EX-12.1 2 g91462exv12w1.htm EX-12.1 exv12w1
 

Exhibit 12.1

COLONIAL PROPERTIES TRUST

Ratio of Earnings to Fixed Charges and Ratio of Earnings to
Combined Fixed Charges and Preferred Share Distributions
(all dollar amounts in thousands)

                                                 
    Nine Months Ended   Year Ended December 31,
    September 30,                    
    2004
   2003
   2002
   2001
   2000
   1999
Earnings:
                                                
Pre-tax income before adjustment for minority interest in consolidated subsidiaries or income, loss from equity investees, extraordinary gain or loss, or gains on sale of properties
   $ 30,945     $ 46,959     $ 59,131     $ 60,357     $ 60,805     $ 68,226  
Amortization of interest capitalized
     1,500       1,700       1,500       1,300       1,100       900  
Interest capitalized
     (4,882 )     (5,576 )     (8,064 )     (10,608 )     (9,553 )     (8,664 )
Distributed income of equity investees
     4,551       3,744       5,420       2,746       4,062       8,678  
Fixed charges
     69,919       85,115       85,838       92,199       91,505       75,563  
 
    
 		      
 		      
 		      
 		      
 		      
 		  
Total earnings
   $ 102,033     $ 131,942     $ 143,825     $ 145,994     $ 147,919     $ 144,703  
 
    
 		      
 		      
 		      
 		      
 		      
 		  
Fixed Charges:
                                                
Interest expense
   $ 56,264     $ 67,555     $ 65,265     $ 71,397     $ 71,855     $ 57,211  
Capitalized interest
     4,882       5,576       8,064       10,608       9,553       8,664  
Debt costs amortization
     3,093       3,111       3,636       1,321       1,224       2,100  
Distributions to Series B preferred unitholders
     5,680       8,873       8,873       8,873       8,873       7,588  
 
    
 		      
 		      
 		      
 		      
 		      
 		  
Total Fixed Charges
   $ 69,919     $ 85,115     $ 85,838     $ 92,199     $ 91,505     $ 75,563  
 
    
 		      
 		      
 		      
 		      
 		      
 		  
Distributions to Series A, Series C and Series D preferred shareholders
   $ 11,086     $ 15,284     $ 15,565     $ 13,407     $ 10,940     $ 10,943  
Combined Fixed Charges and Preferred Share Distributions
   $ 81,005     $ 100,399     $ 101,403     $ 105,606     $ 102,445     $ 86,506  
Ratio of Earnings to Fixed Charges
     1.5       1.6       1.7       1.6       1.6       1.9  
 
    
 		      
 		      
 		      
 		      
 		      
 		  
Ratio of Earnings to Combined Fixed Charges and Preferred Share Distributions
     1.3       1.3       1.4       1.4       1.4       1.7  
 
    
 		      
 		      
 		      
 		      
 		      
 		  

 

 

COLONIAL PROPERTIES TRUST and CORNERSTONE REALTY INCOME TRUST

Ratio of Earnings to Fixed Charges and Ratio of Earnings to
Combined Fixed Charges and Preferred Share Distributions
(all dollar amounts in thousands)

                                                 
    Colonial Properties   Cornerstone Realty   Combined   Colonial Properties   Cornerstone Realty   Combined
    Nine Months Ended   Nine Months Ended   Nine Months Ended   Twelve Months Ended   Twelve Months Ended   Twelve Months Ended
    09/30/04
   09/30/04
   09/30/04
   12/31/03
   12/31/03
   12/31/03
Earnings:
                                                
Pre-tax income before adjustment for minority interest in consolidated subsidiaries or income, loss from equity investees, extraordinary gain or loss, or gains on sale of properties
   $ 30,945     $ (7,700 )   $ 23,245     $ 46,959     $ (9,447 )   $ 37,512  
Amortization of interest capitalized
     1,500       266       1,766       1,700       327       2,027  
Interest capitalized
     (4,882 )     (87 )     (4,969 )     (5,576 )     (96 )     (5,672 )
Distributed income of equity investees
     4,551       —       4,551       3,744       —       3,744  
Portion of leased equipment rents representing interest
     0       266       266       0       327       327  
Fixed charges
     69,919       35,846       105,765       85,115       47,639       132,754  
 
    
 		      
 		      
 		      
 		      
 		      
 		  
Total earnings
   $ 102,033     $ 28,591     $ 130,624     $ 131,942     $ 38,750     $ 170,692  
 
    
 		      
 		      
 		      
 		      
 		      
 		  
Fixed Charges:
                                                
Interest expense
   $ 56,264     $ 34,602     $ 90,866     $ 67,555     $ 45,896     $ 113,451  
Capitalized interest
     4,882       87       4,969       5,576       96       5,672  
Debt costs amortization
     3,093       891       3,984       3,111       1,320       4,431  
Portion of leased equipment rents representing interest
     0       266       266       0       327       327  
Distributions to Series B preferred unitholders
     5,680       0       5,680       8,873       0       8,873  
 
    
 		      
 		      
 		      
 		      
 		      
 		  
Total Fixed Charges
   $ 69,919     $ 35,846     $ 105,765     $ 85,115     $ 47,639     $ 132,754  
 
    
 		      
 		      
 		      
 		      
 		      
 		  
Distributions to preferred shareholders
   $ 11,086     $ 227     $ 11,313     $ 15,284     $ 303     $ 15,587  
Combined Fixed Charges and Preferred Share Distributions
   $ 81,005     $ 36,073     $ 117,078     $ 100,399     $ 47,942     $ 148,341  
Ratio of Earnings to Fixed Charges
     1.5       0.8       1.2       1.6       0.8       1.3  
 
    
 		      
 		      
 		      
 		      
 		      
 		  
Ratio of Earnings to Combined Fixed Charges and Preferred Share Distributions
     1.3       0.8       1.1       1.3       0.8       1.2