Exhibit 12.1
BAY APARTMENT COMMUNITIES, INC.
RATIOS OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
Year Year Year Year
Ended Ended Ended March 17- January 1- Ended
December 31, December 31, December 31, December 31, March 16, December 31,
1997 1996 1995 1994 1994 1993
------------ ------------ ------------ ------------ ---------- ------------
Net Operating Income $38,941 $19,626 $11,460 $ 7,486 $ (716) $ (447)
(Less) Nonrecurring
Item:
Gain on sale $ 0 $ 0 $(2,412) $ 0 $ 0 $ 0
Plus Extraordinary Item:
Unamortized loan fee
write-off $ 0 $ 511 $ 0 $ 0 $ 0 $ 0
Plus Fixed Charges:
Interest expense $14,113 $14,276 $11,472 $ 4,782 $2,358 $10,932
Interest capitalized 6,985 2,567 3,641 2,096 0 0
Debt cost amortization 505 667 1,278 241 80 218
Preferred dividend 7,480 4,264 917 0 0 0
------ ------ ------ ------ ----- ------
Total fixed charges(1) $29,083 $21,774 $17,308 $ 7,119 $2,438 $11,150
Less:
Interest capitalized $ 6,985 $ 2,567 $ 3,641 $ 2,096 $ 0 $ 0
Preferred dividend 7,480 4,264 917 0 0 0
Adjusted earnings(2) $53,559 $35,080 $21,798 $12,509 $1,722 $10,703
------ ------ ------ ------ ----- ------
Ratio (2 divided by 1) 1.84 1.61 1.26 1.76 0.71 0.96
------ ------ ------ ------ ----- ------
BAY APARTMENT COMMUNITIES, INC.
RATIOS OF EARNINGS TO FIXED CHARGES
Year Year Year Year
Ended Ended Ended March 17- January 1- Ended
December 31, December 31, December 31, December 31, March 16, December 31,
1997 1996 1995 1994 1994 1993
------------ ------------ ------------ ------------ ---------- ------------
Net Operating Income $38,941 $19,626 $11,460 $ 7,486 $ (716) $ (447)
(Less) Nonrecurring
Item:
Gain on sale $ 0 $ 0 $(2,412) $ 0 $ 0 $ 0
Plus Extraordinary Item:
Unamortized loan fee
write-off $ 0 $ 511 $ 0 $ 0 $ 0 $ 0
Plus Fixed Charges:
Interest expense $14,113 $14,276 $11,472 $ 4,782 $2,358 $10,932
Interest capitalized 6,985 2,567 3,641 2,096 0 0
Debt cost amortization 505 667 1,278 241 80 218
------ ------ ------ ------ ----- ------
Total fixed charges(1) $21,603 $17,510 $16,391 $ 7,119 $2,438 $11,150
Less:
Interest capitalized $ 6,985 $ 2,567 $ 3,641 $ 2,096 $ 0 $ 0
Adjusted earnings(2) $53,559 $35,080 $21,798 $12,509 $1,722 $10,703
------ ------ ------ ------ ----- ------
Ratio (2 divided by 1) 2.48 2.00 1.33 1.76 0.71 0.96
------ ------ ------ ------ ----- ------