1
EXHIBIT 12.1
AVALONBAY COMMUNITIES, INC.
RATIOS OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
Nine Months Year Year Year
Ended Ended Ended Ended
September 30, December 31, December 31, December 31,
2000 1999 1998 1997
-------------- -------------- -------------- --------------
Net Income $ 156,323 $ 172,276 $ 123,535 $ 64,916
(Less) Nonrecurring item:
Gain on sale $ (33,273) $ (47,093) $ (25,270) $ (677)
Non-recurring charges - 16,782 - -
(Plus) Extraordinary item:
Unamortized loan fee write-off $ - $ - $ 245 $ 1,183
(Plus) Fixed charges:
Portion of rents representative
of the interest factor $ 343 $ 526 $ 293 $ 172
Interest expense 61,815 74,699 54,650 16,977
Interest capitalized 12,912 21,888 14,724 9,024
Debt cost amortization 2,007 2,624 2,068 700
Preferred dividend 29,834 39,779 28,132 19,656
------- ------- ------- -------
Total fixed charges (1) $ 106,911 $ 139,516 $ 99,867 $ 46,529
(Less):
Interest capitalized $ 12,912 $ 21,888 $ 14,724 $ 9,024
Preferred dividend 29,834 39,779 28,132 19,656
Adjusted earnings (2) $ 187,215 $ 219,814 $ 155,521 $ 83,271
---------- ---------- ---------- ---------
Ratio (2 divided by 1) 1.75 1.58 1.56 1.79
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Year Year
Ended Ended
December 31, December 31,
1996 1995
-------------- ---------------
Net Income $ 51,651 $ 30,937
(Less) Nonrecurring item:
Gain on sale $ (7,850) $ -
Non-recurring charges - -
(Plus) Extraordinary item:
Unamortized loan fee write-off $ 2,356 $ 1,158
(Plus) Fixed charges:
Portion of rents representative
of the interest factor $ 150 $ 117
Interest expense 9,545 11,056
Interest capitalized 12,883 6,004
Debt cost amortization 1,842 1,869
Preferred dividend 10,422 -
------- ---------
Total fixed charges (1) $ 34,842 $ 19,046
(Less):
Interest capitalized $ 12,883 $ 6,004
Preferred dividend 10,422 -
Adjusted earnings (2) $ 57,694 $ 45,137
--------- ---------
Ratio (2 divided by 1) 1.66 2.37
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EXHIBIT 12.1 (CONTINUED)
AVALONBAY COMMUNITIES, INC.
RATIOS OF EARNINGS TO FIXED CHARGES
Nine Months Year Year Year
Ended Ended Ended Ended
September 30, December 31, December 31, December 31,
2000 1999 1998 1997
--------------- -------------- --------------- -------------
Net Income $ 156,323 $ 172,276 $ 123,535 $ 64,916
(Less) Nonrecurring item:
Gain on sale $ (33,273) $ (47,093) $ (25,270) $ (677)
Non-recurring charges - 16,782 - -
(Plus) Extraordinary item:
Unamortized loan fee write-off $ - $ - $ 245 $ 1,183
(Plus) Fixed charges:
Portion of rents representative
of the interest factor $ 343 $ 526 $ 293 $ 172
Interest expense 61,815 74,699 54,650 16,977
Interest capitalized 12,912 21,888 14,724 9,024
Debt cost amortization 2,007 2,624 2,068 700
---------- ---------- --------- -----------
Total fixed charges (1) $ 77,077 $ 99,737 $ 71,735 $ 26,873
(Less):
Interest capitalized $ 12,912 $ 21,888 $ 14,724 $ 9,024
Adjusted earnings (2) $ 187,215 $ 219,814 $ 155,521 $ 83,271
---------- ---------- --------- -----------
Ratio (2 divided by 1) 2.43 2.20 2.17 3.10
========== ========== ========= ===========
Year Year
Ended Ended
December 31, December 31,
1996 1995
-------------- ----------------
Net Income $ 51,651 $ 30,937
(Less) Nonrecurring item:
Gain on sale $ (7,850) $ -
Non-recurring charges - -
(Plus) Extraordinary item:
Unamortized loan fee write-off $ 2,356 $ 1,158
(Plus) Fixed charges:
Portion of rents representative
of the interest factor $ 150 $ 117
Interest expense 9,545 11,056
Interest capitalized 12,883 6,004
Debt cost amortization 1,842 1,869
---------- ----------
Total fixed charges (1) $ 24,420 $ 19,046
(Less):
Interest capitalized $ 12,883 $ 6,004
Adjusted earnings (2) $ 57,694 $ 45,137
---------- ----------
Ratio (2 divided by 1) 2.36 2.37
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