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EXHIBIT 12.1
POST PROPERTIES, INC. (1)
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Year Ended December 31,
Quarter Ended -----------------------------------------------------------------------
March 31, 2000 1999 1998 1997 1996 1995
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Pre-tax income (loss) from
continuing operations $ 27,933 $ 104,975 (2) $ 88,950 $ 54,947 (2) $ 43,469 (2) $ 29,988(2)
Minority interest in the income of
subsidiary with fixed charges 3,320 12,598 11,511 11,131 9,984 8,429
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31,253 117,573 100,461 66,078 53,453 38,417
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Fixed Charges:
Interest incurred and amortization
of debt discount and premium on
all indebtedness 16,653 56,105 48,189 35,205 27,916 29,714
Rentals - 33.34% (3) 300 2,385 2,220 1,686 939 405
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Total fixed charges 16,953 58,490 50,409 36,891 28,855 30,119
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Earnings before income taxes,
minority interest and fixed charges 48,206 176,063 150,870 102,969 82,308 68,536
Adjustment for capitalized interest (5,567) (21,417) (15,707) (9,567) (4,443) (5,653)
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Total earnings $ 42,639 $ 154,646 $ 135,163 $ 93,402 $ 77,865 $ 62,883
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Ratio of Earnings to Fixed Charges 2.5 2.6 2.7 2.5 2.7 2.1
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(1) The ratio of earnings to fixed changes is the same for Post Apartment
Homes, L.P.
(2) Included in the pre-tax income from continuing operations for 1999,
1997, 1996 and 1995 was a non-recurring (loss)/gain of ($1,522),
$3,270, $854 and $1,746, respectively, relating to the sale of real
estate assets as disclosed in the Company's consolidated financial
statements. If such sales had not occurred, the ratio of earnings to
fixed charges would have been 2.7, 2.4, 2.7 and 2.0 for 1999, 1997,
1996 and 1995, respectively.
(3) The interest factor of rental expense is calculated as one-third of
rental expense for all leases except for two leases for which the
interest factor is calculated as 100% of rental expense. The Company
believes these represent appropriate interest factors.