EX-12.2 3 l16003aexv12w2.htm EXHIBIT 12.2 RATIO OF EARNINGS-PREFERRED DIVIDENDS Exhibit 12.2
 

Exhibit 12.2
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS
(Amounts in Thousands)
                                                         
    Year Ended December 31,     June 30,  
    2000     2001     2002     2003     2004     2004     2005  
Pretax income from continuing operations
   $ 97,329     $ 88,546     $ 99,293     $ 239,504     $ 262,344     $ 139,949     $ 170,489  
 
                                          
 
Fixed charges:
                                                        
Interest expense including amortization of deferred costs and capitalized interest
   $ 93,220     $ 92,518     $ 84,732     $ 100,177     $ 139,385     $ 60,171     $ 92,031  
Ground Rent 33%
   $ 244     $ 234     $ 252     $ 398     $ 587     $ 258     $ 545  
Preferred Dividends
   $ 42,563     $ 46,343     $ 50,940     $ 53,441     $ 50,706     $ 23,122     $ 27,583  
Proportionate share of fixed charges of 50% owned joint ventures accounted for using equity method of accounting
   $ —     $ —     $ —     $ —     $ —     $ —     $ —  
 
                                          
 
Total fixed charges
   $ 136,027     $ 139,095     $ 135,924     $ 154,016     $ 190,678     $ 83,551     $ 120,159  
 
                                          
 
Capitalized interest during the period
   $ (18,200 )   $ (12,927 )   $ (9,157 )   $ (11,478 )   $ (9,882 )   $ (5,029 )   $ (4,912 )
Preferred Dividends
   $ (42,563 )   $ (46,343 )   $ (50,940 )   $ (53,441 )   $ (50,706 )   $ (23,122 )   $ (27,583 )
Amortization of capitalized interest during the period
   $ 1,880     $ 2,311     $ 2,616     $ 2,999     $ 3,328     $ 1,667     $ 1,828  
Majority-owned subsidiary adjustments
   $ 19,593     $ 21,502     $ 21,570     $ 5,365     $ 5,013     $ 2,110     $ 2,660  
Equity Company Adjustments
   $ (23,296 )   $ (18,560 )   $ (32,769 )   $ (52,917 )   $ (40,895 )   $ (25,164 )   $ (14,566 )
Equity Company Adjustments Distributed Income
   $ 23,296     $ 18,560     $ 32,769     $ 52,917     $ 40,895     $ 25,164     $ 14,566  
 
                                          
 
Earnings before income taxes and fixed charges
   $ 194,066     $ 192,184     $ 199,306     $ 336,965     $ 400,775     $ 199,126     $ 262,641  
 
                                          
 
Ratio of earnings to combined fixed charges and preferred dividends
     1.43       1.38       1.47       2.19     $ 2.10     $ 2.38     $ 2.19