Exhibit 12.1
Acadia Realty Trust
Computation of Ratio of Earnings to Fixed Charges
(numbers in thousands, except ratio amounts)
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Historical Period Ended | ||||||
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Nine months ended September 30, 2005 |
Nine months ended September 30, 2006 |
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2005 |
2004 |
2003 |
2002 |
2001 | ||
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Pretax income from continuing operations |
16,839 |
11,889 |
21,783 |
11,458 |
6,289 |
10,392 |
3,690 |
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Add |
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Minority interest attributable to continuing operations and fixed charges |
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14,476 |
(3,471) |
13,952 |
1,466 |
4,899 |
1,686 |
840 | |
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Fixed charges (see interest expense below) |
14,904 |
17,952 |
20,841 |
18,079 |
16,750 |
10,511 |
10,106 |
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Distribution of operating income from unconsolidated investments |
439 |
1,708 |
21,498 |
720 |
985 |
542 |
518 |
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Subtract |
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Capitalized interest |
(226) |
(352) |
(260) |
(304) |
(403) |
(931) |
(372) |
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Preferred distributions of consolidated subsidiaries |
(254) |
(187) |
(334) |
(335) |
(185) |
(199) |
(199) |
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Equity in earnings of unconsolidated investments |
(18,915) |
(4,261) |
(21,280) |
(513) |
(985) |
(542) |
(518) |
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Adjusted earnings |
27,263 |
23,278 |
56,200 |
30,571 |
27,350 |
21,459 |
14,065 |
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Interest expense |
13,432 |
16,423 |
18,804 |
16,687 |
15,573 |
8,679 |
9,037 |
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Capitalized interest |
226 |
352 |
260 |
304 |
403 |
931 |
372 |
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Amortization of deferred financing costs |
992 |
990 |
1,443 |
753 |
589 |
702 |
498 |
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Amortization of discounts or premiums related to indebtedness |
- |
- |
- |
- |
- |
- |
- |
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Preferred distributions of consolidated subsidiaries |
254 |
187 |
334 |
335 |
185 |
199 |
199 |
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Fixed Charges |
14,904 |
17,952 |
20,841 |
18,079 |
16,750 |
10,511 |
10,106 |
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Ratio |
1.83 |
1.30 |
2.70 |
1.69 |
1.63 |
2.04 |
1.39 |