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Exhibit 12.2
Gables Realty Limited Partnership
Calculation of Ratios of Earnings to Combined Fixed Charges
and Preferred Dividends
Dollars in Thousands
Three months
ended Years ended December 31,
March 31, ---------------------------------------------------------
2002 2001 2000 1999 1998 1997
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Net income from continuing operations before
gain on sale of real estate assets,
unusual items, and extraordinary items $ 8,779 $ 40,840 $ 44,471 $ 46,885 $ 40,819 $ 31,931
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Plus Fixed Charges:
Interest expense and credit enhancement fees 10,281 44,690 45,539 44,259 39,974 25,313
Interest capitalized 2,423 8,844 8,858 7,725 8,737 5,161
Loan cost amortization expense 257 1,038 895 919 984 992
Loan cost amortization capitalized 57 204 196 192 227 182
Preferred dividends 3,521 14,083 14,083 14,083 10,252 4,163
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Total Fixed Charges (1) $ 16,539 $ 68,859 $ 69,571 $ 67,178 $ 60,174 $ 35,811
Less:
Interest capitalized 2,423 8,844 8,858 7,725 8,737 5,161
Loan cost amortization capitalized 57 204 196 192 227 182
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Adjusted Earnings (2) $ 22,838 $100,651 $104,988 $106,146 $ 92,029 $ 62,399
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Ratio (2 divided by 1) 1.38x 1.46x 1.51x 1.58x 1.53x 1.74x
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