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EXHIBIT 12.2
POST PROPERTIES, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED DIVIDENDS
<TABLE>
<CAPTION>
Nine Months
Ended September 30, Year Ended December 31,
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2000 1999 1999 1998 1997 1996 1995
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<S> <C> <C> <C> <C> <C> <C> <C>
Pre-tax income (loss) from
continuing operations $ 83,904 $ 78,448 $ 104,975 (1) $ 88,950 (1) $ 54,947 (1) $ 43,469 (1) $ 29,988 (1)
Minority interest in the income of
subsidiary with fixed charges 14,099 9,870 14,449 11,511 11,131 9,984 8,429
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98,003 88,318 119,424 100,461 66,078 53,453 38,417
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Fixed Charges:
Interest incurred and amortization
of debt discount and premium on
all indebtedness 55,742 39,898 56,105 48,189 35,205 27,916 29,714
Rentals - 33.34% (2) 2,106 1,799 2,385 2,220 1,686 939 405
Preferred dividends required of
consolidated subsidiaries 4,200 435 1,851
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Total fixed charges 62,048 42,132 60,341 50,409 36,891 28,855 30,119
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Preferred stock dividends 8,907 8,907 11,875 11,473 4,907 1,063 --
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Earnings before income taxes,
minority interest and fixed charges 160,051 130,450 179,765 150,870 102,969 82,308 68,536
Adjustment for capitalized interest (18,992) (14,710) (21,417) (15,707) (9,567) (4,443) (5,653)
Preferred dividends required of
consolidated subsidiaries (4,200) (435) (1,851)
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Total earnings $136,859 $115,305 $ 156,497 $135,163 $ 93,402 $ 77,865 $ 62,883
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RATIO OF EARNINGS TO FIXED CHARGES 1.9 2.3 2.2 2.2 2.2 2.6 2.1
AND PREFERRED DIVIDENDS (3) ======== ======== ========= ======== ======== ======== ========
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(1) Included in the pre-tax income from continuing operations for 1999,
1997, 1996 and 1995 was a non-recurring (loss)/gain of ($1,522),
$3,270, $854 and $1,746, respectively, relating to the sale of real
estate assets as disclosed in the Company's consolidated financial
statements. If such sales had not occurred, the ratio of earnings to
fixed charges would have been 2.7, 2.4, 2.7 and 2.0 for 1999, 1997,
1996 and 1995, respectively.
(2) 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. The Company
believes these represent appropriate interest factors.
(3) Calculated as total earnings plus preferred stock dividends divided
by the sum of total fixed charges plus preferred stock dividends.