AvalonBay Communities (AVB) 10-Q 2002 Q2 Quarterly report

Exhibit 12.1

AVALONBAY COMMUNITIES, INC.
RATIOS OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

			Six Months		Year			Year
			Ended		Ended			Ended
			June 30,		December 31,			December 31,
			2002		2001			2000
Net Income			$	78,067	$	248,997		$	210,604
(Less) Nonrecurring item:
	Gain on sale		$	—	$	(62,852	)	$	(40,779	)
	Non-recurring charges			—		—			—
(Plus) Extraordinary item:
	Unamortized loan fee write-off		$	—	$	—		$	—
(Plus) Fixed charges:
	Portion of rents representative of the interest factor		$	264	$	472		$	461
	Interest expense			56,093		103,203			83,609
	Interest capitalized			16,671		27,635			18,328
	Debt cost amortization			1,952		3,716			2,924
	Preferred dividend			10,062		32,497			39,779
		Total fixed charges (1)	$	85,042	$	167,523		$	145,101
(Less):
	Interest capitalized		$	16,671	$	27,635		$	18,328
	Preferred dividend			10,062		32,497			39,779
Adjusted earnings (2)			$	136,376	$	293,536		$	256,819
Ratio (2 divided by 1)				1.60		1.75			1.77

[Additional columns below]

[Continued from above table, first column(s) repeated]

			Year			Year			Year
			Ended			Ended			Ended
			December 31,			December 31,			December 31,
			1999			1998			1997
Net Income			$	172,276		$	123,535		$	64,916
(Less) Nonrecurring item:
	Gain on sale		$	(47,093	)	$	(25,270	)	$	(677	)
	Non-recurring charges			16,782			—			—
(Plus) Extraordinary item:
	Unamortized loan fee write-off		$	—		$	245		$	1,183
(Plus) Fixed charges:
	Portion of rents representative of the interest factor		$	526		$	293		$	172
	Interest expense			74,699			54,650			16,977
	Interest capitalized			21,888			14,724			9,024
	Debt cost amortization			2,624			2,068			700
	Preferred dividend			39,779			28,132			19,656
		Total fixed charges (1)	$	139,516		$	99,867		$	46,529
(Less):
	Interest capitalized		$	21,888		$	14,724		$	9,024
	Preferred dividend			39,779			28,132			19,656
Adjusted earnings (2)			$	219,814		$	155,521		$	83,271
Ratio (2 divided by 1)				1.58			1.56			1.79

Exhibit 12.1 (continued)

AVALONBAY COMMUNITIES, INC.
RATIOS OF EARNINGS TO FIXED CHARGES

			Six Months		Year			Year
			Ended		Ended			Ended
			June 30,		December 31,			December 31,
			2002		2001			2000
Net Income			$	78,067	$	248,997		$	210,604
(Less) Nonrecurring item:
	Gain on sale		$	—	$	(62,852	)	$	(40,779	)
	Non-recurring charges			—		—			—
(Plus) Extraordinary item:
	Unamortized loan fee write-off		$	—	$	—		$	—
(Plus) Fixed charges:
	Portion of rents representative of the interest factor		$	264	$	472		$	461
	Interest expense			56,093		103,203			83,609
	Interest capitalized			16,671		27,635			18,328
	Debt cost amortization			1,952		3,716			2,924
		Total fixed charges (1)	$	74,980	$	135,026		$	105,322
(Less):
	Interest capitalized		$	16,671	$	27,635		$	18,328
Adjusted earnings (2)			$	136,376	$	293,536		$	256,819
Ratio (2 divided by 1)				1.82		2.17			2.44

[Additional columns below]

[Continued from above table, first column(s) repeated]

			Year			Year			Year
			Ended			Ended			Ended
			December 31,			December 31,			December 31,
			1999			1998			1997
Net Income			$	172,276		$	123,535		$	64,916
(Less) Nonrecurring item:
	Gain on sale		$	(47,093	)	$	(25,270	)	$	(677	)
	Non-recurring charges			16,782			—			—
(Plus) Extraordinary item:
	Unamortized loan fee write-off		$	—		$	245		$	1,183
(Plus) Fixed charges:
	Portion of rents representative of the interest factor		$	526		$	293		$	172
	Interest expense			74,699			54,650			16,977
	Interest capitalized			21,888			14,724			9,024
	Debt cost amortization			2,624			2,068			700
		Total fixed charges (1)	$	99,737		$	71,735		$	26,873
(Less):
	Interest capitalized		$	21,888		$	14,724		$	9,024
Adjusted earnings (2)			$	219,814		$	155,521		$	83,271
Ratio (2 divided by 1)				2.20			2.17			3.10