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,
1999 1998 1997 1996
------ ------ ---------- ---------
Net Operating Income $ 98,043 $ 94,434 $ 38,941 $ 19,626
(Less) Nonrecurring item:
Gain on sale $ (12,336) $ (3,970) $ - $ -
Non-recurring charges $ 16,644 $ - $ - $ -
(Plus) Extraordinary item:
Unamortized loan fee write-off $ - $ - $ - $ 511
(Plus) Fixed charges:
Interest expense $ 54,592 $ 54,003 $ 14,113 $ 14,276
Interest capitalized 18,357 16,977 6,985 2,567
Debt cost amortization 384 670 505 667
Preferred dividend 29,834 25,874 7,480 4,264
--------- --------- --------- ---------
Total fixed charges (1) $ 103,167 $ 97,524 $ 29,083 $ 21,774
(Less):
Interest capitalized $ 18,357 $ 16,977 $ 6,985 $ 2,567
Preferred dividend 29,834 25,874 7,480 4,264
Adjusted earnings (2) $ 157,327 $ 145,137 $ 53,559 $ 35,080
--------- --------- --------- ---------
Ratio (2 divided by 1) 1.52 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
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,
1999 1998 1997 1996
--------- --------- --------- ---------
Net Operating Income $ 98,043 $ 94,434 $ 38,941 $ 19,626
(Less) Nonrecurring item:
Gain on sale $ (12,336) $ (3,970) $ - $ -
Non-recurring charges $ 16,644 $ - $ - $ -
(Plus) Extraordinary item:
Unamortized loan fee write-off $ - $ - $ - $ 511
(Plus) Fixed charges:
Interest expense $ 54,592 $ 54,003 $ 14,113 $ 14,276
Interest capitalized 18,357 16,977 6,985 2,567
Debt cost amortization 384 670 505 667
--------- --------- --------- ---------
Total fixed charges (1) $ 73,333 $ 71,650 $ 21,603 $ 17,510
(Less):
Interest capitalized $ 18,357 $ 16,977 $ 6,985 $ 2,567
Adjusted earnings (2) $ 157,327 $ 145,137 $ 53,559 $ 35,080
--------- --------- --------- ---------
Ratio (2 divided by 1) 2.15 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
========= ======== ========