EX-12.1 2 a3q13ex121.htm EXHIBIT 3Q13 Ex 12.1


 
 
 
 
Exhibit 12.1
 
COLONIAL REALTY LIMITED PARTNERSHIP
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended
 
Nine Months Ended
($ in thousands)
 
September 30,
 
September 30,
 
 
2013
 
2012
 
2013
 
2012
Earnings:
 
 
 
 
 
 
 
 
Pre-tax (loss) income from continuing operations before noncontrolling
 
 
 
 
 
 
 
 
interest in consolidated subsidiaries or income (loss) from equity
 
 
 
 
 
 
 
 
investees, extraordinary gain (loss), or gains (losses) on sale of
 
 
 
 
 
 
 
 
properties
 
$
(53,391
)
 
$
(8,200
)
 
$
(61,110
)
 
$
(26,666
)
Amortization of interest capitalized
 
490

 
497

 
1,470

 
1,484

Interest capitalized
 
(426
)
 
(389
)
 
(988
)
 
(924
)
Distributed income of equity investees
 
179

 
185

 
5,848

 
656

Fixed Charges
 
22,538

 
24,876

 
69,053

 
74,577

Total Earnings
 
$
(30,610
)
 
$
16,969

 
$
14,273

 
$
49,127

 
 
 
 
 
 
 
 
 
Fixed Charges:
 
 
 
 
 
 
 
 
Interest expense
 
20,534

 
23,037

 
63,728

 
69,367

Interest capitalized
 
426

 
389

 
988

 
924

Debt costs amortization
 
1,578

 
1,450

 
4,337

 
4,286

Total Fixed Charges
 
$
22,538

 
$
24,876

 
$
69,053

 
$
74,577

 
 
 
 
 
 
 
 
 
Ratio of Earning to Fixed Charges
 
(a)
 
(a)
 
(a)
 
(a)

a)
For the three and nine months ended September 30, 2013, the aggregate amount of fixed charges exceeded our earnings by approximately $53.1 million and $54.8 million, respectively, which is the amount of additional earnings that would have been required to achieve a ratio of earnings to fixed charges of 1.0x for such period. The deficiency of the ratio of earnings to fixed charges for the three and nine months ended September 30, 2013 is primarily a result of non-cash depreciation and amortization expense, non-cash impairment charges, primarily related to one of the Company’s commercial assets, and merger-related expenses associated with merger with MAA. For the three and nine months ended September 30, 2012, the aggregate amount of fixed charges exceeded our earnings by approximately $7.9 million and $25.5 million, respectively. The deficiency of the ratio of earnings to fixed charges for the three and nine months ended September 30, 2012 is primarily a result of non-cash depreciation and amortization expense.