EX-12.1 2 a2179691zex-12_1.htm EX-12.1
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Exhibit 12.1

ARCHSTONE-SMITH OPERATING TRUST
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollar amounts in thousands)
(Unaudited)

(a)
Historical

 
   Six Months Ended
June 30,
   Twelve Months Ended December 31,
 
   2007(1)
   2006(1)
   2006(1)
   2005(1)
   2004(1)
   2003(1)
   2002(1)
Earnings from operations   $ 69,173   $ 77,214   $ 171,502   $ 107,300   $ 84,273   $ 71,183   $ 78,634
Add:                                          
  Interest expense     138,135     90,930     216,673     125,013     100,018     92,211     95,053
   
 
 
 
 
 
 
Earnings as adjusted   $ 207,308   $ 168,144   $ 388,175   $ 232,313   $ 184,291   $ 163,394   $ 173,687
   
 
 
 
 
 
 

Combined fixed charges and Preferred Unit distributions:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  Interest expense   $ 138,135   $ 90,930   $ 216,673   $ 125,013   $ 100,018   $ 92,211   $ 95,053
  Capitalized interest     25,372     26,308     51,808     39,111     23,572     26,854     32,377
   
 
 
 
 
 
 
    Total fixed charges   $ 163,507   $ 117,238   $ 268,481   $ 164,124   $ 123,590   $ 119,065   $ 127,430
   
 
 
 
 
 
 
  Preferred Unit distributions     1,916     1,915     3,829     4,572     16,254     26,153     34,309
   
 
 
 
 
 
 
Combined fixed charges and Preferred Unit distributions   $ 165,423   $ 119,153   $ 272,310   $ 168,696   $ 139,844   $ 145,218   $ 161,739
   
 
 
 
 
 
 
Ratio of earnings to combined fixed charges and Preferred Unit distributions     1.3     1.4     1.4     1.4     1.3     1.1     1.1
   
 
 
 
 
 
 
(1)
Net earnings from discontinued operations have been reclassified for all periods presented.

(b)
Pro Forma

 
   Six Months Ended
June 30, 2007
   Year Ended
December 31, 2006
  
 
   Pro Forma
   Pro Forma
  
Earnings (loss) from operations   $ (356,050 ) $ (734,906 )
Add: Interest expense     439,334     869,794  
   
 
 
Earnings as adjusted   $ 83,284   $ 134,888  
Combined fixed charges and Preferred Unit distributions:              
Interest expense   $ 439,334   $ 869,794  
Capitalized interest     0     0  
   
 
 
Total fixed charges     439,334     869,794  
Preferred Unit distributions     36,044     72,084  
   
 
 
Combined fixed charges and Preferred Unit distributions   $ 475,378   $ 941,878  
Ratio of earnings to combined fixed charges and preferred distributions     0.2     0.1  



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