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Exhibit 12.1
Gables Realty Limited Partnership
Calculation of Ratios of Earnings to Fixed Charges
Dollars in Thousands
| | Years ended December 31, | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | 2002 | 2001 | 2000 | 1999 | 1998 | |||||||||||
| Net income from continuing operations before gain on sale of real estate assets, unusual items, and extraordinary items | $ | 29,124 | $ | 39,137 | $ | 42,804 | $ | 45,481 | $ | 39,215 | ||||||
| Plus Fixed Charges: | ||||||||||||||||
| Interest expense and credit enhancement fees | 43,984 | 43,966 | 44,788 | 43,544 | 39,472 | |||||||||||
| Interest capitalized | 8,875 | 8,844 | 8,858 | 7,725 | 8,737 | |||||||||||
| Loan cost amortization expense | 1,336 | 1,038 | 895 | 919 | 984 | |||||||||||
| Loan cost amortization capitalized | 229 | 204 | 196 | 192 | 227 | |||||||||||
| Total Fixed Charges (1) | $ | 54,424 | $ | 54,052 | $ | 54,737 | $ | 52,380 | $ | 49,420 | ||||||
| Less: | ||||||||||||||||
| Interest capitalized | 8,875 | 8,844 | 8,858 | 7,725 | 8,737 | |||||||||||
| Loan cost amortization capitalized | 229 | 204 | 196 | 192 | 227 | |||||||||||
| Adjusted Earnings (2) | $ | 74,444 | $ | 84,141 | $ | 88,487 | $ | 89,944 | $ | 79,671 | ||||||
| Ratio (2 divided by 1) | 1.37x | 1.56x | 1.62x | 1.72x | 1.61x | |||||||||||
Gables Realty Limited Partnership Calculation of Ratios of Earnings to Fixed Charges Dollars in Thousands