EXHIBIT 12.1
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED
CHARGES AND PREFERRED STOCK DIVIDENDS
CHARGES AND PREFERRED STOCK DIVIDENDS
Nine Months | ||||||||||||||||||||||||
Ended | ||||||||||||||||||||||||
September 30, | Year ended December 31, | |||||||||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | 2003 | |||||||||||||||||||
Income Before Minority Interests | $ | 30,364 | $ | 45,985 | $ | 41,848 | $ | 21,853 | $ | 17,828 | $ | 12,491 | ||||||||||||
Add: | ||||||||||||||||||||||||
Distributed Income of Equity Investees | 5,337 | 5,934 | 2,872 | 1,964 | 468 | 656 | ||||||||||||||||||
Fixed Charges and Preferred Dividends Excluding Capitalized Interest | 27,575 | 46,054 | 52,338 | 49,342 | 39,535 | 31,947 | ||||||||||||||||||
Amortization of Capitalized Interest | 127 | 139 | 130 | 123 | 136 | 111 | ||||||||||||||||||
Deduct: | ||||||||||||||||||||||||
Gain on Sale of Real Estate | (19,071 | ) | (32,643 | ) | (23,388 | ) | (1,136 | ) | (2,408 | ) | (1,160 | ) | ||||||||||||
Preferred Dividends | — | (3,146 | ) | (6,655 | ) | (6,655 | ) | (4,814 | ) | (2,375 | ) | |||||||||||||
Equity in Earnings of Equity Investees | (1,949 | ) | (2,496 | ) | (3,002 | ) | (2,400 | ) | (180 | ) | (252 | ) | ||||||||||||
$ | 42,383 | $ | 59,827 | $ | 64,143 | $ | 63,091 | $ | 50,565 | $ | 41,418 | |||||||||||||
Fixed Charges: | ||||||||||||||||||||||||
Interest Expense including Amortization of Debt Costs | $ | 27,357 | $ | 42,609 | $ | 45,409 | $ | 42,421 | $ | 34,525 | $ | 29,432 | ||||||||||||
Capitalized Interest | 2,766 | 2,881 | 1,431 | 741 | 692 | 586 | ||||||||||||||||||
Interest Factor in Rental Expense | 218 | 299 | 274 | 266 | 196 | 140 | ||||||||||||||||||
Total Fixed Charges | $ | 30,341 | $ | 45,789 | $ | 47,114 | $ | 43,428 | $ | 35,413 | $ | 30,158 | ||||||||||||
Preferred Stock Dividends | — | 3,146 | 6,655 | 6,655 | 4,814 | 2,375 | ||||||||||||||||||
Total Fixed Charges and Preferred Dividends | $ | 30,341 | $ | 48,935 | $ | 53,769 | $ | 50,083 | $ | 40,227 | $ | 32,533 | ||||||||||||
Ratio of Earnings to Combined Fixed Charges | 1.40 | 1.31 | 1.36 | 1.45 | 1.43 | 1.37 | ||||||||||||||||||
Ratio of Earnings to Combined Fixed Charges and Preferred Dividends | 1.40 | 1.22 | 1.19 | 1.26 | 1.26 | 1.27 |