RATIO OF EARNINGS
Published on July 23, 2003
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 |
$ | 112,309 | $ | 173,399 | $ | 159,039 | $ | 115,147 | $ | 91,803 | ||||||||||||
(Plus) Minority interest in consolidated partnerships |
1,771 | (161 | ) | 1,086 | 1,231 | 1,373 | ||||||||||||||||
Earnings before fixed charges |
$ | 114,080 | $ | 173,238 | $ | 160,125 | $ | 116,378 | $ | 93,176 | ||||||||||||
(Plus) Fixed charges: |
||||||||||||||||||||||
Portion of rents representative
of the interest factor |
$ | 527 | $ | 472 | $ | 461 | $ | 526 | $ | 293 | ||||||||||||
Interest expense |
120,559 | 102,069 | 81,973 | 73,337 | 53,179 | |||||||||||||||||
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) |
$ | 168,919 | $ | 162,673 | $ | 140,541 | $ | 135,530 | $ | 96,328 | ||||||||||||
(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) |
$ | 235,166 | $ | 275,779 | $ | 242,559 | $ | 190,241 | $ | 146,648 | ||||||||||||
Ratio (2 divided by 1) |
1.39 | 1.70 | 1.73 | 1.40 | 1.52 | |||||||||||||||||
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 |
$ | 112,309 | $ | 173,399 | $ | 159,039 | $ | 115,147 | $ | 91,803 | ||||||||||||
(Plus) Minority interest in consolidated partnerships |
1,771 | (161 | ) | 1,086 | 1,231 | 1,373 | ||||||||||||||||
Earnings before fixed charges |
$ | 114,080 | $ | 173,238 | $ | 160,125 | $ | 116,378 | $ | 93,176 | ||||||||||||
(Plus) Fixed charges: |
||||||||||||||||||||||
Portion of rents representative
of the interest factor |
$ | 527 | $ | 472 | $ | 461 | $ | 526 | $ | 293 | ||||||||||||
Interest expense |
120,559 | 102,069 | 81,973 | 73,337 | 53,179 | |||||||||||||||||
Interest capitalized |
29,937 | 27,635 | 18,328 | 21,888 | 14,724 | |||||||||||||||||
Total fixed charges (1) |
$ | 151,023 | $ | 130,176 | $ | 100,762 | $ | 95,751 | $ | 68,196 | ||||||||||||
(Less): |
||||||||||||||||||||||
Interest capitalized |
29,937 | 27,635 | 18,328 | 21,888 | 14,724 | |||||||||||||||||
Earnings (2) |
$ | 235,166 | $ | 275,779 | $ | 242,559 | $ | 190,241 | $ | 146,648 | ||||||||||||
Ratio (2 divided by 1) |
1.56 | 2.12 | 2.41 | 1.99 | 2.15 | |||||||||||||||||