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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, | |||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Three Months Ended March 31, 2003 | ||||||||||||||||||
| 2002 | 2001 | 2000 | 1999 | 1998 | ||||||||||||||
Earnings: | |||||||||||||||||||
Income from continuing operations before equity in income of joint ventures and gain on sale | $ | 8,234 | $ | 39,068 | $ | 43,283 | $ | 55,712 | $ | 55,641 | $ | 42,986 | |||||||
Add: | |||||||||||||||||||
Gain on sale of previously depreciated operating real estate assets | — | 17,906 | 34,110 | 28,622 | 9,166 | — | |||||||||||||
Gain on sale of land and development rights | — | 2,100 | 3,220 | 845 | (252 | ) | — | ||||||||||||
Distributions from unconsolidated joint ventures | 418 | 12,425 | 1,703 | 1,432 | 349 | 408 | |||||||||||||
Fixed charges (see below) | 14,067 | 54,096 | 53,749 | 54,422 | 52,082 | 49,115 | |||||||||||||
Subtract: | |||||||||||||||||||
Interest capitalized | 2,103 | 8,875 | 8,844 | 8,858 | 7,725 | 8,737 | |||||||||||||
Loan cost amortization capitalized | 61 | 229 | 204 | 196 | 192 | 227 | |||||||||||||
Total earnings (1) | $ | 20,555 | $ | 116,491 | $ | 127,017 | $ | 131,979 | $ | 109,069 | $ | 83,545 | |||||||
Fixed charges: | |||||||||||||||||||
Interest expense and credit enhancement fees | 11,479 | 43,656 | 43,663 | 44,473 | 43,246 | 39,167 | |||||||||||||
Interest capitalized | 2,103 | 8,875 | 8,844 | 8,858 | 7,725 | 8,737 | |||||||||||||
Loan cost amortization expense | 424 | 1,336 | 1,038 | 895 | 919 | 984 | |||||||||||||
Loan cost amortization capitalized | 61 | 229 | 204 | 196 | 192 | 227 | |||||||||||||
Total fixed charges (2) | $ | 14,067 | $ | 54,096 | $ | 53,749 | $ | 54,422 | $ | 52,082 | $ | 49,115 | |||||||
Ratio (1 divided by 2) | 1.46x | 2.15x | 2.36x | 2.43x | 2.09x | 1.70x | |||||||||||||
Gables Realty Limited Partnership Calculation of Ratios of Earnings to Fixed Charges Dollars in Thousands