Attached files
| file | filename |
|---|---|
| 10-Q - FORM 10-Q - COLONIAL PROPERTIES TRUST | c91909e10vq.htm |
| EX-32.3 - EXHIBIT 32.3 - COLONIAL PROPERTIES TRUST | c91909exv32w3.htm |
| EX-31.1 - EXHIBIT 31.1 - COLONIAL PROPERTIES TRUST | c91909exv31w1.htm |
| EX-32.2 - EXHIBIT 32.2 - COLONIAL PROPERTIES TRUST | c91909exv32w2.htm |
| EX-31.3 - EXHIBIT 31.3 - COLONIAL PROPERTIES TRUST | c91909exv31w3.htm |
| EX-32.1 - EXHIBIT 32.1 - COLONIAL PROPERTIES TRUST | c91909exv32w1.htm |
| EX-32.4 - EXHIBIT 32.4 - COLONIAL PROPERTIES TRUST | c91909exv32w4.htm |
| EX-31.4 - EXHIBIT 31.4 - COLONIAL PROPERTIES TRUST | c91909exv31w4.htm |
| EX-12.2 - EXHIBIT 12.2 - COLONIAL PROPERTIES TRUST | c91909exv12w2.htm |
| EX-31.2 - EXHIBIT 31.2 - COLONIAL PROPERTIES TRUST | c91909exv31w2.htm |
Exhibit 12.1
COLONIAL PROPERTIES TRUST
Ratio of Earnings to Fixed Charges and Ratio of Earnings to
Combined Fixed Charges and Preferred Share Distributions
Combined Fixed Charges and Preferred Share Distributions
| For the three months ended | For the nine months ended | |||||||||||||||
| September 30, | September 30, | |||||||||||||||
| (all dollar amounts in thousands) | 2009 | 2008 | 2009 | 2008 | ||||||||||||
Earnings: |
||||||||||||||||
Pre-tax income (loss) before adjustment for minority interest in
consolidated subsidiaries or income, loss from equity investees,
extraordinary gain or loss, or gains on sale of properties |
$ | 2,487 | $ | (1,371 | ) | $ | 18,583 | $ | 5,413 | |||||||
Amortization of interest capitalized |
968 | 900 | 2,813 | 2,700 | ||||||||||||
Interest capitalized |
(464 | ) | (6,622 | ) | (3,534 | ) | (19,970 | ) | ||||||||
Distributed income of equity investees |
2,416 | 4,363 | 9,509 | 11,397 | ||||||||||||
Distributions to Series B preferred unitholders |
(1,813 | ) | (1,813 | ) | (5,438 | ) | (5,452 | ) | ||||||||
Fixed charges |
26,117 | 27,375 | 78,164 | 81,309 | ||||||||||||
Total Earnings |
$ | 29,711 | $ | 22,832 | $ | 100,097 | $ | 75,397 | ||||||||
Fixed Charges: |
||||||||||||||||
Interest expense |
22,593 | 17,679 | 65,835 | 52,171 | ||||||||||||
Capitalized interest |
464 | 6,622 | 3,534 | 19,970 | ||||||||||||
Debt costs amortization |
1,247 | 1,261 | 3,357 | 3,716 | ||||||||||||
Distributions to Series B preferred unitholders |
1,813 | 1,813 | 5,438 | 5,452 | ||||||||||||
Total Fixed Charges |
$ | 26,117 | $ | 27,375 | $ | 78,164 | $ | 81,309 | ||||||||
Distributions to Series D preferred shareholders |
$ | 1,998 | $ | 2,037 | $ | 6,108 | $ | 6,705 | ||||||||
Combined Fixed Charges and Preferred Share Distributions |
$ | 28,115 | $ | 29,412 | $ | 84,272 | $ | 88,014 | ||||||||
Ratio of Earnings to Fixed Charges |
1.1 | (a | ) | 1.3 | (a | ) | ||||||||||
Ratio of Earnings to Combined Fixed Charges and Preferred
Share Distributions |
1.1 | (b | ) | 1.2 | (b | ) | ||||||||||
| a) | For the three and nine months ended September 30, 2008, the aggregate amount of fixed charges exceeded our earnings by approximately $4.5 million and $5.9 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 periods presented is primarily due to the classification of operations for assets held for sale and sold as discontinued operations. | |
| b) | For the three and nine months ended September 30, 2008, the aggregate amount of fixed charges and preferred share distributions exceeded our earnings by approximately $6.6 million and $12.6 million, respectively, which is the amount of additional earnings that would have been required to achieve a ratio of earnings to combined fixed charges and preferred share distributions of 1.0x for such period. The deficiency of the ratio of earnings to combined fixed charges and preferred share distributions for the periods presented is primarily due to the classification of operations for assets held for sale and sold as discontinued operations. |
The ratios of earnings to fixed charges were computed by dividing earnings by fixed charges. For
this purpose, earnings consist of pre-tax income from continuing operations before adjustment for
noncontrolling interest in consolidated subsidiaries or income or loss from equity investees, gains
on sale of properties, distributed income of equity investees, fixed charges and amortization of
capitalized interest excluding interest costs capitalized. Fixed charges consist of interest
expense (including interest costs capitalized) and amortization of debt issuance costs.
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