EXHIBIT 12.1
Published on November 4, 2004
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, | |||||||||||||||||||
| 2004 | 2003 | 2002 | 2001 | 2000 | 1999 | |||||||||||||||||||
Income before gain on sale of communities and
cumulative effect of change in accounting principle |
$ | 64,093 | $ | 100,471 | $ | 103,825 | $ | 163,146 | $ | 149,502 | $ | 110,575 | ||||||||||||
(Plus) Minority interest in consolidated partnerships |
833 | 999 | 914 | 997 | 1,086 | 1,231 | ||||||||||||||||||
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Earnings before fixed charges |
$ | 64,926 | $ | 101,470 | $ | 104,739 | $ | 164,143 | $ | 150,588 | $ | 111,806 | ||||||||||||
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(Plus) Fixed charges: |
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Portion of rents representative
of the interest factor |
$ | 240 | $ | 503 | $ | 527 | $ | 472 | $ | 461 | $ | 526 | ||||||||||||
Interest expense |
98,006 | 134,911 | 119,666 | 101,170 | 81,071 | 72,461 | ||||||||||||||||||
Interest capitalized |
15,335 | 24,709 | 29,937 | 27,635 | 18,328 | 21,888 | ||||||||||||||||||
Preferred dividend |
6,525 | 10,744 | 17,896 | 40,035 | 39,779 | 39,779 | ||||||||||||||||||
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Total fixed charges (1) |
$ | 120,106 | $ | 170,867 | $ | 168,026 | $ | 169,312 | $ | 139,639 | $ | 134,654 | ||||||||||||
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(Less): |
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Interest capitalized |
15,335 | 24,709 | 29,937 | 27,635 | 18,328 | 21,888 | ||||||||||||||||||
Preferred dividend |
6,525 | 10,744 | 17,896 | 32,497 | 39,779 | 39,779 | ||||||||||||||||||
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Earnings (2) |
$ | 163,172 | $ | 236,884 | $ | 224,932 | $ | 273,323 | $ | 232,120 | $ | 184,793 | ||||||||||||
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Ratio (2 divided by 1) |
1.36 | 1.39 | 1.34 | 1.61 | 1.66 | 1.37 | ||||||||||||||||||
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Exhibit 12.1 (continued)
AVALONBAY COMMUNITIES, INC.
RATIOS OF EARNINGS TO FIXED CHARGES
| 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, | |||||||||||||||||||
| 2004 | 2003 | 2002 | 2001 | 2000 | 1999 | |||||||||||||||||||
Income before gain on sale of communities and
extraordinary item |
$ | 64,093 | $ | 100,471 | $ | 103,825 | $ | 163,146 | $ | 149,502 | $ | 110,575 | ||||||||||||
(Plus) Minority interest in consolidated partnerships |
833 | 999 | 914 | 997 | 1,086 | 1,231 | ||||||||||||||||||
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Earnings before fixed charges |
$ | 64,926 | $ | 101,470 | $ | 104,739 | $ | 164,143 | $ | 150,588 | $ | 111,806 | ||||||||||||
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(Plus) Fixed charges: |
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Portion of rents representative
of the interest factor |
$ | 240 | $ | 503 | $ | 527 | $ | 472 | $ | 461 | $ | 526 | ||||||||||||
Interest expense |
98,006 | 134,911 | 119,666 | 101,170 | 81,071 | 72,461 | ||||||||||||||||||
Interest capitalized |
15,335 | 24,709 | 29,937 | 27,635 | 18,328 | 21,888 | ||||||||||||||||||
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Total fixed charges (1) |
$ | 113,581 | $ | 160,123 | $ | 150,130 | $ | 129,277 | $ | 99,860 | $ | 94,875 | ||||||||||||
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(Less): |
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Interest capitalized |
15,335 | 24,709 | 29,937 | 27,635 | 18,328 | 21,888 | ||||||||||||||||||
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Earnings (2) |
$ | 163,172 | $ | 236,884 | $ | 224,932 | $ | 265,785 | $ | 232,120 | $ | 184,793 | ||||||||||||
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Ratio (2 divided by 1) |
1.44 | 1.48 | 1.50 | 2.06 | 2.32 | 1.95 | ||||||||||||||||||
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