SUMMIT PROPERTIES PARTNERSHIP, L.P.
CALCULATION OF RATIOS OF EARNINGS TO FIXED CHARGES
(DOLLARS IN THOUSANDS)
YEAR ENDED DECEMBER 31,
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1998 1997 1996 1995 1994
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Income before extraordinary items $66,475 $31,934 $21,187 $15,051 $8,527
Interest:
Expense incurred 32,550 20,902 16,113 13,715 13,006
Amortization of deferred financing costs 956 1,057 1,025 1,087 1,061
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Total $99,981 $53,893 $38,325 $29,853 $22,594
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Fixed charges:
Interest expense $32,550 $20,902 $16,113 $13,715 $13,006
Interest capitalized 6,143 5,876 4,266 3,110 686
Rental fixed charges 133 115 124 134 124
Amortization of deferred financing costs 956 1,057 1,025 1,087 1,061
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Total $39,782 $27,950 $21,528 $18,046 $14,877
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Ratio of earnings to fixed charges $2.51 $1.93 $1.78 $1.65 $1.52
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