Exhibit 12.1
AVALONBAY COMMUNITIES, INC.
RATIOS OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
Year Year Year Year Year Year
Ended Ended Ended Ended Ended Ended
December 31, December 31, December 31, December 31, December 31, December 31,
2001 2000 1999 1998 1997 1996
--------- --------- --------- --------- --------- ---------
Net Operating Income $ 248,997 $ 210,604 $ 172,276 $ 123,535 $ 64,916 $ 51,651
(Less) Nonrecurring item:
Gain on sale $ (62,852) $ (40,779) $ (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
(Plus) Fixed charges:
Portion of rents representative
of the interest factor $ 472 $ 461 $ 526 $ 293 $ 172 $ 150
Interest expense 103,203 83,609 74,699 54,650 16,977 9,545
Interest capitalized 27,635 18,328 21,888 14,724 9,024 12,883
Debt cost amortization 3,716 2,924 2,624 2,068 700 1,842
Preferred dividend 32,497 39,779 39,779 28,132 19,656 10,422
--------- --------- --------- --------- --------- ---------
Total fixed charges (1) $ 167,523 $ 145,101 $ 139,516 $ 99,867 $ 46,529 $ 34,842
(Less):
Interest capitalized $ 27,635 $ 18,328 $ 21,888 $ 14,724 $ 9,024 $ 12,883
Preferred dividend 32,497 39,779 39,779 28,132 19,656 10,422
Adjusted earnings (2) $ 293,536 $ 256,819 $ 219,814 $ 155,521 $ 83,271 $ 57,694
--------- --------- --------- --------- --------- ---------
Ratio (2 divided by 1) 1.75 1.77 1.58 1.56 1.79 1.66
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EXHIBIT 12.1 (CONTINUED)
AVALONBAY COMMUNITIES, INC.
RATIOS OF EARNINGS TO FIXED CHARGES
Year Year Year Year Year Year
Ended Ended Ended Ended Ended Ended
December 31, December 31, December 31, December 31, December 31, December 31,
2001 2000 1999 1998 1997 1996
--------- --------- --------- --------- --------- ---------
Net Operating Income $ 248,997 $ 210,604 $ 172,276 $ 123,535 $ 64,916 $ 51,651
(Less) Nonrecurring item:
Gain on sale $ (62,852) $ (40,779) $ (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
(Plus) Fixed charges:
Portion of rents representative
of the interest factor $ 472 $ 461 $ 526 $ 293 $ 172 $ 150
Interest expense 103,203 83,609 74,699 54,650 16,977 9,545
Interest capitalized 27,635 18,328 21,888 14,724 9,024 12,883
Debt cost amortization 3,716 2,924 2,624 2,068 700 1,842
--------- --------- --------- --------- --------- ---------
Total fixed charges (1) $ 135,026 $ 105,322 $ 99,737 $ 71,735 $ 26,873 $ 24,420
(Less):
Interest capitalized $ 27,635 $ 18,328 $ 21,888 $ 14,724 $ 9,024 $ 12,883
Adjusted earnings (2) $ 293,536 $ 256,819 $ 219,814 $ 155,521 $ 83,271 $ 57,694
--------- --------- --------- --------- --------- ---------
Ratio (2 divided by 1) 2.17 2.44 2.20 2.17 3.10 2.36
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