1
EXHIBIT 12.1
AVALONBAY COMMUNITIES, INC.
RATIOS OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
Six Months Year Year
Ended Ended Ended
June 30, December 31, December 31,
2000 1999 1998
--------------- -------------- ---------------
Net Operating Income $ 97,829 $ 172,276 $ 123,535
(Less) Nonrecurring item:
Gain on sale $ (18,752) $ (47,093) $ (25,270)
Non-recurring charges - 16,782 -
(Plus) Extraordinary item:
Unamortized loan fee write-off $ - $ - $ 245
(Plus) Fixed charges:
Portion of rents representative
of the interest factor $ 221 $ 526 $ 293
Interest expense 40,430 74,699 54,650
Interest capitalized 7,657 21,888 14,724
Debt cost amortization 1,328 2,624 2,068
Preferred dividend 19,890 39,779 28,132
-------------- ------------- --------------
Total fixed charges (1) $ 69,526 $ 139,516 $ 99,867
(Less):
Interest capitalized $ 7,657 $ 21,888 $ 14,724
Preferred dividend 19,890 39,779 28,132
Adjusted earnings (2) $ 121,056 $ 219,814 $ 155,521
-------------- ------------- --------------
Ratio (2 divided by 1) 1.74 1.58 1.56
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Year Year Year
Ended Ended Ended
December 31, December 31, December 31,
1997 1996 1995
------------- --------------- ---------------
Net Operating Income $ 64,916 $ 51,651 $ 30,937
(Less) Nonrecurring item:
Gain on sale $ (677) $ (7,850) $ -
Non-recurring charges - - -
(Plus) Extraordinary item:
Unamortized loan fee write-off $ 1,183 $ 2,356 $ 1,158
(Plus) Fixed charges:
Portion of rents representative
of the interest factor $ 172 $ 150 $ 117
Interest expense 16,977 9,545 11,056
Interest capitalized 9,024 12,883 6,004
Debt cost amortization 700 1,842 1,869
Preferred dividend 19,656 10,422 -
------------- -------------- --------------
Total fixed charges (1) $ 46,529 $ 34,842 $ 19,046
(Less):
Interest capitalized $ 9,024 $ 12,883 $ 6,004
Preferred dividend 19,656 10,422 -
Adjusted earnings (2) $ 83,271 $ 57,694 $ 45,137
------------- -------------- --------------
Ratio (2 divided by 1) 1.79 1.66 2.37
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2
EXHIBIT 12.1 (CONTINUED)
AVALONBAY COMMUNITIES, INC.
RATIOS OF EARNINGS TO FIXED CHARGES
Six Months Year Year
Ended Ended Ended
June 30, December 31, December 31,
2000 1999 1998
--------------- -------------- ---------------
Net Operating Income $ 97,829 $ 172,276 $ 123,535
(Less) Nonrecurring item:
Gain on sale $ (18,752) $ (47,093) $ (25,270)
Non-recurring charges - 16,782 -
(Plus) Extraordinary item:
Unamortized loan fee write-off $ - $ - $ 245
(Plus) Fixed charges:
Portion of rents representative
of the interest factor $ 221 $ 526 $ 293
Interest expense 40,430 74,699 54,650
Interest capitalized 7,657 21,888 14,724
Debt cost amortization 1,328 2,624 2,068
--------------- --------------- --------------
Total fixed charges (1) $ 49,636 $ 99,737 $ 71,735
(Less):
Interest capitalized $ 7,657 $ 21,888 $ 14,724
Adjusted earnings (2) $ 121,056 $ 219,814 $ 155,521
--------------- --------------- --------------
Ratio (2 divided by 1) 2.44 2.20 2.17
=============== =============== ==============
Year Year Year
Ended Ended Ended
December 31, December 31, December 31,
1997 1996 1995
------------- --------------- ---------------
Net Operating Income $ 64,916 $ 51,651 $ 30,937
(Less) Nonrecurring item:
Gain on sale $ (677) $ (7,850) $ -
Non-recurring charges - - -
(Plus) Extraordinary item:
Unamortized loan fee write-off $ 1,183 $ 2,356 $ 1,158
(Plus) Fixed charges:
Portion of rents representative
of the interest factor $ 172 $ 150 $ 117
Interest expense 16,977 9,545 11,056
Interest capitalized 9,024 12,883 6,004
Debt cost amortization 700 1,842 1,869
-------------- -------------- --------------
Total fixed charges (1) $ 26,873 $ 24,420 $ 19,046
(Less):
Interest capitalized $ 9,024 $ 12,883 $ 6,004
Adjusted earnings (2) $ 83,271 $ 57,694 $ 45,137
------------- -------------- --------------
Ratio (2 divided by 1) 3.10 2.36 2.37
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