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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,
2002 2001 2000 1999 1998
------------ ----------- ----------- ----------- ------------
Income before gain on sale of communities and
extraordinary item $121,196 $182,499 $166,797 $122,127 $ 95,636
(Plus) Minority interest in consolidated partnerships 2,570 597 1,908 1,975 1,770
(Less) Nonrecurring items:
Non-recurring items -- -- -- 16,782 --
Impairment loss 6,800 -- -- -- --
-------- -------- -------- -------- --------
Earnings before fixed charges $130,566 $183,096 $168,705 $140,884 $ 97,406
-------- -------- -------- -------- --------
(Plus) Fixed charges:
Portion of rents representative
of the interest factor $ 527 $ 472 $ 461 $ 526 $ 293
Interest expense 121,380 103,189 83,582 74,689 54,642
Interest capitalized 29,937 27,635 18,328 21,888 14,724
Preferred dividend 17,896 32,497 39,779 39,779 28,132
-------- -------- -------- -------- --------
Total fixed charges (1) $169,740 $163,793 $142,150 $136,882 $ 97,791
-------- -------- -------- -------- --------
(Less):
Interest capitalized 29,937 27,635 18,328 21,888 14,724
Preferred dividend 17,896 32,497 39,779 39,779 28,132
-------- -------- -------- -------- --------
Earnings (2) $252,473 $286,757 $252,748 $216,099 $152,341
======== ======== ======== ======== ========
Ratio (2 divided by 1) 1.49 1.75 1.78 1.58 1.56
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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,
2002 2001 2000 1999 1998
------------ ----------- ----------- ----------- ------------
Income before gain on sale of communities and
extraordinary item $121,196 $182,499 $166,797 $122,127 $ 95,636
(Plus) Minority interest in consolidated partnerships 2,570 597 1,908 1,975 1,770
(Less) Nonrecurring items:
Non-recurring items -- -- -- 16,782 --
Impairment loss 6,800 -- -- -- --
-------- -------- -------- -------- --------
Earnings before fixed charges $130,566 $183,096 $168,705 $140,884 $ 97,406
-------- -------- -------- -------- --------
(Plus) Fixed charges:
Portion of rents representative
of the interest factor $ 527 $ 472 $ 461 $ 526 $ 293
Interest expense 121,380 103,189 83,582 74,689 54,642
Interest capitalized 29,937 27,635 18,328 21,888 14,724
-------- -------- -------- -------- --------
Total fixed charges (1) $151,844 $131,296 $102,371 $ 97,103 $ 69,659
-------- -------- -------- -------- --------
(Less):
Interest capitalized 29,937 27,635 18,328 21,888 14,724
-------- -------- -------- -------- --------
Earnings (2) $252,473 $286,757 $252,748 $216,099 $152,341
======== ======== ======== ======== ========
Ratio (2 divided by 1) 1.66 2.18 2.47 2.23 2.19
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