EX-12.2 5 dex122.htm RATIO OF EARNINGS TO FIXED CHARGES Ratio of Earnings to Fixed Charges

Exhibit 12.2

STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

AND RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED

UNIT DISTRIBUTIONS OF THE OPERATING PARTNERSHIP

 

      Years Ended December 31,  
     2007    2006    2005    2004    2003  
Earnings:               

Income/(loss) from continuing operations before minority interest and equity in earnings of unconsolidated affiliates

   $ 46,091    $ 32,321    $ 20,271    $ 10,151    $ (2,318 )

Contractual interest expense

     93,911      94,193      98,231      104,594      117,653  

Amortization of deferred financing costs

     2,415      2,375      3,372      3,698      4,398  

Financing obligations interest expense

     3,930      4,162      5,032      9,999      17,691  

Distributions of earnings from unconsolidated affiliates

     4,271      7,335      8,516      6,410      4,320  
                                    

Total earnings

   $ 150,618    $ 140,386    $ 135,422    $ 134,852    $ 141,744  
                                    
Fixed charges and Preferred Unit distributions               

Contractual interest expense

   $ 93,911    $ 94,193    $ 98,231    $ 104,594    $ 117,653  

Amortization of deferred financing costs

     2,415      2,375      3,372      3,698      4,398  

Financing obligations interest expense

     3,930      4,162      5,032      9,999      17,691  

Capitalized interest

     9,743      5,002      2,900      1,058      1,398  

Interest component of rental expense

     1,448      1,481      1,606      1,789      1,721  
                                    

Total fixed charges

     111,447      107,213      111,141      121,138      142,861  

Preferred Unit distributions

     13,477      17,063      27,238      30,852      30,852  
                                    

Total fixed charges and Preferred Unit distributions

   $ 124,924    $ 124,276    $ 138,379    $ 151,990    $ 173,713  
                                    

Ratio of earnings to fixed charges

     1.35      1.31      1.22      1.11      0.99  
                                    

Ratio of earnings to combined fixed charges and Preferred Unit distributions

     1.21      1.13      0.98      0.89      0.82