1
Exhibit 12.1
BAY APARTMENT COMMUNITIES, INC.
RATIOS OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
Quarter Year Year Year Year
Ended Ended Ended Ended March 17- January 1- Ended
March 31, December 31, December 31, December 31, December 31, March 16, December 31,
1998 1997 1996 1995 1994 1994 1993
------------ ------------ ------------ ------------ ------------ ---------- ------------
Net Operating Income $12,979 $38,941 $19,626 $11,460 $ 7,486 $ (716) $ (447)
(Less) Nonrecurring
Item:
Gain on sale $ 0 $ 0 $ 0 $(2,412) $ 0 $ 0 $ 0
Plus Extraordinary Item:
Unamortized loan fee
write-off $ 0 $ 0 $ 511 $ 0 $ 0 $ 0 $ 0
Plus Fixed Charges:
Interest expense $ 6,249 $14,113 $14,276 $11,472 $ 4,782 $2,358 $10,932
Interest capitalized 2,964 6,985 2,567 3,641 2,096 0 0
Debt cost amortization 128 505 667 1,278 241 80 218
Preferred dividend 4,029 7,480 4,264 917 0 0 0
------ ------ ------ ------ ------ ----- ------
Total fixed charges(1) $13,370 $29,083 $21,774 $17,308 $ 7,119 $2,438 $11,150
Less:
Interest capitalized $ 2,964 $ 6,985 $ 2,567 $ 3,641 $ 2,096 $ 0 $ 0
Preferred dividend 4,029 7,480 4,264 917 0 0 0
Adjusted earnings(2) $19,356 $53,559 $35,080 $21,798 $12,509 $1,722 $10,703
------ ------ ------ ------ ------ ----- ------
Ratio (2 divided by 1) 1.45 1.84 1.61 1.26 1.76 0.71 0.96
------ ------ ------ ------ ------ ----- ------
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BAY APARTMENT COMMUNITIES, INC.
RATIOS OF EARNINGS TO FIXED CHARGES
Quarter Year Year Year Year
Ended Ended Ended Ended March 17- January 1- Ended
March 31, December 31, December 31, December 31, December 31, March 16, December 31,
1998 1997 1996 1995 1994 1994 1993
------------ ------------ ------------ ------------ ------------ ---------- ------------
Net Operating Income $12,979 $38,941 $19,626 $11,460 $ 7,486 $ (716) $ (447)
(Less) Nonrecurring
Item:
Gain on sale $ 0 $ 0 $ 0 $(2,412) $ 0 $ 0 $ 0
Plus Extraordinary Item:
Unamortized loan fee
write-off $ 0 $ 0 $ 511 $ 0 $ 0 $ 0 $ 0
Plus Fixed Charges:
Interest expense $ 6,249 $14,113 $14,276 $11,472 $ 4,782 $2,358 $10,932
Interest capitalized 2,964 6,985 2,567 3,641 2,096 0 0
Debt cost amortization 128 505 667 1,278 241 80 218
------ ------ ------ ------ ------ ----- ------
Total fixed charges(1) $ 9,341 $21,603 $17,510 $16,391 $ 7,119 $2,438 $11,150
Less:
Interest capitalized $ 2,964 $ 6,985 $ 2,567 $ 3,641 $ 2,096 $ 0 $ 0
Adjusted earnings(2) $19,356 $53,559 $35,080 $21,798 $12,509 $1,722 $10,703
------ ------ ------ ------ ------ ----- ------
Ratio (2 divided by 1) 2.07 2.48 2.00 1.33 1.76 0.71 0.96
------ ------ ------ ------ ------ ----- ------