COLONIAL PROPERTIES TRUST - FORM 10-Q - EX-12.1 - EXHIBIT 12.1 - November 5, 2010

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10-Q - FORM 10-Q - COLONIAL PROPERTIES TRUSTc07406e10vq.htm
EX-3.1 - EXHIBIT 3.1 - COLONIAL PROPERTIES TRUSTc07406exv3w1.htm
EX-32.2 - EXHIBIT 32.2 - COLONIAL PROPERTIES TRUSTc07406exv32w2.htm
EX-32.1 - EXHIBIT 32.1 - COLONIAL PROPERTIES TRUSTc07406exv32w1.htm
EX-31.1 - EXHIBIT 31.1 - COLONIAL PROPERTIES TRUSTc07406exv31w1.htm
EX-12.2 - EXHIBIT 12.2 - COLONIAL PROPERTIES TRUSTc07406exv12w2.htm
EX-31.4 - EXHIBIT 31.4 - COLONIAL PROPERTIES TRUSTc07406exv31w4.htm
EX-32.3 - EXHIBIT 32.3 - COLONIAL PROPERTIES TRUSTc07406exv32w3.htm
EX-31.3 - EXHIBIT 31.3 - COLONIAL PROPERTIES TRUSTc07406exv31w3.htm
EX-32.4 - EXHIBIT 32.4 - COLONIAL PROPERTIES TRUSTc07406exv32w4.htm
EX-31.2 - EXHIBIT 31.2 - COLONIAL PROPERTIES TRUSTc07406exv31w2.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
                                 
    Three Months ended     Nine Months Ended  
    September 30,     September 30,  
(in thousands)   2010     2009     2010     2009  
Earnings:
                                
Pre-tax income (loss) before adjustment for noncontrolling interest in consolidated subsidiaries or income (loss) from equity investees, extraordinary gain (loss), or gains (losses) on sale of properties
   $ (9,951 )   $ 2,533     $ (28,549 )   $ 18,897  
Amortization of interest capitalized
     497       968       1,491       2,813  
Interest capitalized
     (280 )     (464 )     (950 )     (3,534 )
Distributed income of equity investees
     918       2,416       4,707       9,509  
Distributions to Series B preferred unitholders
     (1,813 )     (1,813 )     (5,438 )     (5,438 )
Fixed Charges
     24,472       26,117       72,911       78,164  
 
                        
 
                                
Total Earnings
   $ 13,843     $ 29,757     $ 44,172     $ 100,411  
 
                        
 
                                
Fixed Charges:
                                
Interest expense
     21,223       22,593       63,051       65,835  
Capitalized interest
     280       464       950       3,534  
Debt costs amortization
     1,156       1,247       3,472       3,357  
Distributions to Series B preferred unitholders
     1,813       1,813       5,438       5,438  
 
                        
 
                                
Total Fixed Charges
     24,472       26,117       72,911       78,164  
 
                        
 
                                
Distrbutions to Series D preferred shareholders
     1,582       1,998       5,649       6,108  
 
                        
 
                                
Combined Fixed Charges and Preferred Share Distributions
     26,054       28,115       78,560       84,272  
 
                        
 
                                
Ratio of Earning to Fixed Charges
     (a)       1.1       (a)       1.3  
 
                        
 
                                
Ratio of Earnings to Combined Fixed Charges and Preferred Share Distributions
     (b)       1.1       (b)       1.2  
 
                        
     
a)   For the three and nine months ended September 30, 2010, the aggregate amount of fixed charges exceeded our earnings by approximately $10.6 million and $28.7 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 periods presented is primarily due to a decline in revenue as the result of pressure on net effective rents.
 
b)   For the three and nine months ended September 30, 2010, the aggregate amount of fixed charges and preferred share distributions exceeded our earnings by approximately $12.2 million and $34.4 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 period presented is primarily due to a decline in revenues as the result of pressure on net effective rents.
The ratios of earning to fixed charges were computed by dividing earnings by fixed charges. For this purpose, earnings consists 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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