EXHIBIT 12.1
AVALONBAY COMMUNITIES, INC.
RATIOS OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
Six months Year Year Year Year
Ended Ended Ended Ended March 17- January 1- Ended
June 30, December 31, December 31, December 31, December 31 March 16, December 31,
1998 1997 1996 1995 1994 1994 1993
---------- ------------ ----------- ------------ ----------- ---------- -----------
Net Operating Income $ 31,221 $ 38,941 $ 19,626 $ 11,460 $ 7,486 $ (716) $ (447)
(Less) Nonrecurring item:
Gain on sale $ - $ - $ - $ (2,412) $ - $ - $ -
(Plus) Extraordinary item:
Unamortized loan fee write-off $ - $ - $ 511 $ - $ - $ - $ -
(Plus) Fixed charges:
Interest expense $ 17,363 $ 14,113 $ 14,276 $ 11,472 $ 4,782 $ 2,358 $ 10,932
Interest capitalized 6,525 6,985 2,567 3,641 2,096 - -
Debt cost amortization 336 505 667 1,278 241 80 218
Preferred dividend 8,523 7,480 4,264 917 - - -
-------- -------- -------- -------- -------- -------- --------
Total fixed charges (1) $ 32,747 $ 29,083 $ 21,774 $ 17,308 $ 7,119 $ 2,438 $ 11,150
(Less):
Interest capitalized $ 6,525 $ 6,985 $ 2,567 $ 3,641 $ 2,096 $ - $ -
Preferred dividend 8,523 7,480 4,264 917 - - -
Adjusted earnings (2) $ 48,920 $ 53,559 $ 35,080 $ 21,798 $ 12,509 $ 1,722 $ 10,703
--------- --------- -------- -------- -------- -------- --------
Ratio (2 divided by 1) 1.49 1.84 1.61 1.26 1.76 0.71 0.96
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AVALONBAY COMMUNITIES, INC.
RATIOS OF EARNINGS TO FIXED CHARGES
Six months Year Year Year Year
Ended Ended Ended Ended March 17- January 1- Ended
June 30, December 31, December 31, December 31, December 31 March 16, December 31,
1998 1997 1996 1995 1994 1994 1993
---------- ------------ ------------ ------------ ----------- --------- ------------
Net Operating Income $ 31,221 $ 38,941 $ 19,626 $ 11,460 $ 7,486 $ (716) $ (447)
(Less) Nonrecurring item:
Gain on sale $ - $ - $ - $ (2,412) $ - $ - $ -
(Plus) Extraordinary item:
Unamortized loan fee write-off $ - $ - $ 511 $ - $ - $ - $ -
(Plus) Fixed charges:
Interest expense $ 17,363 $ 14,113 $ 14,276 $ 11,472 $ 4,782 $ 2,358 $ 10,932
Interest capitalized 6,525 6,985 2,567 3,641 2,096 - -
Debt cost amortization 336 505 667 1,278 241 80 218
-------- -------- -------- -------- -------- -------- --------
Total fixed charges (1) $ 24,224 $ 21,603 $ 17,510 $ 16,391 $ 7,119 $ 2,438 $ 11,150
(Less):
Interest capitalized $ 6,525 $ 6,985 $ 2,567 $ 3,641 $ 2,096 $ - $ -
Adjusted earnings (2) $ 48,920 $ 53,559 $ 35,080 $ 21,798 $ 12,509 $ 1,722 $ 10,703
-------- -------- -------- -------- -------- -------- --------
Ratio (2 divided by 1) 2.02 2.48 2.00 1.33 1.76 0.71 0.96
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