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SUMMIT PROPERTIES PARTNERSHIP, L.P.
CALCULATION OF RATIOS OF EARNINGS TO FIXED CHARGES
(DOLLARS IN THOUSANDS)
YEARS ENDED DECEMBER 31,
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1997 1996 1995 1994 1993
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Income (loss) before extraordinary
items.................................. $31,934 $21,187 $15,051 $ 8,527 $(5,858)
Interest:
Expense incurred....................... 20,902 16,113 13,715 13,006 25,286
Amortization of deferred financing
costs............................... 1,057 1,025 1,087 1,061 1,114
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Total.......................... $53,893 $38,325 $29,853 $22,594 $20,542
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Fixed charges:
Interest expense....................... $20,902 $16,113 $13,715 $13,006 $25,286
Interest capitalized................... 5,876 4,266 3,110 686 0
Rental fixed charges................... 115 124 134 124 123
Amortization of deferred financing
costs............................... 1,057 1,025 1,087 1,061 1,114
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Total.......................... $27,950 $21,528 $18,046 $14,877 $26,523
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Ratio of earnings to fixed charges....... $ 1.93 $ 1.78 $ 1.65 $ 1.52 $ 0.77
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