EX-12.1 6 d43970exv12w1.htm COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES exv12w1
 

Exhibit 12.1
ARCHSTONE-SMITH OPERATING TRUST
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollar amounts in thousands)
                                         
    Years Ended December 31,  
    2006(1)     2005(1)     2004(1)     2003(1)     2002(1)  
 
                              
Earnings from operations
   $ 201,008     $ 121,609     $ 106,111     $ 100,658     $ 106,188  
Add:
                                        
Interest expense
     245,895       164,035       125,108       107,791       107,978  
 
                              
Earnings as adjusted
   $ 446,903     $ 285,644     $ 231,219     $ 208,449     $ 214,166  
 
                              
 
                                        
Fixed Charges:
                                        
Interest expense
   $ 245,895     $ 164,035     $ 125,108     $ 107,791     $ 107,978  
Capitalized interest
     51,808       39,111       23,572       26,854       32,377  
 
                              
Total fixed charges
   $ 297,703     $ 203,146     $ 148,680     $ 134,645     $ 140,355  
 
                              
 
                                        
Ratio of earnings to fixed charges
     1.5       1.4       1.6       1.5       1.5  
 
                              
 
(1)   Net earnings from discontinued operations have been reclassified for all periods presented to conform with the list of communities in discontinued operations as of December 31, 2006.