EXHIBIT 12.1
Published on May 14, 2003
Exhibit 12.1
AVALONBAY COMMUNITIES, INC.
RATIOS OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
| Three Months | Year | Year | Year | Year | Year | |||||||||||||||||||||
| Ended | Ended | Ended | Ended | Ended | Ended | |||||||||||||||||||||
| March 31, | December 31, | December 31, | December 31, | December 31, | December 31, | |||||||||||||||||||||
| 2003 | 2002 | 2001 | 2000 | 1999 | 1998 | |||||||||||||||||||||
Income before gain on sale of communities and
extraordinary item |
$ | 20,368 | $ | 121,196 | $ | 182,499 | $ | 166,797 | $ | 122,127 | $ | 95,636 | ||||||||||||||
(Plus) Minority interest in consolidated partnerships |
598 | 2,570 | 597 | 1,908 | 1,975 | 1,770 | ||||||||||||||||||||
(Less) Impairment loss on planned dispositions |
| 6,800 | | | | | ||||||||||||||||||||
Earnings before fixed charges |
$ | 20,966 | $ | 130,566 | $ | 183,096 | $ | 168,705 | $ | 124,102 | $ | 97,406 | ||||||||||||||
(Plus) Fixed charges: |
||||||||||||||||||||||||||
Portion of rents representative
of the interest factor |
$ | 113 | $ | 527 | $ | 472 | $ | 461 | $ | 526 | $ | 293 | ||||||||||||||
Interest expense |
34,369 | 121,380 | 103,189 | 83,582 | 74,689 | 54,642 | ||||||||||||||||||||
Interest capitalized |
6,206 | 29,937 | 27,635 | 18,328 | 21,888 | 14,724 | ||||||||||||||||||||
Preferred dividend |
3,688 | 17,896 | 32,497 | 39,779 | 39,779 | 28,132 | ||||||||||||||||||||
Total fixed charges (1) |
$ | 44,376 | $ | 169,740 | $ | 163,793 | $ | 142,150 | $ | 136,882 | $ | 97,791 | ||||||||||||||
(Less): |
||||||||||||||||||||||||||
Interest capitalized |
6,206 | 29,937 | 27,635 | 18,328 | 21,888 | 14,724 | ||||||||||||||||||||
Preferred dividend |
3,688 | 17,896 | 32,497 | 39,779 | 39,779 | 28,132 | ||||||||||||||||||||
Earnings (2) |
$ | 55,448 | $ | 252,473 | $ | 286,757 | $ | 252,748 | $ | 199,317 | $ | 152,341 | ||||||||||||||
Ratio (2 divided by 1) |
1.25 | 1.49 | 1.75 | 1.78 | 1.46 | 1.56 | ||||||||||||||||||||
Exhibit 12.1 (continued)
AVALONBAY COMMUNITIES, INC.
RATIOS OF EARNINGS TO FIXED CHARGES
| Three Months | Year | Year | Year | Year | Year | |||||||||||||||||||||
| Ended | Ended | Ended | Ended | Ended | Ended | |||||||||||||||||||||
| March 31, | December 31, | December 31, | December 31, | December 31, | December 31, | |||||||||||||||||||||
| 2003 | 2002 | 2001 | 2000 | 1999 | 1998 | |||||||||||||||||||||
Income before gain on sale of communities and
extraordinary item |
$ | 20,368 | $ | 121,196 | $ | 182,499 | $ | 166,797 | $ | 122,127 | $ | 95,636 | ||||||||||||||
(Plus) Minority interest in consolidated partnerships |
598 | 2,570 | 597 | 1,908 | 1,975 | 1,770 | ||||||||||||||||||||
(Less) Impairment loss on planned dispositions |
| 6,800 | | | | | ||||||||||||||||||||
Earnings before fixed charges |
$ | 20,966 | $ | 130,566 | $ | 183,096 | $ | 168,705 | $ | 124,102 | $ | 97,406 | ||||||||||||||
(Plus) Fixed charges: |
||||||||||||||||||||||||||
Portion of rents representative
of the interest factor |
$ | 113 | $ | 527 | $ | 472 | $ | 461 | $ | 526 | $ | 293 | ||||||||||||||
Interest expense |
34,369 | 121,380 | 103,189 | 83,582 | 74,689 | 54,642 | ||||||||||||||||||||
Interest capitalized |
6,206 | 29,937 | 27,635 | 18,328 | 21,888 | 14,724 | ||||||||||||||||||||
Total fixed charges (1) |
$ | 40,688 | $ | 151,844 | $ | 131,296 | $ | 102,371 | $ | 97,103 | $ | 69,659 | ||||||||||||||
(Less): |
||||||||||||||||||||||||||
Interest capitalized |
6,206 | 29,937 | 27,635 | 18,328 | 21,888 | 14,724 | ||||||||||||||||||||
Earnings (2) |
$ | 55,448 | $ | 252,473 | $ | 286,757 | $ | 252,748 | $ | 199,317 | $ | 152,341 | ||||||||||||||
Ratio (2 divided by 1) |
1.36 | 1.66 | 2.18 | 2.47 | 2.05 | 2.19 | ||||||||||||||||||||