EXHIBIT 12.1
AVALONBAY COMMUNITIES, INC.
RATIOS OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
Year Year Year Year Year
Ended Ended Ended Ended Ended
December 31, December 31, December 31, December 31, December 31,
1999 1998 1997 1996 1995
----------- ----------- ----------- ---------- ------------
Net Operating Income $ 172,276 $ 123,535 $ 64,916 $ 51,651 $ 30,937
(Less) Nonrecurring item:
Gain on sale $ (47,093) $ (25,270) $ (677) $ (7,850) $ -
Non-recurring charges 16,782 - - - -
(Plus) Extraordinary item:
Unamortized loan fee write-off $ - $ 245 $ 1,183 $ 2,356 $ 1,158
(Plus) Fixed charges:
Portion of rents representative
of the interest factor $ 526 $ 293 $ 172 $ 150 $ 117
Interest expense 74,699 54,650 16,977 9,545 11,056
Interest capitalized 21,888 14,724 9,024 12,883 6,004
Debt cost amortization 2,624 2,068 700 1,842 1,869
Preferred dividend 39,779 28,132 19,656 10,422 -
--------- ------- --------- --------- ---------
Total fixed charges (1) $ 139,516 $ 99,867 $ 46,529 $ 34,842 $ 19,046
(Less):
Interest capitalized $ 21,888 $ 14,724 $ 9,024 $ 12,883 $ 6,004
Preferred dividend 39,779 28,132 19,656 10,422 -
Adjusted earnings (2) $ 219,814 $ 155,521 $ 83,271 $ 57,694 $ 45,137
--------- ---------- --------- --------- ---------
Ratio (2 divided by 1) 1.58 1.56 1.79 1.66 2.37
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EXHIBIT 12.1 (CONTINUED)
AVALONBAY COMMUNITIES, INC.
RATIOS OF EARNINGS TO FIXED CHARGES
Year Year Year Year Year
Ended Ended Ended Ended Ended
December 31, December 31, December 31, December 31, December 31,
1999 1998 1997 1996 1995
------------ ------------ ------------ ----------- -----------
Net Operating Income $ 172,276 $ 123,535 $ 64,916 $ 51,651 $ 30,937
(Less) Nonrecurring item:
Gain on sale $ (47,093) $ (25,270) $ (677) $ (7,850) $ -
Non-recurring charges 16,782 - - - -
(Plus) Extraordinary item:
Unamortized loan fee write-off $ - $ 245 $ 1,183 $ 2,356 $ 1,158
(Plus) Fixed charges:
Portion of rents representative
of the interest factor $ 526 $ 293 $ 172 $ 150 $ 117
Interest expense 74,699 54,650 16,977 9,545 11,056
Interest capitalized 21,888 14,724 9,024 12,883 6,004
Debt cost amortization 2,624 2,068 700 1,842 1,869
------------ ------------ ------------ ----------- -----------
Total fixed charges (1) $ 99,737 $ 71,735 $ 26,873 $ 24,420 $ 19,046
(Less):
Interest capitalized $ 21,888 $ 14,724 $ 9,024 $ 12,883 $ 6,004
Adjusted earnings (2) $ 219,814 $ 155,521 $ 83,271 $ 57,694 $ 45,137
------------ ---------- ------------ ----------- -----------
Ratio (2 divided by 1) 2.20 2.17 3.10 2.36 2.37
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