EXHIBIT 12.1
Published on November 7, 2003
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, | ||||||||||||||||||||||
| 2003 | 2002 | 2001 | 2000 | 1999 | 1998 | ||||||||||||||||||||||
Income before gain on sale of
communities and
extraordinary item |
$ | 79,083 | $ | 112,309 | $ | 173,399 | $ | 159,039 | $ | 115,147 | $ | 91,803 | |||||||||||||||
(Plus) Minority interest in
consolidated partnerships |
754 | 913 | 997 | 1,086 | 1,231 | 1,373 | |||||||||||||||||||||
Earnings before fixed charges |
$ | 79,837 | $ | 113,222 | $ | 174,396 | $ | 160,125 | $ | 116,378 | $ | 93,176 | |||||||||||||||
(Plus) Fixed charges: |
|||||||||||||||||||||||||||
Portion of rents representative
of the interest factor |
$ | 395 | $ | 527 | $ | 472 | $ | 461 | $ | 526 | $ | 293 | |||||||||||||||
Interest expense |
101,826 | 120,559 | 102,069 | 81,973 | 73,337 | 53,179 | |||||||||||||||||||||
Interest capitalized |
18,871 | 29,937 | 27,635 | 18,328 | 21,888 | 14,724 | |||||||||||||||||||||
Preferred dividend |
8,569 | 17,896 | 32,497 | 39,779 | 39,779 | 28,132 | |||||||||||||||||||||
Total fixed charges (1) |
$ | 129,661 | $ | 168,919 | $ | 162,673 | $ | 140,541 | $ | 135,530 | $ | 96,328 | |||||||||||||||
(Less): |
|||||||||||||||||||||||||||
Interest capitalized |
18,871 | 29,937 | 27,635 | 18,328 | 21,888 | 14,724 | |||||||||||||||||||||
Preferred dividend |
8,569 | 17,896 | 32,497 | 39,779 | 39,779 | 28,132 | |||||||||||||||||||||
Earnings (2) |
$ | 182,058 | $ | 234,308 | $ | 276,937 | $ | 242,559 | $ | 190,241 | $ | 146,648 | |||||||||||||||
Ratio (2 divided by 1) |
1.40 | 1.39 | 1.70 | 1.73 | 1.40 | 1.52 | |||||||||||||||||||||
Exhibit 12.1 (continued)
| 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, | ||||||||||||||||||||||
| 2003 | 2002 | 2001 | 2000 | 1999 | 1998 | ||||||||||||||||||||||
Income before gain on sale of
communities and |
|||||||||||||||||||||||||||
extraordinary item |
$ | 79,083 | $ | 112,309 | $ | 173,399 | $ | 159,039 | $ | 115,147 | $ | 91,803 | |||||||||||||||
(Plus) Minority interest in
consolidated partnerships |
754 | 913 | 997 | 1,086 | 1,231 | 1,373 | |||||||||||||||||||||
Earnings before fixed charges |
$ | 79,837 | $ | 113,222 | $ | 174,396 | $ | 160,125 | $ | 116,378 | $ | 93,176 | |||||||||||||||
(Plus) Fixed charges: |
|||||||||||||||||||||||||||
Portion of rents representative
of the interest factor |
$ | 395 | $ | 527 | $ | 472 | $ | 461 | $ | 526 | $ | 293 | |||||||||||||||
Interest expense |
101,826 | 120,559 | 102,069 | 81,973 | 73,337 | 53,179 | |||||||||||||||||||||
Interest capitalized |
18,871 | 29,937 | 27,635 | 18,328 | 21,888 | 14,724 | |||||||||||||||||||||
Total fixed charges (1) |
$ | 121,092 | $ | 151,023 | $ | 130,176 | $ | 100,762 | $ | 95,751 | $ | 68,196 | |||||||||||||||
(Less): |
|||||||||||||||||||||||||||
Interest capitalized |
18,871 | 29,937 | 27,635 | 18,328 | 21,888 | 14,724 | |||||||||||||||||||||
Earnings (2) |
$ | 182,058 | $ | 234,308 | $ | 276,937 | $ | 242,559 | $ | 190,241 | $ | 146,648 | |||||||||||||||
Ratio (2 divided by 1) |
1.50 | 1.55 | 2.13 | 2.41 | 1.99 | 2.15 | |||||||||||||||||||||