EX-12.1 3 dex121.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Prepared by R.R. Donnelley Financial -- Computation of Ratio of Earnings to Fixed Charges
EXHIBIT 12.1
 
ARCHSTONE-SMITH OPERATING TRUST
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
 
(Dollar amounts in thousands)
 
(Unaudited)
 
    
Years Ended December 31,
    
2001
   
2000
   
1999
   
1998
   
1997(1)
Earnings from operations
   
$
175,397
   
$
176,466
   
$
169,339
   
$
134,571
   
$
24,686
Add:
                                   
Interest expense
   
 
141,907
   
 
145,173
   
 
121,494
   
 
83,350
   
 
61,153
    
  
  
  
  
Earnings as adjusted
   
$
317,304
   
$
321,639
   
$
290,833
   
$
217,921
   
$
85,839
    
  
  
  
  
Fixed charges:
                                   
Interest expense
   
$
141,907
   
$
145,173
   
$
121,494
   
$
83,350
   
$
61,153
Capitalized interest
   
 
20,294
   
 
24,317
   
 
31,912
   
 
29,942
   
 
17,606
    
  
  
  
  
Total fixed charges
   
$
162,201
   
$
169,490
   
$
153,406
   
$
113,292
   
$
78,759
    
  
  
  
  
Ratio of earnings to fixed charges
   
 
2.0
   
 
1.9
   
 
1.9
   
 
1.9
   
 
1.1
    
  
  
  
  
 
(1)
 
Earnings from operations for 1997 includes a one-time, non-cash charge of $71.7 million associated with costs incurred in acquiring Archstone’s REIT and property management companies from Security Capital. Excluding the charge, the ratio of earnings to fixed charges for the year ended December 31, 1997 would be 2.0.