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EXHIBIT 12.1
POST APARTMENT HOMES, L.P.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Year Ended December 31,
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2000 1999 1998 1997 1996 1995
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(unaudited)
Pre-tax income (loss) from
continuing operations $ 117,811(1) $ 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 77,365 56,105 48,189 35,205 27,916 29,714
Rentals - 33.34% (2) 2,835 2,385 2,220 1,686 939 405
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Total fixed charges 80,200 58,490 50,409 36,891 28,855 30,119
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Earnings before income taxes,
minority interest and fixed charges 198,011 177,914 150,870 102,969 82,308 68,536
Adjustment for capitalized interest (25,426) (21,417) (15,707) (9,567) (4,443) (5,653)
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Total earnings $ 172,585 $ 156,497 $ 135,163 $ 93,402 $ 77,865 $ 62,883
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RATIO OF EARNINGS TO FIXED CHARGES 2.2 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 2000,
1999, 1997, 1996 and 1995 was a non-recurring gain/(loss) of $3,208,
($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 2.1, 2.7, 2.4, 2.7 and 2.0
for 2000, 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.