Attached files
| file | filename |
|---|---|
| 10-K - 10-K - ISTAR INC. | a2201748z10-k.htm |
| EX-12.2 - EX-12.2 - ISTAR INC. | a2201748zex-12_2.htm |
| EX-31.0 - EX-31.0 - ISTAR INC. | a2201748zex-31_0.htm |
| EX-23.1 - EX-23.1 - ISTAR INC. | a2201748zex-23_1.htm |
| EX-32.0 - EX-32.0 - ISTAR INC. | a2201748zex-32_0.htm |
| EX-21.1 - EX-21.1 - ISTAR INC. | a2201748zex-21_1.htm |
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Computation of Ratio of Earnings to fixed charges and
Earnings to fixed charges and preferred dividends
($ in thousands, except ratios)
| |
For the Years Ended December 31, | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| |
2010 | 2009 | 2008 | 2007 | 2006 | |||||||||||||
Earnings: |
||||||||||||||||||
Net income (loss) before equity in earnings from joint ventures and unconsolidated subsidiaries and other items |
$ | (259,433 | ) | $ | (793,327 | ) | $ | (328,335 | ) | $ | 104,354 | $ | 231,165 | |||||
Add: Fixed charges as calculated below |
349,041 | 485,624 | 671,304 | 635,277 | 433,609 | |||||||||||||
Add: Distributions of earnings of joint ventures |
32,650 | 36,766 | 48,196 | 49,486 | 13,276 | |||||||||||||
Less: Capitalized interest |
(466 | ) | (263 | ) | (2,501 | ) | (3,994 | ) | (1,917 | ) | ||||||||
Total earnings |
$ | 121,792 | $ | (271,200 | ) | $ | 388,664 | $ | 785,123 | $ | 676,133 | |||||||
Fixed charges: |
||||||||||||||||||
Interest expense(1) |
$ | 346,500 | $ | 481,116 | $ | 666,706 | $ | 629,272 | $ | 429,807 | ||||||||
Add: Capitalized interest |
466 | 263 | 2,501 | 3,994 | 1,917 | |||||||||||||
Implied interest component on the company's rent obligations |
2,075 | 4,245 | 2,097 | 2,011 | 1,885 | |||||||||||||
Fixed charges |
$ | 349,041 | $ | 485,624 | $ | 671,304 | $ | 635,277 | $ | 433,609 | ||||||||
Preferred dividends |
42,320 | 42,320 | 42,320 | 42,320 | 42,320 | |||||||||||||
Fixed charges and preferred dividends |
$ | 391,361 | $ | 527,944 | $ | 713,624 | $ | 677,597 | $ | 475,929 | ||||||||
Earnings to fixed charges(2) |
— | — | — | 1.2 | x | 1.6 | x | |||||||||||
Earnings to fixed charges and preferred dividends(2) |
— | — | — | 1.2 | x | 1.4 | x | |||||||||||
Explanatory Notes:
- (1)
- For
the years ended December 31, 2010, 2009, 2008, 2007 and 2006, interest expense includes $30,515, $66,876, $47,995, $18,554, and $19,327,
respectively, of interest expense reclassified to discontinued operations.
- (2)
- For the years ended December 31, 2010, 2009 and 2008, earnings were not sufficient to cover fixed charges by $227,249, $756,824 and $282,640, respectively, and earnings were not sufficient to cover fixed charges and preferred dividends by $269,569, $799,144 and $324,960, respectively.
Computation of Ratio of Earnings to fixed charges and Earnings to fixed charges and preferred dividends ($ in thousands, except ratios)