EX-99.2 3 g91178k2exv99w2.htm EX-99.2 COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES EX-99.2 COMPUTATION OF RATIO OF EARNINGS TO FIXED
 

Exhibit 99.2

POST APARTMENT HOMES, L.P.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

                                                 
    Six Months   Year Ended December 31,
    Ended June 30,  
 
    2004
   2003
   2002
   2001
   2000
   1999
Earnings:
                                                
Income (loss) from continuing operations
   $ (1,594 )   $ (17,925 )   $ 39,281     $ 80,190     $ 92,442     $ 94,134  
Add:
                                                
Minority interest in consolidated property partnerships
     (575 )     (2,024 )     (2,055 )     (2,098 )     (1,695 )     511  
Equity in income (loss) of unconsolidated entities
     (422 )     (7,791 )     1,590       186       —       —  
Distribution of income from investments in unconsolidiated entities
     591       11,294       —       —       —       —  
Fixed Charges
     36,024       72,812       68,227       69,121       65,582       46,955  
Deduct:
                                                
Capitalized interest
     (500 )     (3,555 )     (13,223 )     (22,124 )     (25,426 )     (21,417 )
Minority interest in consolidated property partnerships not incurring fixed charges
     643       2,024       1,525       1,552       1,122       (334 )
 
    
 		      
 		      
 		      
 		      
 		      
 		  
Total Earnings (A)
     34,167       54,835       95,345       126,827       132,025       119,849  
 
    
 		      
 		      
 		      
 		      
 		      
 		  
Fixed Charges:
                                                
Interest expense
     33,007       64,905       52,035       43,653       36,883       22,660  
Amortization of deferred financing costs
     2,208       3,801       2,327       1,978       1,636       1,496  
Capitalized interest
     500       3,555       13,223       22,124       25,426       21,417  
Rentals   %(1)
     309       551       642       1,366       1,637       1,382  
 
    
 		      
 		      
 		      
 		      
 		      
 		  
Total Fixed Charges (B)
     36,024       72,812       68,227       69,121       65,582       46,955  
 
    
 		      
 		      
 		      
 		      
 		      
 		  
Ratio of Earnings to Fixed Charges (A/B)
     0.9 x(2)     0.8 x(2)     1.4 x     1.8 x     2.0 x     2.6 x
 
    
 		      
 		      
 		      
 		      
 		      
 		  

(1)   For the six months ended June 30, 2004 and year ended December 31, 2003, the interest factor of rental expense is calculated as one-third of rental expense. For years ended December 31, 2002 and prior, the interest factor of rental expense is calculated as one-third of rental expense for all leases except for two leases for which the interest factor is calculated as 100% of rental expense. Post Apartment Homes, L.P. believes these represent appropriate interest factors.
 
(2)   For the six months ended June 30, 2004 and year ended December 31, 2003, earnings of Post Apartment Homes, L.P. were inadequate to cover fixed charges, by $1,857 for the six months ended June 30, 2004 and $17,977 for the year ended December 31, 2003.