EX-12.2 7 d43970exv12w2.htm COMPUTATION OF RATIOS OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED SHARE DIVIDENDS exv12w2
 

EXHIBIT 12.2
ARCHSTONE-SMITH OPERATING TRUST
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED SHARE DIVIDENDS
(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  
 
                              
 
                                        
Combined fixed charges and Preferred Unit distributions:
                                        
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  
 
                              
Preferred Unit distributions
     3,829       4,572       16,254       26,153       34,309  
 
                              
Combined fixed charges and Preferred Unit distributions
   $ 301,532     $ 207,718     $ 164,934     $ 160,798     $ 174,664  
 
                              
Ratio of earnings to combined fixed charges and Preferred Unit distributions
     1.5       1.4       1.4       1.3       1.2  
 
                              
 
(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.