EX-12.1 7 a2042133zex-12_1.txt EX-12.1 EXHIBIT 12.1 AVALONBAY COMMUNITIES, INC. RATIOS OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
Year Year Year Year Year Year Ended Ended Ended Ended Ended Ended December 31, December 31, December 31, December 31, December 31, December 31, 2000 1999 1998 1997 1996 1995 ------------ ------------ ------------ ------------ ------------ ------------ Net Income $ 210,604 $ 172,276 $ 123,535 $ 64,916 $ 51,651 $ 30,937 (Less) Nonrecurring item: Gain on sale $ (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 $ 1,158 (Plus) Fixed charges: Portion of rents representative of the interest factor $ 461 $ 526 $ 293 $ 172 $ 150 $ 117 Interest expense 83,609 74,699 54,650 16,977 9,545 11,056 Interest capitalized 18,328 21,888 14,724 9,024 12,883 6,004 Debt cost amortization 2,924 2,624 2,068 700 1,842 1,869 Preferred dividend 39,779 39,779 28,132 19,656 10,422 - --------- --------- --------- --------- --------- --------- Total fixed charges (1) $ 145,101 $ 139,516 $ 99,867 $ 46,529 $ 34,842 $ 19,046 (Less): Interest capitalized $ 18,328 $ 21,888 $ 14,724 $ 9,024 $ 12,883 $ 6,004 Preferred dividend 39,779 39,779 28,132 19,656 10,422 - Adjusted earnings (2) $ 256,819 $ 219,814 $ 155,521 $ 83,271 $ 57,694 $ 45,137 --------- --------- --------- --------- --------- --------- Ratio (2 divided by 1) 1.77 1.58 1.56 1.79 1.66 2.37 ========= ========= ========= ========= ========= ========= EXHIBIT 12.1 (CONTINUED) AVALONBAY COMMUNITIES, INC. RATIOS OF EARNINGS TO FIXED CHARGES Year Year Year Year Year Year Ended Ended Ended Ended Ended Ended December 31, December 31, December 31, December 31, December 31, December 31, 2000 1999 1998 1997 1996 1995 ------------ ------------ ------------ ------------ ------------ ------------ Net Income $ 210,604 $ 172,276 $ 123,535 $ 64,916 $ 51,651 $ 30,937 (Less) Nonrecurring item: Gain on sale $ (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 $ 1,158 (Plus) Fixed charges: Portion of rents representative of the interest factor $ 461 $ 526 $ 293 $ 172 $ 150 $ 117 Interest expense 83,609 74,699 54,650 16,977 9,545 11,056 Interest capitalized 18,328 21,888 14,724 9,024 12,883 6,004 Debt cost amortization 2,924 2,624 2,068 700 1,842 1,869 --------- --------- --------- --------- --------- --------- Total fixed charges (1) $ 105,322 $ 99,737 $ 71,735 $ 26,873 $ 24,420 $ 19,046 (Less): Interest capitalized $ 18,328 $ 21,888 $ 14,724 $ 9,024 $ 12,883 $ 6,004 Adjusted earnings (2) $ 256,819 $ 219,814 $ 155,521 $ 83,271 $ 57,694 $ 45,137 --------- --------- --------- --------- --------- --------- Ratio (2 divided by 1) 2.44 2.20 2.17 3.10 2.36 2.37 ========= ========= ========= ========= ========= =========