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EXHIBIT 12.2
ARCHSTONE COMMUNITIES TRUST
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED SHARE DIVIDENDS
(Dollar amounts in thousands)
(Unaudited)
<TABLE>
<CAPTION>
Six Months Ended
June 30, Twelve Months Ended December 31,
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2000 1999 1999 1998 1997(1) 1996 1995
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<S> <C> <C> <C> <C> <C> <C> <C>
Earnings from operations.......................... $ 90,079 $ 82,421 $169,339 $134,571 $24,686 $ 94,089 $ 81,696
Add:
Interest expense............................. 71,527 56,041 121,494 83,350 61,153 35,288 19,584
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Earnings as adjusted.............................. $ 161,606 $138,462 $290,833 $217,921 $85,839 $129,377 $101,280
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Combined fixed charges and Preferred Share
dividends:
Interest expense............................. $ 71,527 $ 56,041 $121,494 $ 83,350 $61,153 $ 35,288 $ 19,584
Capitalized interest......................... 13,032 17,739 31,912 29,942 17,606 16,941 11,741
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Total fixed charges...................... 84,559 73,780 153,406 113,292 78,759 52,229 31,325
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Preferred Share dividends.................... 12,801 11,308 23,731 20,938 19,384 24,167 21,823
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Combined fixed charges and Preferred Share
dividends........................................ $ 97,360 $ 85,088 $177,137 $134,230 $98,143 $ 76,396 $ 53,148
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Ratio of earnings to combined charges and
Preferred Share dividends........................ 1.7 1.6 1.6 1.6 0.9 1.7 1.9
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(1) Earnings from operations for 1997 includes a one-time, non-cash charge of
$71.7 million associated with costs incurred in acquiring the management
companies from an affiliate. Accordingly, earnings from operations were
insufficient to cover combined fixed charges and Preferred Share dividends
by $12.3 million. Excluding this charge, the ratio of earnings to combined
fixed charges and Preferred Share dividends for the year ended December 31,
1997 would be 1.6.
