RATIO OF EARNINGS
Published on August 14, 2002
Exhibit 12.1
AVALONBAY COMMUNITIES, INC.
RATIOS OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
| Six Months | Year | Year | ||||||||||||
| Ended | Ended | Ended | ||||||||||||
| June 30, | December 31, | December 31, | ||||||||||||
| 2002 | 2001 | 2000 | ||||||||||||
Net Income |
$ | 78,067 | $ | 248,997 | $ | 210,604 | ||||||||
(Less) Nonrecurring item: |
||||||||||||||
Gain on sale |
$ | | $ | (62,852 | ) | $ | (40,779 | ) | ||||||
Non-recurring charges |
| | | |||||||||||
(Plus) Extraordinary item: |
||||||||||||||
Unamortized loan fee write-off |
$ | | $ | | $ | | ||||||||
(Plus) Fixed charges: |
||||||||||||||
Portion of rents representative
of the interest factor |
$ | 264 | $ | 472 | $ | 461 | ||||||||
Interest expense |
56,093 | 103,203 | 83,609 | |||||||||||
Interest capitalized |
16,671 | 27,635 | 18,328 | |||||||||||
Debt cost amortization |
1,952 | 3,716 | 2,924 | |||||||||||
Preferred dividend |
10,062 | 32,497 | 39,779 | |||||||||||
Total fixed charges (1) |
$ | 85,042 | $ | 167,523 | $ | 145,101 | ||||||||
(Less): |
||||||||||||||
Interest capitalized |
$ | 16,671 | $ | 27,635 | $ | 18,328 | ||||||||
Preferred dividend |
10,062 | 32,497 | 39,779 | |||||||||||
Adjusted earnings (2) |
$ | 136,376 | $ | 293,536 | $ | 256,819 | ||||||||
Ratio (2 divided by 1) |
1.60 | 1.75 | 1.77 | |||||||||||
[Additional columns below]
[Continued from above table, first column(s) repeated]
| Year | Year | Year | ||||||||||||
| Ended | Ended | Ended | ||||||||||||
| December 31, | December 31, | December 31, | ||||||||||||
| 1999 | 1998 | 1997 | ||||||||||||
Net Income |
$ | 172,276 | $ | 123,535 | $ | 64,916 | ||||||||
(Less) Nonrecurring item: |
||||||||||||||
Gain on sale |
$ | (47,093 | ) | $ | (25,270 | ) | $ | (677 | ) | |||||
Non-recurring charges |
16,782 | | | |||||||||||
(Plus) Extraordinary item: |
||||||||||||||
Unamortized loan fee write-off |
$ | | $ | 245 | $ | 1,183 | ||||||||
(Plus) Fixed charges: |
||||||||||||||
Portion of rents representative
of the interest factor |
$ | 526 | $ | 293 | $ | 172 | ||||||||
Interest expense |
74,699 | 54,650 | 16,977 | |||||||||||
Interest capitalized |
21,888 | 14,724 | 9,024 | |||||||||||
Debt cost amortization |
2,624 | 2,068 | 700 | |||||||||||
Preferred dividend |
39,779 | 28,132 | 19,656 | |||||||||||
Total fixed charges (1) |
$ | 139,516 | $ | 99,867 | $ | 46,529 | ||||||||
(Less): |
||||||||||||||
Interest capitalized |
$ | 21,888 | $ | 14,724 | $ | 9,024 | ||||||||
Preferred dividend |
39,779 | 28,132 | 19,656 | |||||||||||
Adjusted earnings (2) |
$ | 219,814 | $ | 155,521 | $ | 83,271 | ||||||||
Ratio (2 divided by 1) |
1.58 | 1.56 | 1.79 | |||||||||||
Exhibit 12.1 (continued)
AVALONBAY COMMUNITIES, INC.
RATIOS OF EARNINGS TO FIXED CHARGES
| Six Months | Year | Year | ||||||||||||
| Ended | Ended | Ended | ||||||||||||
| June 30, | December 31, | December 31, | ||||||||||||
| 2002 | 2001 | 2000 | ||||||||||||
Net Income |
$ | 78,067 | $ | 248,997 | $ | 210,604 | ||||||||
(Less) Nonrecurring item: |
||||||||||||||
Gain on sale |
$ | | $ | (62,852 | ) | $ | (40,779 | ) | ||||||
Non-recurring charges |
| | | |||||||||||
(Plus) Extraordinary item: |
||||||||||||||
Unamortized loan fee write-off |
$ | | $ | | $ | | ||||||||
(Plus) Fixed charges: |
||||||||||||||
Portion of rents representative
of the interest factor |
$ | 264 | $ | 472 | $ | 461 | ||||||||
Interest expense |
56,093 | 103,203 | 83,609 | |||||||||||
Interest capitalized |
16,671 | 27,635 | 18,328 | |||||||||||
Debt cost amortization |
1,952 | 3,716 | 2,924 | |||||||||||
Total fixed charges (1) |
$ | 74,980 | $ | 135,026 | $ | 105,322 | ||||||||
(Less): |
||||||||||||||
Interest capitalized |
$ | 16,671 | $ | 27,635 | $ | 18,328 | ||||||||
Adjusted earnings (2) |
$ | 136,376 | $ | 293,536 | $ | 256,819 | ||||||||
Ratio (2 divided by 1) |
1.82 | 2.17 | 2.44 | |||||||||||
[Additional columns below]
[Continued from above table, first column(s) repeated]
| Year | Year | Year | ||||||||||||
| Ended | Ended | Ended | ||||||||||||
| December 31, | December 31, | December 31, | ||||||||||||
| 1999 | 1998 | 1997 | ||||||||||||
Net Income |
$ | 172,276 | $ | 123,535 | $ | 64,916 | ||||||||
(Less) Nonrecurring item: |
||||||||||||||
Gain on sale |
$ | (47,093 | ) | $ | (25,270 | ) | $ | (677 | ) | |||||
Non-recurring charges |
16,782 | | | |||||||||||
(Plus) Extraordinary item: |
||||||||||||||
Unamortized loan fee write-off |
$ | | $ | 245 | $ | 1,183 | ||||||||
(Plus) Fixed charges: |
||||||||||||||
Portion of rents representative
of the interest factor |
$ | 526 | $ | 293 | $ | 172 | ||||||||
Interest expense |
74,699 | 54,650 | 16,977 | |||||||||||
Interest capitalized |
21,888 | 14,724 | 9,024 | |||||||||||
Debt cost amortization |
2,624 | 2,068 | 700 | |||||||||||
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Total fixed charges (1)
|
$ | 99,737 | $ | 71,735 | $ | 26,873 | ||||||||
(Less): |
||||||||||||||
Interest capitalized |
$ | 21,888 | $ | 14,724 | $ | 9,024 | ||||||||
Adjusted earnings (2) |
$ | 219,814 | $ | 155,521 | $ | 83,271 | ||||||||
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Ratio (2 divided by 1) |
2.20 | 2.17 | 3.10 | |||||||||||
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