Exhibit 12.1
BAY APARTMENT COMMUNITIES, INC.
RATIOS OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
Year
Ended
January 1- ----- March 17- January 1- Year Ended December 31,
September 30 December December 31, March 16 -----------------------------
1996 1995 1994 1994 1993 1992 1991
------- -------- ------- ------ ------- ------- -------
Net Operating Income $12,612 $ 11,460 $ 7,486 $ (716) $ (447) $(3,204) $(2,840)
Plus (Less) Extraordinary
Items:
Unamortized loan fee
write-off $511 -0- -0- -0- -0- -0- -0-
Gain on sale -0- $(2,412) -0- -0- -0- -0- -0-
Plus Fixed Charges:
Interest expense $10,850 $ 11,472 $ 4,782 $2,358 $10,932 $11,738 $10,440
Interest capitalized 1,700 3,641 2,096 -0- -0- 712 1,129
Debt cost amortization 550 1,278 241 80 218 997 651
Preferred dividend 3,118 917 -0- -0- -0- -0- -0-
------- -------- ------- ------ -------- ------- -------
Total fixed charges (1) $16,218 $ 17,308 $ 7,119 $2,438 $11,150 $13,447 $12,220
Less:
Interest capitalized $ 1,700 $ 3,641 $ 2,096 $ -0- $ -0- $ 712 $ 1,129
Preferred dividend 3,118 917 -0- -0- -0- -0- -0-
Adjusted earnings (2) $24,523 $ 21,798 $12,509 $1,722 $10,703 $ 9,531 $ 8,251
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Ratio (2 divided by 1) 1.51 1.26 1.76 0.71 0.96 0.71 0.68
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