EXHIBIT 12.1
Published on July 23, 2003
EXHIBIT 12.1
AVALONBAY COMMUNITIES, INC.
RATIOS OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
Three Months Year Year Year Year Year
Ended Ended Ended Ended Ended Ended
March 31, December 31, December 31, December 31, December 31, December 31,
2003 2002 2001 2000 1999 1998
------------ ------------ ------------ ------------ ------------ ------------
Income before gain on sale of communities
and extraordinary item $ 20,368 $112,309 $173,399 $159,039 $115,147 $91,803
(Plus) Minority interest in consolidated
partnerships 598 1,771 (161) 1,086 1,231 1,373
------------ ------------ ------------ ------------ ------------ ------------
Earnings before fixed charges $ 20,966 $114,080 $173,238 $160,125 $116,378 $93,176
------------ ------------ ------------ ------------ ------------ ------------
(Plus) Fixed charges:
Portion of rents representative
of the interest factor $ 113 $ 527 $ 472 $ 461 $ 526 $ 293
Interest expense 34,369 120,559 102,069 81,973 73,337 53,179
Interest capitalized 6,206 29,937 27,635 18,328 21,888 14,724
Preferred dividend 3,688 17,896 32,497 39,779 39,779 28,132
------------ ------------ ------------ ------------ ------------ ------------
Total fixed charges (1) $ 44,376 $168,919 $162,673 $140,541 $135,530 $96,328
------------ ------------ ------------ ------------ ------------ ------------
(Less):
Interest capitalized 6,206 29,937 27,635 18,328 21,888 14,724
Preferred dividend 3,688 17,896 32,497 39,779 39,779 28,132
------------ ------------ ------------ ------------ ------------ ------------
Earnings (2) $ 55,448 $235,166 $275,779 $242,559 $190,241 $146,648
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Ratio (2 divided by 1) 1.25 1.39 1.70 1.73 1.40 1.52
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AVALONBAY COMMUNITIES, INC.
RATIOS OF EARNINGS TO FIXED CHARGES
Three Months Year Year Year Year Year
Ended Ended Ended Ended Ended Ended
March 31, December 31, December 31, December 31, December 31, December 31,
2003 2002 2001 2000 1999 1998
------------ ------------ ------------ ------------ ------------ ------------
Income before gain on sale of communities
and extraordinary item $ 20,368 $112,309 $173,399 $159,039 $115,147 $91,803
(Plus) Minority interest in consolidated
partnerships 598 1,771 (161) 1,086 1,231 1,373
------------ ------------ ------------ ------------ ------------ ------------
Earnings before fixed charges $ 20,966 $114,080 $173,238 $160,125 $116,378 $93,176
------------ ------------ ------------ ------------ ------------ ------------
(Plus) Fixed charges:
Portion of rents representative
of the interest factor $ 113 $ 527 $ 472 $ 461 $ 526 $ 293
Interest expense 34,369 120,559 102,069 81,973 73,337 53,179
Interest capitalized 6,206 29,937 27,635 18,328 21,888 14,724
------------ ------------ ------------ ------------ ------------ ------------
Total fixed charges (1) $ 40,688 $151,023 $130,176 $100,762 95,751 68,196
------------ ------------ ------------ ------------ ------------ ------------
(Less):
Interest capitalized 6,206 29,937 27,635 18,328 21,888 14,724
------------ ------------ ------------ ------------ ------------ ------------
Earnings (2) $ 55,448 $235,166 $275,779 $242,559 $190,241 $146,648
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Ratio (2 divided by 1) 1.36 1.56 2.12 2.41 1.99 2.15
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