EX-12.2 8 l96799dexv12w2.txt EX-12.2 RATIO OF EARNINGS Exhibit 12.2 RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED DIVIDENDS JDN REALTY CORPORATION (Amounts in Thousands)
Years Ended December 31, ---------------------------------------------------------- 2001 2000 1999 1998 1997 -------- -------- -------- -------- -------- FIXED CHARGES: Interest Expense (including amortization of deferred debt cost) $ 30,523 $ 39,429 $ 29,188 $ 18,026 $ 9,525 Interest Capitalized 13,606 9,444 7,565 6,401 4,650 Preferred Dividends 4,688 4,688 4,688 1,341 -- -------- -------- -------- -------- -------- Total Fixed Charges $ 48,817 $ 53,561 $ 41,441 $ 25,768 $ 14,175 ======== ======== ======== ======== ======== EARNINGS: Net income (loss) before net gain (loss) on real estate sales, discontinued operations, extraordinary items and cumulative effect of change in accounting principle $(36,604) $ (288) $27,349 $ 37,943 $ 24,839 Fixed Charges 48,817 53,561 41,441 25,768 14,175 Capitalized Interest (13,606) (9,444) (7,565) (6,401) (4,650) -------- -------- -------- -------- -------- Total Earnings $ (1,393) $ 43,829 $ 61,225 $ 57,310 $ 34,364 ======== ======== ======== ======== ======== Ratio of Earnings to Fixed Charges $ (0.03)(1) $ 0.82(2) $ 1.48 $ 2.22 $ 2.42 ======== ======== ======== ======== ========
(1) Due to settlement expense of $45,788, interest on settlement expense, and discontinued operations of $4,357 in 2001, earnings fell short of a one-to-one coverage of fixed charges by $50,210. (2) Due to impairment losses of $18,882 in 2000, earnings fell short of a one-to-one coverage of fixed charges by $9,732.
Nine months ended September 30, ------------------------------- 2002 2001 -------- -------- FIXED CHARGES: Interest Expense (including amortization of deferred debt cost) $ 24,276 $ 23,562 Interest Capitalized 9,925 10,073 Preferred Dividends 3,516 3,516 -------- -------- Total Fixed Charges $ 37,717 $ 37,151 ======== ======== EARNINGS: Net income (loss) from continuing operations before net gain (loss) on real estate sales $ 10,061 $(37,224) Fixed Charges 37,717 37,151 Capitalized Interest (9,925) (10,073) -------- -------- Total Earnings $ 37,853 $(10,146) ======== ======== Ratio of Earnings to Fixed Charges $ 1.00 $ (0.27)(1) ======== ========
(1) Due to settlement expense of $43,785, interest on settlement expense, and discontinued operations of $1,160 in the nine months ended September 30, 2001, earnings fell short of a one-to-one coverage of fixed charges by $47,297.