Exhibit 12.2 | ||||||||||||||||||||
COLONIAL REALTY LIMITED PARTNERSHIP | ||||||||||||||||||||
Ratio of Earnings to Fixed Charges | ||||||||||||||||||||
($ in thousands) | ||||||||||||||||||||
2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||
Earnings: | ||||||||||||||||||||
Pre-tax loss before adjustment for noncontrolling interest in | ||||||||||||||||||||
consolidated subsidiaries or income (loss) from equity investees, | ||||||||||||||||||||
extraordinary gain (loss), or gains (losses) on sale of properties | $ | (34,242 | ) | $ | (38,407 | ) | $ | (2,979 | ) | $ | (99,276 | ) | $ | (67,346 | ) | |||||
Amortization of interest capitalized | 1,986 | 1,988 | 2,008 | 3,100 | 3,392 | |||||||||||||||
Interest capitalized | (438 | ) | (1,153 | ) | (3,870 | ) | (25,032 | ) | (27,105 | ) | ||||||||||
Distributed income of equity investees | 3,737 | 5,566 | 11,601 | 13,344 | 13,207 | |||||||||||||||
Fixed Charges | 92,892 | 90,351 | 95,856 | 100,002 | 122,996 | |||||||||||||||
Total Earnings | $ | 63,935 | $ | 58,345 | $ | 102,616 | $ | (7,862 | ) | $ | 45,144 | |||||||||
Fixed Charges: | ||||||||||||||||||||
Interest expense | 87,667 | 84,553 | 87,023 | 69,951 | 89,105 | |||||||||||||||
Interest capitalized | 438 | 1,153 | 3,870 | 25,032 | 27,105 | |||||||||||||||
Debt costs amortization | 4,787 | 4,645 | 4,963 | 5,019 | 6,786 | |||||||||||||||
Total Fixed Charges | $ | 92,892 | $ | 90,351 | $ | 95,856 | $ | 100,002 | $ | 122,996 | ||||||||||
Ratio of Earning to Fixed Charges | (a) | (a) | 1.1 | (a) | (a) |
a) | For the years ended December 31, 2011, 2010, 2008 and 2007, the aggregate amount of fixed charges exceeded our earnings by approximately $29.0 million, $32.0 million, $107.9 million and $77.9 million, respectively, which is the amount of additional earnings that would have been required to achieve a ratio of earnings to fixed charges of 1.0x for such period. The deficiency of the ratio of earnings to fixed charges for all years presented is impacted by non-cash depreciation and amortization expense and the classification of operations for assets held for sale and sold as discontinued operations. In addition, for the year ended December 31, 2010, the deficiency of the ratio of earnings to fixed charges is also the result of a decline in revenue as the result of pressure on net effective rents. For the years ended December 31, 2008 and 2007, the deficiency of the ratio of earnings to fixed charges is also due to the $116.9 million and $43.3 million of non-cash impairment charges, respectively, related to the Company's for-sale residential business and certain development projects. |