,277       25,340       23,733       20,938  
 
    
     
     
     
     
 
Combined fixed charges and Preferred Share dividends
   $ 248,792     $ 172,598     $ 184,656     $ 167,440     $ 125,215  
 
    
     
     
     
     
 
Ratio of earnings to combined fixed charges and Preferred Share dividends
     1.9       1.7       1.6       1.6       1.6  
 
    
     
     
     
     
 

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