Exhibit 12.1

AVALONBAY COMMUNITIES, INC.
RATIOS OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

 

			Six Months Ended June 30, 2001			Year Ended December 31, 2000			Year Ended December 31, 1999			Year Ended December 31, 1998			Year Ended December 31, 1997			Year Ended December 31, 1996
Net Operating Income			$	100,117		$	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		$	101		$	461		$	526		$	293		$	172		$	150
	Interest expense		48,437			83,609			74,699			54,650			16,977			9,545
	Interest capitalized		12,119			18,328			21,888			14,724			9,024			12,883
	Debt cost amortization		1,758			2,924			2,624			2,068			700			1,842
	Preferred dividend		19,332			39,779			39,779			28,132			19,656			10,422
		Total fixed charges (1)	$	81,747		$	145,101		$	139,516		$	99,867		$	46,529		$	34,842
(Less):
	Interest capitalized		$	12,119		$	18,328		$	21,888		$	14,724		$	9,024		$	12,883
	Preferred dividend		19,332			39,779			39,779			28,132			19,656			10,422
Adjusted earnings (2)			$	145,512		$	256,819		$	219,814		$	155,521		$	83,271		$	57,694
Ratio (2 divided by 1)			1.78			1.77			1.58			1.56			1.79			1.66

AVALONBAY COMMUNITIES, INC.
RATIOS OF EARNINGS TO FIXED CHARGES

			Six Months Ended June 30, 2001			Year Ended December 31, 2000			Year Ended December 31, 1999			Year Ended December 31, 1998			Year Ended December 31, 1997			Year Ended December 31, 1996
Net Operating Income			$	100,117		$	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		$	101		$	461		$	526		$	293		$	172		$	150
	Interest expense		48,437			83,609			74,699			54,650			16,977			9,545
	Interest capitalized		12,119			18,328			21,888			14,724			9,024			12,883
	Debt cost amortization		1,758			2,924			2,624			2,068			700			1,842
		Total fixed charges (1)	$	62,415		$	105,322		$	99,737		$	71,735		$	26,873		$	24,420
(Less):
	Interest capitalized		$	12,119		$	18,328		$	21,888		$	14,724		$	9,024		$	12,883
Adjusted earnings (2)			$	145,512		$	256,819		$	219,814		$	155,521		$	83,271		$	57,694
Ratio (2 divided by 1)			2.33			2.44			2.20			2.17			3.10			2.36