EXHIBIT 12.1
AVALONBAY COMMUNITIES, INC.
RATIOS OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
Year Year Year Year
Ended Ended Ended Ended March 17- January 1-
December 31, December 31, December 31, December 31, December 31 March 16,
1998 1997 1996 1995 1994 1994
--------- --------- --------- --------- --------- ---------
Net Operating Income $ 94,434 $ 38,941 $ 19,626 $ 11,460 $ 7,486 $ (716)
(Less) Nonrecurring item:
Gain on sale $ (3,970) $ - $ - $ (2,412) - $ -
(Plus) Extraordinary item:
Unamortized loan fee write-off $ - $ - $ 511 $ - $ - $ -
(Plus) Fixed charges:
Interest expense $ 54,003 $ 14,113 $ 14,276 $ 11,472 $ 4,782 $ 2,358
Interest capitalized 16,977 6,985 2,567 3,641 2,096 -
Debt cost amortization 670 505 667 1,278 241 80
Preferred dividend 25,874 7,480 4,264 917 - -
--------- --------- --------- --------- --------- ---------
Total fixed charges (1) $ 97,524 $ 29,083 $ 21,774 $ 17,308 $ 7,119 $ 2,438
(Less):
Interest capitalized $ 16,977 $ 6,985 $ 2,567 $ 3,641 $ 2,096 $ -
Preferred dividend 25,874 7,480 4,264 917 - -
Adjusted earnings (2) $ 145,137 $ 53,559 $ 35,080 $ 21,798 $ 12,509 $ 1,722
--------- --------- --------- --------- --------- ---------
Ratio (2 divided by 1) 1.49 1.84 1.61 1.26 1.76 0.71
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AVALONBAY COMMUNITIES, INC.
RATIOS OF EARNINGS TO FIXED CHARGES
Year Year Year Year
Ended Ended Ended Ended March 17- January 1-
December 31, December 31, December 31, December 31, December 31 March 16,
1998 1997 1996 1995 1994 1994
--------- --------- --------- --------- --------- ---------
Net Operating Income $ 94,434 $ 38,941 $ 19,626 $ 11,460 $ 7,486 $ (716)
(Less) Nonrecurring item:
Gain on sale $ (3,970) $ - $ - $ (2,412) $ - $ -
(Plus) Extraordinary item:
Unamortized loan fee write-off $ - $ - $ 511 $ - $ - $ -
(Plus) Fixed charges:
Interest expense $ 54,003 $ 14,113 $ 14,276 $ 11,472 $ 4,782 $ 2,358
Interest capitalized 16,977 6,985 2,567 3,641 2,096 -
Debt cost amortization 670 505 667 1,278 241 80
--------- --------- --------- --------- --------- ---------
Total fixed charges (1) $ 71,650 $ 21,603 $ 17,510 $ 16,391 $ 7,119 $ 2,438
(Less):
Interest capitalized $ 16,977 $ 6,985 $ 2,567 $ 3,641 $ 2,096 $ -
Adjusted earnings (2) $ 145,137 $ 53,559 $ 35,080 $ 21,798 $ 12,509 $ 1,722
--------- --------- --------- --------- --------- ---------
Ratio (2 divided by 1) 2.03 2.48 2.00 1.33 1.76 0.71
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