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,
1999 1998 1997
--------- ------------ ----------------
Net Operating Income $ 53,970 $ 94,434 $ 38,941
(Less) Nonrecurring item:
Gain on sale $ (5,304) $ (3,970) $ -
Non-recurring charges $ 16,590 $ - $ -
(Plus) Extraordinary item:
Unamortized loan fee write-off $ - $ - $ -
(Plus) Fixed charges:
Interest expense $ 34,949 $ 54,003 $ 14,113
Interest capitalized 13,149 16,977 6,985
Debt cost amortization 332 670 505
Preferred dividend 19,890 25,874 7,480
---------- ---------- ---------
Total fixed charges (1) $ 68,320 $ 97,524 $ 29,083
(Less):
Interest capitalized $ 13,149 $ 16,977 $ 6,985
Preferred dividend 19,890 25,874 7,480
Adjusted earnings (2) $ 100,537 $ 145,137 $ 53,559
---------- ---------- ---------
Ratio (2 divided by 1) 1.47 1.49 1.84
========== ========== =========
Year Year
Ended Ended March 17- January 1-
December 31, December 31, December 31 March 16,
1996 1995 1994 1994
--------------- --------------- ---------------- -----------------
Net Operating Income $ 19,626 $ 11,460 $ 7,486 $ (716)
(Less) Nonrecurring item:
Gain on sale $ - $(2,412) $ - $ -
Non-recurring charges $ - $ - $ - $ -
(Plus) Extraordinary item:
Unamortized loan fee write-off $ 511 $ - $ - $ -
(Plus) Fixed charges:
Interest expense $ 14,276 $ 11,472 $ 4,782 $ 2,358
Interest capitalized 2,567 3,641 2,096 -
Debt cost amortization 667 1,278 241 80
Preferred dividend 4,264 917 - -
--------- --------- --------- -------
Total fixed charges (1) $ 21,774 $ 17,308 $ 7,119 $ 2,438
(Less):
Interest capitalized $ 2,567 $ 3,641 $ 2,096 $ -
Preferred dividend 4,264 917 - -
Adjusted earnings (2) $ 35,080 $ 21,798 $ 12,509 $ 1,722
--------- --------- --------- -------
Ratio (2 divided by 1) 1.61 1.26 1.76 0.71
========= ========= ========= ========
AVALONBAY COMMUNITIES, INC.
RATIOS OF EARNINGS TO FIXED CHARGES
Six Months Year Year Year
Ended Ended Ended Ended
June 30, December 31, December 31, December 31,
1999 1998 1997 1996
--------------- ---------------- ----------------- -----------------
Net Operating Income $ 53,970 $ 94,434 $ 38,941 $ 19,626
(Less) Nonrecurring item:
Gain on sale $ (5,304) $ (3,970) $ - $ -
Non-recurring charges $ 16,590 $ - $ - $ -
(Plus) Extraordinary item:
Unamortized loan fee write-off $ - $ - $ - $ 511
(Plus) Fixed charges:
Interest expense $ 34,949 $ 54,003 $ 14,113 $ 14,276
Interest capitalized 13,149 16,977 6,985 2,567
Debt cost amortization 332 670 505 667
---------- ---------- --------- ---------
Total fixed charges (1) $ 48,430 $ 71,650 $ 21,603 $ 17,510
(Less):
Interest capitalized $ 13,149 $ 16,977 $ 6,985 $ 2,567
Adjusted earnings (2) $ 100,537 $ 145,137 $ 53,559 $ 35,080
---------- ---------- --------- ---------
Ratio (2 divided by 1) 2.08 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
========= ========= ========