AvalonBay Communities (AVB) 10-Q 2003 Q2 Quarterly report

Exhibit 12.1

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

			Six Months		Year		Year		Year		Year		Year
			Ended		Ended		Ended		Ended		Ended		Ended
			June 30,		December 31,		December 31,		December 31,		December 31,		December 31,
			2003		2002		2001		2000		1999		1998
Income before gain on sale of communities and extraordinary item			$	40,495	$	112,309	$	173,399	$	159,039	$	115,147	$	91,803
(Plus) Minority interest in consolidated partnerships				454		913		997		1,086		1,231		1,373
		Earnings before fixed charges	$	40,949	$	113,222	$	174,396	$	160,125	$	116,378	$	93,176
(Plus) Fixed charges:
	Portion of rents representative of the interest factor		$	281	$	527	$	472	$	461	$	526	$	293
	Interest expense			68,844		120,559		102,069		81,973		73,337		53,179
	Interest capitalized			12,511		29,937		27,635		18,328		21,888		14,724
	Preferred dividend			6,114		17,896		32,497		39,779		39,779		28,132
		Total fixed charges (1)	$	87,750	$	168,919	$	162,673	$	140,541	$	135,530	$	96,328
(Less):
	Interest capitalized			12,511		29,937		27,635		18,328		21,888		14,724
	Preferred dividend			6,114		17,896		32,497		39,779		39,779		28,132
		Earnings (2)	$	110,074	$	234,308	$	276,937	$	242,559	$	190,241	$	146,648
		Ratio (2 divided by 1)		1.25		1.39		1.70		1.73		1.40		1.52
Exhibit 12.1 (continued)

AVALONBAY COMMUNITIES, INC.
RATIOS OF EARNINGS TO FIXED CHARGES

			Six Months		Year		Year		Year		Year		Year
			Ended		Ended		Ended		Ended		Ended		Ended
			June 30,		December 31,		December 31,		December 31,		December 31,		December 31,
			2003		2002		2001		2000		1999		1998
Income before gain on sale of communities and extraordinary item			$	40,495	$	112,309	$	173,399	$	159,039	$	115,147	$	91,803
(Plus) Minority interest in consolidated partnerships				454		913		997		1,086		1,231		1,373
		Earnings before fixed charges	$	40,949	$	113,222	$	174,396	$	160,125	$	116,378	$	93,176
(Plus) Fixed charges:
	Portion of rents representative of the interest factor		$	281	$	527	$	472	$	461	$	526	$	293
	Interest expense			68,844		120,559		102,069		81,973		73,337		53,179
	Interest capitalized			12,511		29,937		27,635		18,328		21,888		14,724
		Total fixed charges (1)	$	81,636	$	151,023	$	130,176	$	100,762	$	95,751	$	68,196
(Less):
	Interest capitalized			12,511		29,937		27,635		18,328		21,888		14,724
		Earnings (2)	$	110,074	$	234,308	$	276,937	$	242,559	$	190,241	$	146,648
		Ratio (2 divided by 1)		1.35		1.55		2.13		2.41		1.99		2.15