Attached files
| file | filename |
|---|---|
| 10-K - 10-K - ISTAR INC. | a2196363z10-k.htm |
| EX-31 - EXHIBIT 31 - ISTAR INC. | a2196363zex-31.htm |
| EX-32 - EXHIBIT 32 - ISTAR INC. | a2196363zex-32.htm |
| EX-21.1 - EXHIBIT 21.1 - ISTAR INC. | a2196363zex-21_1.htm |
| EX-23.1 - EXHIBIT 23.1 - ISTAR INC. | a2196363zex-23_1.htm |
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Computation of Ratio of Earnings to fixed charges and
Earnings to fixed charges and preferred stock dividends
(Dollars in thousands, except ratios)
| |
For the Years Ended December 31, | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| |
2009 | 2008 | 2007 | 2006 | 2005 | |||||||||||||
Earnings: |
||||||||||||||||||
Net income (loss) before equity in earnings from joint ventures and unconsolidated subsidiaries and other items |
$ | (775,900 | ) | $ | (302,175 | ) | $ | 169,174 | $ | 298,032 | $ | 242,150 | ||||||
Add: Fixed charges as calculated below |
485,624 | 671,304 | 635,277 | 433,609 | 314,865 | |||||||||||||
Add: Distributions of earnings of joint ventures |
36,766 | 48,196 | 49,486 | 13,276 | 6,672 | |||||||||||||
Less: Capitalized interest |
(263 | ) | (2,501 | ) | (3,994 | ) | (1,917 | ) | (788 | ) | ||||||||
Total earnings |
$ | (253,773 | ) | $ | 414,824 | $ | 849,943 | $ | 743,000 | $ | 562,899 | |||||||
Fixed charges: |
||||||||||||||||||
Interest expense(1) |
$ | 481,116 | $ | 666,706 | $ | 629,272 | $ | 429,807 | $ | 313,053 | ||||||||
Add: Capitalized interest |
263 | 2,501 | 3,994 | 1,917 | 788 | |||||||||||||
Implied interest component on the company's rent obligations |
4,245 | 2,097 | 2,011 | 1,885 | 1,024 | |||||||||||||
Fixed charges |
$ | 485,624 | $ | 671,304 | $ | 635,277 | $ | 433,609 | $ | 314,865 | ||||||||
Preferred dividend requirements |
42,320 | 42,320 | 42,320 | 42,320 | 42,320 | |||||||||||||
Fixed charges and preferred stock dividends |
$ | 527,944 | $ | 713,624 | $ | 677,597 | $ | 475,929 | $ | 357,185 | ||||||||
Earnings to fixed charges |
(0.5 | )x | 0.6 | x | 1.3 | x | 1.7 | x | 1.8 | x | ||||||||
Earnings to fixed charges and preferred stock dividends |
(0.5 | )x | 0.6 | x | 1.3 | x | 1.6 | x | 1.6 | x | ||||||||
Explanatory Note:
- (1)
- For the years ended December 31, 2007, 2006 and 2005, interest expense includes $12, $194 and $247, respectively, of interest expense reclassified to discontinued operations.
Computation of Ratio of Earnings to fixed charges and Earnings to fixed charges and preferred stock dividends (Dollars in thousands, except ratios)