Attached files
EXHIBIT 12
BRE PROPERTIES, INC.
STATEMENT RE:
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
AND EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
| (dollar amounts in thousands)
|
Year Ended December 31, | ||||||||||||||
| 2009 | 2008(1) | 2007(1) | 2006(1) | 2005(1) | |||||||||||
| Income from continuing operations |
$ | 40,470 | $ | 58,253 | $ | 54,306 | $ | 64,788 | $ | 31,705 | |||||
| Interest Expense |
82,734 | 92,032 | 87,593 | 81,136 | 75,775 | ||||||||||
| Redeemable noncontrolling interests in income |
1,461 | 1,868 | 1,857 | 1,976 | 2,040 | ||||||||||
| Earnings available to cover fixed charges |
$ | 124,665 | $ | 152,153 | $ | 143,756 | $ | 147,900 | $ | 109,520 | |||||
| Fixed charges: |
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| Interest |
$ | 82,734 | $ | 92,032 | $ | 87,593 | $ | 81,136 | $ | 75,775 | |||||
| Capitalized interest |
16,330 | 23,124 | 26,029 | 16,427 | 11,343 | ||||||||||
| Fixed charges: |
$ | 99,064 | $ | 115,156 | $ | 113,622 | $ | 97,563 | $ | 87,118 | |||||
| Preferred stock dividends |
11,813 | 11,813 | 16,122 | 17,873 | 17,873 | ||||||||||
| Fixed charges and preferred stock dividends |
$ | 110,877 | $ | 126,969 | $ | 129,744 | $ | 115,436 | $ | 104,991 | |||||
| Earnings available to cover fixed charges |
$ | 124,665 | $ | 152,153 | $ | 143,756 | $ | 147,900 | $ | 109,520 | |||||
| Divided by fixed charges |
$ | 99,064 | $ | 115,156 | $ | 113,622 | $ | 97,563 | $ | 87,118 | |||||
| Ratio of earnings to fixed charges |
1.3 | 1.3 | 1.3 | 1.5 | 1.3 | ||||||||||
| Earnings available to cover fixed charges |
$ | 124,665 | $ | 152,153 | $ | 143,756 | $ | 147,900 | $ | 109,520 | |||||
| Divided by fixed charges and preferred stock dividends |
$ | 110,877 | $ | 126,969 | $ | 129,744 | $ | 115,436 | $ | 104,991 | |||||
| Ratio of earnings to fixed charges and preferred stock |
1.1 | 1.2 | 1.1 | 1.3 | 1.0 | ||||||||||
| (1) | Restated to reflect the adoption of new accounting guidance requiring retroactive application (Note 2 to our audited financial statements). |