1 EXHIBIT 12.1 AVALONBAY COMMUNITIES, INC. RATIOS OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS Quarter Year Quarter Year Ended Ended Ended Ended March 31, December 31, December 31, December 31, 1999 1998 1997 1996 ---- ---- -------- -------- Net Operating Income $ 19,807 $ 94,434 $ 38,941 $ 19,626 (Less) Nonrecurring item: Gain on sale $ (5,079) $ (3,970) $ - $ - Non-recurring charges $ 16,524 $ - $ - $ - (Plus) Extraordinary item: Unamortized loan fee write-off $ - $ - $ - $ 511 (Plus) Fixed charges: Interest expense $ 16,337 $ 54,003 $ 14,113 $ 14,276 Interest capitalized 7,283 16,977 6,985 2,567 Debt cost amortization 166 670 505 667 Preferred dividend 9,945 25,874 7,480 4,264 -------- -------- -------- -------- Total fixed charges (1) $ 33,731 $ 97,524 $ 29,083 $ 21,774 (Less): Interest capitalized $ 7,283 $ 16,977 $ 6,985 $ 2,567 Preferred dividend 9,945 25,874 7,480 4,264 Adjusted earnings (2) $ 47,755 $ 145,137 $ 53,559 $ 35,080 -------- --------- -------- -------- Ratio (2 divided by 1) 1.42 1.49 1.84 1.61 ======== ========= ======== ======== Year Ended March 17- January 1- December 31, December 31 March 16, 1995 1994 1994 -------- -------- ------- Net Operating Income $ 11,460 $ 7,486 $ (716) (Less) Nonrecurring item: Gain on sale $ (2,412) $ - $ - Non-recurring charges $ - $ - $ - (Plus) Extraordinary item: Unamortized loan fee write-off $ - $ - $ - (Plus) Fixed charges: Interest expense $ 11,472 $ 4,782 $ 2,358 Interest capitalized 3,641 2,096 - Debt cost amortization 1,278 241 80 Preferred dividend 917 - - -------- -------- ------- Total fixed charges (1) $ 17,308 $ 7,119 $ 2,438 (Less): Interest capitalized $ 3,641 $ 2,096 $ - Preferred dividend 917 - - Adjusted earnings (2) $ 21,798 $ 12,509 $ 1,722 -------- --------- ------- Ratio (2 divided by 1) 1.26 1.76 0.71 ======== ======== ======= 2 AVALONBAY COMMUNITIES, INC. RATIOS OF EARNINGS TO FIXED CHARGES Quarter Year Year Year Ended Ended Ended Ended March 31, December 31, December 31, December 31, 1999 1998 1997 1996 --------- --------- --------- --------- Net Operating Income $ 19,807 $ 94,434 $ 38,941 $ 19,626 (Less) Nonrecurring item: Gain on sale $ (5,079) $ (3,970) $ - $ - Non-recurring charges $ 16,524 $ - $ - $ - (Plus) Extraordinary item: Unamortized loan fee write-off $ - $ - $ - $ 511 (Plus) Fixed charges: Interest expense $ 16,337 $ 54,003 $ 14,113 $ 14,276 Interest capitalized 7,283 16,977 6,985 2,567 Debt cost amortization 166 670 505 667 --------- --------- -------- -------- Total fixed charges (1) $ 23,786 $ 71,650 $ 21,603 $ 17,510 (Less): Interest capitalized $ 7,283 $ 16,977 $ 6,985 $ 2,567 Adjusted earnings (2) $ 47,755 $ 145,137 $ 53,559 $ 35,080 --------- --------- -------- -------- Ratio (2 divided by 1) 2.01 2.03 2.48 2.00 ========= ========= ======== ======== Year Ended March 17- January 1- December 31, December 31 March 16, 1995 1994 1994 --------- --------- --------- Net Operating Income $ 11,460 $ 7,486 $ (716) (Less) Nonrecurring item: Gain on sale $ (2,412) $ - $ - Non-recurring charges $ - $ - $ - (Plus) Extraordinary item: Unamortized loan fee write-off $ - $ - $ - (Plus) Fixed charges: Interest expense $ 11,472 $ 4,782 $ 2,358 Interest capitalized 3,641 2,096 - Debt cost amortization 1,278 241 80 -------- -------- ------- Total fixed charges (1) $ 16,391 $ 7,119 $ 2,438 (Less): Interest capitalized $ 3,641 $ 2,096 $ - Adjusted earnings (2) $ 21,798 $ 12,509 $ 1,722 -------- -------- ------- Ratio (2 divided by 1) 1.33 1.76 0.71 ======== ======== =======