STATEMENTS RE: COMPUTATION OF RATIOS
Published on November 14, 2002
Exhibit 12.1
AVALONBAY COMMUNITIES, INC.
RATIOS OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
| Nine Months | Year | Year | Year | Year | Year | |||||||||||||||||||||
| Ended | Ended | Ended | Ended | Ended | Ended | |||||||||||||||||||||
| September 30, | December 31, | December 31, | December 31, | December 31, | December 31, | |||||||||||||||||||||
| 2002 | 2001 | 2000 | 1999 | 1998 | 1997 | |||||||||||||||||||||
Net Income |
$ | 106,776 | $ | 248,997 | $ | 210,604 | $ | 172,276 | $ | 123,535 | $ | 64,916 | ||||||||||||||
(Less) Nonrecurring item: |
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Gain on sale |
$ | | $ | (62,852 | ) | $ | (40,779 | ) | $ | (47,093 | ) | $ | (25,270 | ) | $ | (677 | ) | |||||||||
Non-recurring charges |
| | | 16,782 | | | ||||||||||||||||||||
(Plus) Extraordinary item: |
||||||||||||||||||||||||||
Unamortized loan fee write-off |
$ | | $ | | $ | | $ | | $ | 245 | $ | 1,183 | ||||||||||||||
(Plus) Fixed charges: |
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Portion of rents representative
of the interest factor |
$ | 403 | $ | 472 | $ | 461 | $ | 526 | $ | 293 | $ | 172 | ||||||||||||||
Interest expense |
87,901 | 103,203 | 83,609 | 74,699 | 54,650 | 16,977 | ||||||||||||||||||||
Interest capitalized |
23,404 | 27,635 | 18,328 | 21,888 | 14,724 | 9,024 | ||||||||||||||||||||
Preferred dividend |
14,087 | 32,497 | 39,779 | 39,779 | 28,132 | 19,656 | ||||||||||||||||||||
Total fixed charges (1) |
$ | 125,795 | $ | 163,807 | $ | 142,177 | $ | 136,892 | $ | 97,799 | $ | 45,829 | ||||||||||||||
(Less): |
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Interest capitalized |
$ | 23,404 | $ | 27,635 | $ | 18,328 | $ | 21,888 | $ | 14,724 | $ | 9,024 | ||||||||||||||
Preferred dividend |
14,087 | 32,497 | 39,779 | 39,779 | 28,132 | 19,656 | ||||||||||||||||||||
Adjusted earnings (2) |
$ | 195,080 | $ | 289,820 | $ | 253,895 | $ | 217,190 | $ | 153,453 | $ | 82,571 | ||||||||||||||
Ratio (2 divided by 1) |
1.55 | 1.77 | 1.79 | 1.59 | 1.57 | 1.80 | ||||||||||||||||||||
Exhibit 12.1 (continued)
AVALONBAY COMMUNITIES, INC.
RATIOS OF EARNINGS TO FIXED CHARGES
| Nine Months | Year | Year | Year | Year | Year | |||||||||||||||||||||
| Ended | Ended | Ended | Ended | Ended | Ended | |||||||||||||||||||||
| September 30, | December 31, | December 31, | December 31, | December 31, | December 31, | |||||||||||||||||||||
| 2002 | 2001 | 2000 | 1999 | 1998 | 1997 | |||||||||||||||||||||
Net Income |
$ | 106,776 | $ | 248,997 | $ | 210,604 | $ | 172,276 | $ | 123,535 | $ | 64,916 | ||||||||||||||
(Less) Nonrecurring item: |
||||||||||||||||||||||||||
Gain on sale |
$ | | $ | (62,852 | ) | $ | (40,779 | ) | $ | (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 |
$ | 403 | $ | 472 | $ | 461 | $ | 526 | $ | 293 | $ | 172 | ||||||||||||||
Interest expense |
87,901 | 103,203 | 83,609 | 74,699 | 54,650 | 16,977 | ||||||||||||||||||||
Interest capitalized |
23,404 | 27,635 | 18,328 | 21,888 | 14,724 | 9,024 | ||||||||||||||||||||
Total fixed charges (1) |
$ | 111,708 | $ | 131,310 | $ | 102,398 | $ | 97,113 | $ | 69,667 | $ | 26,173 | ||||||||||||||
(Less): |
||||||||||||||||||||||||||
Interest capitalized |
$ | 23,404 | $ | 27,635 | $ | 18,328 | $ | 21,888 | $ | 14,724 | $ | 9,024 | ||||||||||||||
Adjusted earnings (2) |
$ | 195,080 | $ | 289,820 | $ | 253,895 | $ | 217,190 | $ | 153,453 | $ | 82,571 | ||||||||||||||
Ratio (2 divided by 1) |
1.75 | 2.21 | 2.48 | 2.24 | 2.20 | 3.15 | ||||||||||||||||||||