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EXHIBIT 12.1
POST APARTMENT HOMES, L.P.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Nine Months
Ended September Year Ended December 31,
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2000 1999 1999 1998 1997 1996 1995
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Pre-tax income (loss) from
continuing operations $ 98,003 $ 88,318 $119,424 (1) $100,461 $ 66,078 (1) $ 53,453 (1) $ 38,417(1)
Fixed Charges:
Interest incurred and amortization
of debt discount and premium on
all indebtedness 55,742 39,898 56,105 48,189 35,205 27,916 29,714
Rentals - 33.34% (2) 2,106 1,799 2,385 2,220 1,686 939 405
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Total fixed charges 57,848 41,697 58,490 50,409 36,891 28,855 30,119
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Earnings before income taxes,
minority interest and fixed charges 155,851 130,015 177,914 150,870 102,969 82,308 68,536
Adjustment for capitalized interest (18,992) (14,710) (21,417) (15,707) (9,567) (4,443) (5,653)
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Total earnings $136,859 $115,305 $156,497 $135,163 $ 93,402 $ 77,865 $ 62,883
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RATIO OF EARNINGS TO FIXED CHARGES 2.4 2.8 2.7 2.7 2.5 2.7 2.1
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(1) 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.
(2) 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.