EXHIBIT 12.1
AVALON PROPERTIES, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
YEARS ENDED DECEMBER 31,
----------------------------------------------------------------------------------------------------
1993
-----------------------
1996 1995 1994 11/18-12/31 1/1-11/17 1992 1991 1990
----------- ----------- ----------- ----------- ----------- ----------- ------------ ------------
Net income (loss)
before
extraordinary items
and gain on sale of
communities........ $46,157,000 $32,095,000 $28,016,000 $2,783,000 $(5,774,000) $(6,798,000) $(12,439,000) $(13,732,000)
Add:
Portion of rents
representative of
the interest
factor........... 150,083 117,248 67,593 8,048 62,812 40,418 51,270 69,795
Interest on
indebtedness..... 9,545,000 11,056,000 5,687,000 632,000 24,557,000 23,092,000 22,958,000 19,533,000
Amortization of
deferred
financing costs.. 1,842,000 1,869,000 1,090,593 120,340 704,289 896,291 2,257,676 1,013,216
----------- ----------- ----------- ---------- ----------- ----------- ------------ ------------
Adjusted net
income........... $57,694,083 $45,137,248 $34,861,186 $3,543,388 $19,550,101 $17,230,709 $ 12,827,946 $ 6,884,011
=========== =========== =========== ========== =========== =========== ============ ============
Fixed Charges:
Interest on
indebtedness..... $ 9,545,000 $11,056,000 $ 5,687,000 $ 632,000 $24,557,000 $23,092,000 $ 22,958,000 $ 19,533,000
Capitalized
interest......... 12,883,000 6,004,502 2,831,000 317,000 1,585,000 2,600,000 2,023,000 3,877,000
Amortization of
deferred
financing costs.. 1,842,000 1,869,000 1,090,593 120,340 704,289 896,291 2,257,676 1,013,216
Portion of rents
representative of
the interest
factor........... 150,083 117,248 67,593 8,048 62,812 40,418 51,270 69,795
=========== =========== =========== ========== =========== =========== ============ ============
Total fixed
charges........ $24,420,083 $19,046,750 $ 9,676,186 $1,077,388 $26,909,101 $26,628,709 $ 27,289,946 $ 24,493,011
=========== =========== =========== ========== =========== =========== ============ ============
Ratio of earnings to
fixed charges...... 2.36 2.37 3.60 3.29 0.73 0.65 0.47 0.28
AVALON PROPERTIES, INC.
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES
YEARS ENDED DECEMBER 31,
----------------------------------------------------------------------------------------------------
1993
-----------------------
1996 1995 1994 11/18-12/31 1/1-11/17 1992 1991 1990
----------- ----------- ----------- ----------- ----------- ----------- ------------ ------------
Net income (loss)
before
extraordinary items
and gain on sale of
communities........ $46,157,000 $32,095,000 $28,016,000 $2,783,000 $(5,774,000) $(6,798,000) $(12,439,000) $(13,732,000)
Add:
Portion of rents
representative of
the interest
factor........... 150,083 117,248 73,953 8,048 62,812 63,574 108,023 198,385
Interest on
indebtedness..... 9,545,000 11,056,000 5,687,000 632,000 24,557,000 23,092,000 22,958,000 19,533,000
Amortization of
deferred
financing costs.. 1,842,000 1,869,000 1,090,593 120,340 704,289 896,291 2,257,676 1,013,216
Preferred stock
dividends........ 10,422,000 -- -- -- -- -- -- --
----------- ----------- ----------- ---------- ----------- ----------- ------------ ------------
Adjusted net
income........... $68,116,083 $45,137,248 $34,867,546 $3,543,388 $19,550,101 $17,253,865 $ 12,884,699 $ 7,012,601
=========== =========== =========== ========== =========== =========== ============ ============
Fixed Charges:
Interest on
indebtedness..... $ 9,545,000 $11,056,000 $ 5,687,000 $ 632,000 $24,557,000 $23,092,000 $ 22,958,000 $ 19,533,000
Capitalized
interest......... 12,883,000 6,004,502 2,831,000 317,000 1,585,000 2,600,000 2,023,000 3,877,000
Amortization of
deferred
financing costs.. 1,842,000 1,869,000 1,090,593 120,340 704,289 896,291 2,257,676 1,013,216
Portion of rents
representative of
the interest
factor........... 150,083 117,248 73,953 8,048 62,812 63,574 108,023 198,385
Preferred stock
dividends........ 10,422,000 -- -- -- -- -- -- --
----------- ----------- ----------- ---------- ----------- ----------- ------------ ------------
Total combined
fixed charges.. $34,842,083 $19,046,750 $ 9,682,546 $1,077,388 $26,909,101 $26,651,865 $ 27,346,699 $ 24,621,601
=========== =========== =========== ========== =========== =========== ============ ============
Ratio of earnings to
combined fixed
charges............ 1.95 2.37 3.60 3.29 0.73 0.65 0.47 0.28