Exhibit 12.1
Gables Residential Trust
Ratio of earnings to fixed charges
Dollars in thousands
Gables Residential Trust
GABLES RESIDENTIAL TRUST PREDECESSOR
Nine months
ended YEARS ENDED 12-31 1-26-94- 1-1-94- Year ended
9-30-98 1997 1996 1995 12-31-94 1-25-94 12-31-93
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Net income before minority interest
and extraordinary items $ 23,768 $ 36,102 $ 27,541 $ 18,369 $ 15,972 $ (92) $ 4,520
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Plus Fixed Charges:
Interest expense 28,059 24,804 21,112 13,088 8,345 1,043 12,253
Credit enhancement fees 1,006 509 576 710 661 35 591
Interest capitalized 6,089 5,161 4,373 7,481 3,031 54 1,053
Loan cost amortization expense 787 992 1,348 932 893 234 1,132
Loan cost amortization capitalized 155 182 285 1,508 1,176 0 110
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Total fixed charges(1) 36,096 31,648 27,694 23,719 14,106 1,366 15,139
Less:
Interest capitalized 6,089 5,161 4,373 7,481 3,031 54 1,053
Loan cost amortization capitalized 155 182 285 1,508 1,176 0 110
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Adjusted earnings (2) 53,620 62,407 50,577 33,099 25,871 1,220 18,496
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Ratio (2 divided by 1) 1.49 1.97 1.83 1.40 1.83 0.89 1.22
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Coverage deficiency (146)
- 1 -
Gables Residential Trust
Ratio of earnings to combined fixed charges and preferred dividends
Dollars in thousands
Gables Residential Trust
GABLES RESIDENTIAL TRUST PREDECESSOR
Nine months
ended YEARS ENDED 12-31 1-26-94- 1-1-94- Year ended
9-30-98 1997 1996 1995 12-31-94 1-25-94 12-31-93
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Net income before minority interest and
extraordinary items $ 23,768 $ 36,102 $ 27,541 $ 18,369 $ 15,972 $ (92) $ 4,520
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Plus Fixed Charges and Preferred Dividends:
Interest expense 28,059 24,804 21,112 13,088 8,345 1,043 12,253
Credit enhancement fees 1,006 509 576 710 661 35 591
Interest capitalized 6,089 5,161 4,373 7,481 3,031 54 1,053
Loan cost amortization expense 787 992 1,348 932 893 234 1,132
Loan cost amortization capitalized 155 182 285 1,508 1,176 0 110
Preferred dividends 7,222 4,163 0 0 0 0 0
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Total fixed charges and preferred dividends(1) 43,318 35,811 27,694 23,719 14,106 1,366 15,139
Less:
Interest capitalized 6,089 5,161 4,373 7,481 3,031 54 1,053
Loan cost amortization capitalized 155 182 285 1,508 1,176 0 110
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Adjusted earnings (2) 60,842 66,570 50,577 33,099 25,871 1,220 18,496
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Ratio (2 divided by 1) 1.40 1.86 1.83 1.40 1.83 0.89 1.22
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Coverage deficiency (146)
- 2 -