EX-12.2 3 a2012ex122.htm EXHIBIT 2012 Ex 12.2


 
 
 
 
 
 
Exhibit 12.2
 
COLONIAL REALTY LIMITED PARTNERSHIP
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
($ in thousands)
 
 
 
 
 
 
 
 
 
 
 
 
2012
 
2011
 
2010
 
2009
 
2008
Earnings:
 
 
 
 
 
 
 
 
 
 
Pre-tax (loss) income before adjustment for noncontrolling interest
 
 
 
 
 
 
 
 
 
 
in consolidated subsidiaries or income (loss) from equity investees,
 
 
 
 
 
 
 
 
 
 
extraordinary gain (loss), or gains (losses) on sale of properties
 
$
(52,677
)
 
$
(40,769
)
 
$
(42,737
)
 
$
(6,161
)
 
$
(103,466
)
Amortization of interest capitalized
 
1,971

 
1,986

 
1,988

 
2,008

 
3,100

Interest capitalized
 
(1,210
)
 
(438
)
 
(1,153
)
 
(3,870
)
 
(25,032
)
Distributed income of equity investees
 
925

 
3,737

 
5,566

 
11,601

 
13,344

Fixed Charges
 
98,992

 
92,892

 
90,351

 
95,856

 
100,002

Total Earnings
 
$
48,001

 
$
57,408

 
$
54,015

 
$
99,434

 
$
(12,052
)
 
 
 
 
 
 
 
 
 
 
 
Fixed Charges:
 
 
 
 
 
 
 
 
 
 
Interest expense
 
92,085

 
87,667

 
84,553

 
87,023

 
69,951

Interest capitalized
 
1,210

 
438

 
1,153

 
3,870

 
25,032

Debt costs amortization
 
5,697

 
4,787

 
4,645

 
4,963

 
5,019

Total Fixed Charges
 
$
98,992

 
$
92,892

 
$
90,351

 
$
95,856

 
$
100,002

 
 
 
 
 
 
 
 
 
 
 
Ratio of Earning to Fixed Charges
 
 (a)
 
(a)
 
(a)
 
1.0
 
(a)

a)
For the years ended December 31, 2012, 2011, 2010 and 2008, the aggregate amount of fixed charges exceeded our earnings by approximately $51.0 million, $35.5 million, $36.3 million and $112.1 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 all years presented is impacted by non-cash depreciation and amortization expense and the classification of operations for assets held for sale and sold as discontinued operations. In addition, for the year ended December 31, 2010, the deficiency of the ratio of earnings to fixed charges is also the result of a decline in revenue as the result of pressure on net effective rents. For the year ended December 31, 2008, the deficiency of the ratio of earnings to fixed charges is also due to the $116.9 million of non-cash impairment charges, respectively, related to the Company's for-sale residential business and certain development projects.