AvalonBay Communities (AVB) 10-Q 2001 Q3 Quarterly report

Exhibit 12.1

AVALONBAY COMMUNITIES, INC.

RATIOS OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

	Nine Months			Year			Year			Year			Year			Year
	Ended			Ended			Ended			Ended			Ended			Ended
	September 30,			December 31,			December 31,			December 31,			December 31,			December 31,
	2001			2000			1999			1998			1997			1996
Net Operating Income	$	186,785		$	210,604		$	172,276		$	123,535		$	64,916		$	51,651
(Less) Nonrecurring item:
Gain on sale	$	(43,999	)	$	(40,779	)	$	(47,093	)	$	(25,270	)	$	(677	)	$	(7,850	)
Non-recurring charges	-			-			16,782			-			-			-
(Plus) Extraordinary item:
Unamortized loan fee write-off	$	-		$	-		$	-		$	245		$	1,183		$	2,356
(Plus) Fixed charges:
Portion of rents representative of the interest factor	$	109		$	461		$	526		$	293		$	172		$	150
Interest expense	75,138			83,609			74,699			54,650			16,977			9,545
Interest capitalized	19,340			18,328			21,888			14,724			9,024			12,883
Debt cost amortization	2,729			2,924			2,624			2,068			700			1,842
Preferred dividend	26,771			39,779			39,779			28,132			19,656			10,422
Total fixed charges (1)	$	124,087		$	145,101		$	139,516		$	99,867		$	46,529		$	34,842
(Less):
Interest capitalized	$	19,340		$	18,328		$	21,888		$	14,724		$	9,024		$	12,883
Preferred dividend	26,771			39,779			39,779			28,132			19,656			10,422
Adjusted earnings (2)	$	220,762		$	256,819		$	219,814		$	155,521		$	83,271		$	57,694
Ratio (2 divided by 1)	1.78			1.77			1.58			1.56			1.79			1.66

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,
	2001			2000			1999			1998			1997			1996
Net Operating Income	$	186,785		$	210,604		$	172,276		$	123,535		$	64,916		$	51,651
(Less) Nonrecurring item:
Gain on sale	$	(43,999	)	$	(40,779	)	$	(47,093	)	$	(25,270	)	$	(677	)	$	(7,850	)
Non-recurring charges	-			-			16,782			-			-			-
(Plus) Extraordinary item:
Unamortized loan fee write-off	$	-		$	-		$	-		$	245		$	1,183		$	2,356
(Plus) Fixed charges:
Portion of rents representative of the interest factor	$	109		$	461		$	526		$	293		$	172		$	150
Interest expense	75,138			83,609			74,699			54,650			16,977			9,545
Interest capitalized	19,340			18,328			21,888			14,724			9,024			12,883
Debt cost amortization	2,729			2,924			2,624			2,068			700			1,842
Total fixed charges (1)	$	97,316		$	105,322		$	99,737		$	71,735		$	26,873		$	24,420
(Less):
Interest capitalized	$	19,340		$	18,328		$	21,888		$	14,724		$	9,024		$	12,883
Adjusted earnings (2)	$	220,762		$	256,819		$	219,814		$	155,521		$	83,271		$	57,694
Ratio (2 divided by 1)	2.27			2.44			2.20			2.17			3.10			2.36