EXHIBIT 12.1
Published on March 5, 2004
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, | ||||||||||||||||||
| 2003 | 2002 | 2001 | 2000 | 1999 | ||||||||||||||||||
Income before gain on sale of communities and extraordinary item |
$ | 100,471 | $ | 103,825 | $ | 163,146 | $ | 149,502 | $ | 110,575 | ||||||||||||
(Plus) Minority interest in consolidated partnerships |
999 | 914 | 997 | 1,086 | 1,231 | |||||||||||||||||
Earnings before fixed charges |
$ | 101,470 | $ | 104,739 | $ | 164,143 | $ | 150,588 | $ | 111,806 | ||||||||||||
(Plus) Fixed charges: |
||||||||||||||||||||||
Portion of rents representative of the interest factor |
$ | 503 | $ | 527 | $ | 472 | $ | 461 | $ | 526 | ||||||||||||
Interest expense |
134,911 | 119,666 | 101,170 | 81,071 | 72,461 | |||||||||||||||||
Interest capitalized |
24,709 | 29,937 | 27,635 | 18,328 | 21,888 | |||||||||||||||||
Preferred dividend |
10,744 | 17,896 | 40,035 | 39,779 | 39,779 | |||||||||||||||||
Total fixed charges (1) |
$ | 170,867 | $ | 168,026 | $ | 169,312 | $ | 139,639 | $ | 134,654 | ||||||||||||
(Less): |
||||||||||||||||||||||
Interest capitalized |
24,709 | 29,937 | 27,635 | 18,328 | 21,888 | |||||||||||||||||
Preferred dividend |
10,744 | 17,896 | 32,497 | 39,779 | 39,779 | |||||||||||||||||
Earnings (2) |
$ | 236,884 | $ | 224,932 | $ | 273,323 | $ | 232,120 | $ | 184,793 | ||||||||||||
Ratio (2 divided by 1) |
1.39 | 1.34 | 1.61 | 1.66 | 1.37 | |||||||||||||||||
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, | ||||||||||||||||||
| 2003 | 2002 | 2001 | 2000 | 1999 | ||||||||||||||||||
Income before gain on sale of communities and
extraordinary item |
$ | 100,471 | $ | 103,825 | $ | 163,146 | $ | 149,502 | $ | 110,575 | ||||||||||||
(Plus) Minority interest in consolidated partnerships |
999 | 914 | 997 | 1,086 | 1,231 | |||||||||||||||||
Earnings before fixed charges |
$ | 101,470 | $ | 104,739 | $ | 164,143 | $ | 150,588 | $ | 111,806 | ||||||||||||
(Plus) Fixed charges: |
||||||||||||||||||||||
Portion of rents representative
of the interest factor |
$ | 503 | $ | 527 | $ | 472 | $ | 461 | $ | 526 | ||||||||||||
Interest expense |
134,911 | 119,666 | 101,170 | 81,071 | 72,461 | |||||||||||||||||
Interest capitalized |
24,709 | 29,937 | 27,635 | 18,328 | 21,888 | |||||||||||||||||
Total fixed charges (1) |
$ | 160,123 | $ | 150,130 | $ | 129,277 | $ | 99,860 | $ | 94,875 | ||||||||||||
(Less): |
||||||||||||||||||||||
Interest capitalized |
24,709 | 29,937 | 27,635 | 18,328 | 21,888 | |||||||||||||||||
Earnings (2) |
$ | 236,884 | $ | 224,932 | $ | 265,785 | $ | 232,120 | $ | 184,793 | ||||||||||||
Ratio (2 divided by 1) |
1.48 | 1.50 | 2.06 | 2.32 | 1.95 | |||||||||||||||||