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10-Q - 10-Q - ALEXANDRIA REAL ESTATE EQUITIES, INC.a10-5966_110q.htm
EX-31.1 - EX-31.1 - ALEXANDRIA REAL ESTATE EQUITIES, INC.a10-5966_1ex31d1.htm
EX-31.2 - EX-31.2 - ALEXANDRIA REAL ESTATE EQUITIES, INC.a10-5966_1ex31d2.htm
EX-32.0 - EX-32.0 - ALEXANDRIA REAL ESTATE EQUITIES, INC.a10-5966_1ex32d0.htm
EX-10.1 - EX-10.1 - ALEXANDRIA REAL ESTATE EQUITIES, INC.a10-5966_1ex10d1.htm

EXHIBIT 12.1

 

ALEXANDRIA REAL ESTATE EQUITIES, INC.

 

COMPUTATION OF CONSOLIDATED RATIO OF EARNINGS TO COMBINED FIXED

CHARGES, AND PREFERRED STOCK DIVIDENDS

(in thousands, except ratios)

 

 

 

Three Months

 

 

 

 

 

 

 

 

 

 

 

 

 

Ended

 

Year Ended December 31, (a)

 

 

 

March 31, 2010

 

2009

 

2008

 

2007

 

2006

 

2005

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations before noncontrolling interests

 

$

28,058

 

$

136,065

 

$

101,427

 

$

76,476

 

$

65,844

 

$

51,910

 

Add: Interest expense

 

17,562

 

82,249

 

85,366

 

93,539

 

69,087

 

46,792

 

Subtract: Noncontrolling interests in income of subsidiaries which have not incurred fixed charges

 

(302

)

(1,217

)

(1,304

)

(1,407

)

(1,404

)

(571

)

Earnings available for fixed charges

 

$

45,318

 

$

217,097

 

$

185,489

 

$

168,608

 

$

133,527

 

$

98,131

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Combined fixed charges and preferred stock dividends:

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest incurred

 

$

36,076

 

$

148,345

 

$

151,587

 

$

142,641

 

$

105,359

 

$

75,371

 

Preferred stock dividends

 

7,089

 

28,357

 

24,225

 

12,020

 

16,090

 

16,090

 

Preferred stock redemption charge

 

 

 

 

2,799

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total combined fixed charges and preferred stock dividends

 

$

43,165

 

$

176,702

 

$

175,812

 

$

157,460

 

$

121,449

 

$

91,461

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to combined fixed charges and preferred stock dividends (b)

 

1.05

 

1.23

 

1.06

(c)

1.07

(d)

1.10

 

1.07

 

 

(a)          Amounts disclosed for prior periods have been reclassified to conform to the current year presentation related to discontinued operations.

(b)         For purposes of calculating the consolidated ratio of earnings to combined fixed charges and preferred stock dividends, earnings consist of earnings from continuing operations before income taxes and fixed charges less noncontrolling interests’ in income of subsidiaries which have not incurred fixed charges.  Fixed charges consist of interest incurred (including amortization of deferred financing costs and capitalized interest) and preferred stock dividends.

(c)          Ratio of earnings to combined fixed charges and preferred stock dividends for the year ended December 31, 2008 includes the effect of non-cash impairment charges aggregating $13,251,000 for other-than-temporary declines in the fair value of certain investments.  Excluding the impact of the non-cash impairment charges, the ratio of earnings to combined fixed charges and preferred stock dividends for the year ended December 31, 2008 was 1.13.

(d)         Ratio of earnings to combined fixed charges and preferred stock dividends for the year ended December 31, 2007 includes the effect of the preferred stock redemption charge. Excluding the impact of this charge, the ratio of earnings to combined fixed charges and preferred stock dividends for the year ended December 31, 2007 was 1.09.