EXHIBIT 12.1
Published on August 8, 2003
Exhibit 12.1
AVALONBAY COMMUNITIES, INC.
RATIOS OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
| Six Months | Year | Year | Year | Year | Year | |||||||||||||||||||||
| Ended | Ended | Ended | Ended | Ended | Ended | |||||||||||||||||||||
| June 30, | 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 |
$ | 40,495 | $ | 112,309 | $ | 173,399 | $ | 159,039 | $ | 115,147 | $ | 91,803 | ||||||||||||||
(Plus)
Minority interest in consolidated partnerships |
454 | 913 | 997 | 1,086 | 1,231 | 1,373 | ||||||||||||||||||||
Earnings
before fixed charges |
$ | 40,949 | $ | 113,222 | $ | 174,396 | $ | 160,125 | $ | 116,378 | $ | 93,176 | ||||||||||||||
(Plus)
Fixed charges: |
||||||||||||||||||||||||||
Portion
of rents representative of the interest factor |
$ | 281 | $ | 527 | $ | 472 | $ | 461 | $ | 526 | $ | 293 | ||||||||||||||
Interest
expense |
68,844 | 120,559 | 102,069 | 81,973 | 73,337 | 53,179 | ||||||||||||||||||||
Interest
capitalized |
12,511 | 29,937 | 27,635 | 18,328 | 21,888 | 14,724 | ||||||||||||||||||||
Preferred
dividend |
6,114 | 17,896 | 32,497 | 39,779 | 39,779 | 28,132 | ||||||||||||||||||||
Total
fixed charges (1) |
$ | 87,750 | $ | 168,919 | $ | 162,673 | $ | 140,541 | $ | 135,530 | $ | 96,328 | ||||||||||||||
(Less): |
||||||||||||||||||||||||||
Interest
capitalized |
12,511 | 29,937 | 27,635 | 18,328 | 21,888 | 14,724 | ||||||||||||||||||||
Preferred
dividend |
6,114 | 17,896 | 32,497 | 39,779 | 39,779 | 28,132 | ||||||||||||||||||||
Earnings
(2) |
$ | 110,074 | $ | 234,308 | $ | 276,937 | $ | 242,559 | $ | 190,241 | $ | 146,648 | ||||||||||||||
Ratio
(2 divided by 1) |
1.25 | 1.39 | 1.70 | 1.73 | 1.40 | 1.52 | ||||||||||||||||||||
Exhibit 12.1
(continued) |
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AVALONBAY COMMUNITIES, INC.
RATIOS OF EARNINGS TO FIXED CHARGES
| Six Months | Year | Year | Year | Year | Year | |||||||||||||||||||||
| Ended | Ended | Ended | Ended | Ended | Ended | |||||||||||||||||||||
| June 30, | 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 |
$ | 40,495 | $ | 112,309 | $ | 173,399 | $ | 159,039 | $ | 115,147 | $ | 91,803 | ||||||||||||||
(Plus) Minority interest in consolidated
partnerships |
454 | 913 | 997 | 1,086 | 1,231 | 1,373 | ||||||||||||||||||||
Earnings before fixed charges |
$ | 40,949 | $ | 113,222 | $ | 174,396 | $ | 160,125 | $ | 116,378 | $ | 93,176 | ||||||||||||||
(Plus) Fixed charges: |
||||||||||||||||||||||||||
Portion of rents representative
of the interest factor |
$ | 281 | $ | 527 | $ | 472 | $ | 461 | $ | 526 | $ | 293 | ||||||||||||||
Interest expense |
68,844 | 120,559 | 102,069 | 81,973 | 73,337 | 53,179 | ||||||||||||||||||||
Interest capitalized |
12,511 | 29,937 | 27,635 | 18,328 | 21,888 | 14,724 | ||||||||||||||||||||
Total fixed charges (1) |
$ | 81,636 | $ | 151,023 | $ | 130,176 | $ | 100,762 | $ | 95,751 | $ | 68,196 | ||||||||||||||
(Less): |
||||||||||||||||||||||||||
Interest capitalized |
12,511 | 29,937 | 27,635 | 18,328 | 21,888 | 14,724 | ||||||||||||||||||||
Earnings (2) |
$ | 110,074 | $ | 234,308 | $ | 276,937 | $ | 242,559 | $ | 190,241 | $ | 146,648 | ||||||||||||||
Ratio (2 divided by 1) |
1.35 | 1.55 | 2.13 | 2.41 | 1.99 | 2.15 | ||||||||||||||||||||