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,
			2001	2000	1999	1998	1997	1996
Net Operating Income			$51,599	$210,604	$172,276	$123,535	$64,916	$51,651
(Less) Nonrecurring item:
	Gain on sale		$(4,901)	$(40,779)	$(47,093)	$(25,270)	$(677)	$(7,850)
	Non-recurring charges		-	-	16,782	-	-	-
(Plus) Extraordinary item:
	Unamortized loan fee write-off		$-	$-	$-	$245	$1,183	$2,356
(Plus) Fixed charges:
	Portion of rents representative
		of the interest factor	$123	$461	$526	$293	$172	$150
	Interest expense		23,124	83,609	74,699	54,650	16,977	9,545
	Interest capitalized		5,597	18,328	21,888	14,724	9,024	12,883
	Debt cost amortization		760	2,924	2,624	2,068	700	1,842
	Preferred dividend		9,945	39,779	39,779	28,132	19,656	10,422
		Total fixed charges (1)	$39,549	$145,101	$139,516	$99,867	$46,529	$34,842
(Less):
	Interest capitalized		$5,597	$18,328	$21,888	$14,724	$9,024	$12,883
	Preferred dividend		9,945	39,779	39,779	28,132	19,656	10,422
Adjusted earnings (2)			$70,705	$256,819	$219,814	$155,521	$83,271	$57,694
Ratio (2 divided by 1)			1.79	1.77	1.58	1.56	1.79	1.66

 

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,
			2001	2000	1999	1998	1997	1996
Net Operating Income			$51,599	$210,604	$172,276	$123,535	$64,916	$51,651
(Less) Nonrecurring item:
	Gain on sale		$(4,901)	$(40,779)	$(47,093)	$(25,270)	$(677)	$(7,850)
	Non-recurring charges		-	-	16,782	-	-	-
(Plus) Extraordinary item:
	Unamortized loan fee write-off		$-	$-	$-	$245	$1,183	$2,356
(Plus) Fixed charges:
	Portion of rents representative
		of the interest factor	$123	$461	$526	$293	$172	$150
	Interest expense		23,124	83,609	74,699	54,650	16,977	9,545
	Interest capitalized		5,597	18,328	21,888	14,724	9,024	12,883
	Debt cost amortization		760	2,924	2,624	2,068	700	1,842
		Total fixed charges (1)	$29,604	$105,322	$99,737	$71,735	$26,873	$24,420
(Less):
	Interest capitalized		$5,597	$18,328	$21,888	$14,724	$9,024	$12,883
Adjusted earnings (2)			$70,705	$256,819	$219,814	$155,521	$83,271	$57,694
Ratio (2 divided by 1)			2.39	2.44	2.20	2.17	3.10	2.36