Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
Income from continuing operations | $ | 1,709 | $ | 2,604 | $ | 4,104 | $ | 7,384 | |||||||
Additions: | |||||||||||||||
Fixed charges | |||||||||||||||
Interest expense | 15,930 | 14,886 | 47,944 | 43,983 | |||||||||||
Capitalized interest | 124 | 392 | 607 | 1,250 | |||||||||||
16,054 | 15,278 | 48,551 | 45,233 | ||||||||||||
Deductions: | |||||||||||||||
Capitalized interest | (124 | ) | (392 | ) | (607 | ) | (1,250 | ) | |||||||
Adjusted earnings | 17,639 | 17,490 | 52,048 | 51,367 | |||||||||||
Fixed charges (from above) | $ | 16,054 | $ | 15,278 | $ | 48,551 | $ | 45,233 | |||||||
Ratio of earnings to fixed charges | 1.10 | 1.14 | 1.07 | 1.14 | |||||||||||
Note: Certain prior period amounts have been reclassified to conform to the current period presentation due to the reclassification of certain properties as discontinued operations (see note 3 to the consolidated financial statements). |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
Net income attributable to the controlling interests | $ | 5,840 | $ | 9,561 | 18,438 | $ | 20,750 | ||||||||
Additions: | |||||||||||||||
Interest expense (1) | 16,259 | 16,049 | 48,929 | 47,477 | |||||||||||
Real estate depreciation and amortization (1) | 24,383 | 26,218 | 75,489 | 77,803 | |||||||||||
Income tax expense | 6 | 17 | 30 | 188 | |||||||||||
Non-real estate depreciation | 203 | 254 | 614 | 783 | |||||||||||
40,851 | 42,538 | 125,062 | 126,251 | ||||||||||||
Deductions: | |||||||||||||||
Gain on sale of real estate | — | (3,724 | ) | (3,195 | ) | (3,724 | ) | ||||||||
Adjusted EBITDA | 46,691 | 48,375 | 140,305 | 143,277 | |||||||||||
Debt service | |||||||||||||||
Interest expense | 16,259 | 16,049 | 48,929 | 47,477 | |||||||||||
Principal amortization | 823 | 1,250 | 2,466 | 4,150 | |||||||||||
$ | 17,082 | $ | 17,299 | $ | 51,395 | $ | 51,627 | ||||||||
Debt service coverage ratio | 2.73 | 2.80 | 2.73 | 2.78 | |||||||||||
(1) Includes discontinued operations |