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 |
|