EXHIBIT 12.1
BAY APARTMENT COMMUNITIES, INC.
RATIOS OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
YEAR YEAR YEAR YEAR
JANUARY 1- ENDED ENDED MARCH 17- JANUARY 1- ENDED ENDED
JUNE 30 DECEMBER 31, DECEMBER 31, DECEMBER 31, MARCH 16 DECEMBER 31, DECEMBER 31,
1997 1996 1995 1994 1994 1993 1992
---------- ------------ ------------ ------------- ---------- ------------ ------------
Net Operating Income $16,251 $19,626 $11,460 $ 7,486 $ (716) $ (447) $(3,204)
Plus (Less) Extraordinary
Items:
Unamortized loan fee
write-off $ -0- 511 -0- -0- -0- -0- -0-
Gain on sale -0- -0- $(2,412) -0- -0- -0- -0-
Plus Fixed Charges:
Interest expense $ 7,117 14,276 $11,472 $ 4,782 $ 2,358 $10,932 $11,738
Interest capitalized 2,421 2,567 3,641 2,096 -0- -0- 712
Debt cost amortization 252 667 1,278 241 80 218 997
Preferred dividend 2,441 4,264 917 -0- -0- -0- -0-
------- ------- ------- ------- -------- -------- -------
Total fixed charges(1) $ 12,231 $21,774 $17,308 $ 7,119 $ 2,438 $11,150 $13,447
Less:
Interest capitalized $ 2,421 $ 2,567 $ 3,641 $ 2,096 $ -0- $ -0- $ 712
Preferred dividend 2,441 4,264 917 -0- -0- -0- -0-
Adjusted earnings(2) $23,620 $35,080 $21,798 $12,509 $ 1,722 $10,703 $ 9,531
------- ------- ------- ------- -------- -------- -------
Ratio (2 divided by 1) 1.93 1.61 1.26 1.76 0.71 0.96 0.71
------- ------- ------- ------- -------- -------- -------