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EXHIBIT 12.1
AVALONBAY COMMUNITIES, INC.
RATIOS OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
Nine months Year Year Year Year
Ended Ended Ended Ended March 17- January 1- Ended
September 30, December 31, December 31, December 31, December 31, March 16, December 31,
1998 1997 1996 1995 1994 1994 1993
------------- ------------ ------------ ------------ ------------ --------- ------------
Net Operating Income $62,721 $38,941 $19,626 $11,460 $ 7,486 $ (716) $ (447)
(Less) Nonrecurring item:
Gain on sale $ (40) $ -- $ -- $(2,412) $ -- $ -- $ --
(Plus) Extraordinary item:
Unamortized loan fee
write-off $ -- $ -- $ 511 $ -- $ -- $ -- $ --
(Plus) Fixed charges:
Interest expense $35,748 $14,113 $14,276 $11,472 $ 4,782 $2,358 $10,932
Interest capitalized 11,372 6,985 2,567 3,641 2,096 -- --
Debt cost amortization 504 505 667 1,278 241 80 218
Preferred dividend 16,292 7,480 4,264 917 -- -- --
------- ------- ------- ------- ------- ------ -------
Total fixed charges (1) $63,916 $29,083 $21,774 $17,308 $ 7,119 $2,438 $11,150
(Less):
Interest capitalized $11,372 $ 6,985 $ 2,567 $ 3,641 $ 2,096 $ -- $ --
Preferred dividend 16,292 7,480 4,264 917 -- -- --
Adjusted earnings (2) $98,933 $53,559 $35,080 $21,798 $12,509 $1,722 $10,703
------- ------- ------- ------- ------- ------ -------
Ratio (2 divided by 1) 1.55 1.84 1.61 1.26 1.76 0.71 0.96
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AVALONBAY COMMUNITIES, INC.
RATIOS OF EARNINGS TO FIXED CHARGES
Nine months Year Year Year Year
Ended Ended Ended Ended March 17- January 1- Ended
September 30, December 31, December 31, December 31, December 31, March 16, December 31,
1998 1997 1996 1995 1994 1994 1993
---------- ------------ ------------ ------------ ------------ --------- ------------
Net Operating Income $62,721 $38,941 $19,626 $11,460 $ 7,486 $ (716) $ (447)
(Less) Nonrecurring item:
Gain on sale $ (40) $ -- $ -- $(2,412) $ -- $ -- $ --
(Plus) Extraordinary item:
Unamortized loan
fee write-off $ -- $ -- $ 511 $ -- $ -- $ -- $ --
(Plus) Fixed charges:
Interest expense $35,748 $14,113 $14,276 $11,472 $ 4,782 $2,358 $10,932
Interest capitalized 11,372 6,985 2,567 3,641 2,096 -- --
Debt cost amortization 504 505 667 1,278 241 80 218
------- ------- ------- ------- ------- ------ -------
Total fixed charges (1) $47,624 $21,603 $17,510 $16,391 $ 7,119 $2,438 $11,150
(Less):
Interest capitalized $11,372 $ 6,985 $ 2,567 $ 3,641 $ 2,096 $ -- $ --
Adjusted earnings (2) $98,933 $53,559 $35,080 $21,798 $12,509 $1,722 $10,703
------- ------- ------- ------- ------- ------ -------
Ratio (2 divided by 1) 2.08 2.48 2.00 1.33 1.76 0.71 0.96
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