|
|
|
|
|
|
|
|
|
|
|
|
|
|
Previous: AVALONBAY COMMUNITIES INC, 10-Q, 2000-11-14 |
Next: AVALONBAY COMMUNITIES INC, 10-Q, EX-27.1, 2000-11-14 |
<PAGE> 1
EXHIBIT 12.1
AVALONBAY COMMUNITIES, INC.
RATIOS OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
<TABLE>
<CAPTION>
Nine Months Year Year Year
Ended Ended Ended Ended
September 30, December 31, December 31, December 31,
2000 1999 1998 1997
-------------- -------------- -------------- --------------
<S> <C> <C> <C> <C>
Net Income $ 156,323 $ 172,276 $ 123,535 $ 64,916
(Less) Nonrecurring item:
Gain on sale $ (33,273) $ (47,093) $ (25,270) $ (677)
Non-recurring charges - 16,782 - -
(Plus) Extraordinary item:
Unamortized loan fee write-off $ - $ - $ 245 $ 1,183
(Plus) Fixed charges:
Portion of rents representative
of the interest factor $ 343 $ 526 $ 293 $ 172
Interest expense 61,815 74,699 54,650 16,977
Interest capitalized 12,912 21,888 14,724 9,024
Debt cost amortization 2,007 2,624 2,068 700
Preferred dividend 29,834 39,779 28,132 19,656
------- ------- ------- -------
Total fixed charges (1) $ 106,911 $ 139,516 $ 99,867 $ 46,529
(Less):
Interest capitalized $ 12,912 $ 21,888 $ 14,724 $ 9,024
Preferred dividend 29,834 39,779 28,132 19,656
Adjusted earnings (2) $ 187,215 $ 219,814 $ 155,521 $ 83,271
---------- ---------- ---------- ---------
Ratio (2 divided by 1) 1.75 1.58 1.56 1.79
========== ========== ========== =========
<CAPTION>
Year Year
Ended Ended
December 31, December 31,
1996 1995
-------------- ---------------
<S> <C> <C>
Net Income $ 51,651 $ 30,937
(Less) Nonrecurring item:
Gain on sale $ (7,850) $ -
Non-recurring charges - -
(Plus) Extraordinary item:
Unamortized loan fee write-off $ 2,356 $ 1,158
(Plus) Fixed charges:
Portion of rents representative
of the interest factor $ 150 $ 117
Interest expense 9,545 11,056
Interest capitalized 12,883 6,004
Debt cost amortization 1,842 1,869
Preferred dividend 10,422 -
------- ---------
Total fixed charges (1) $ 34,842 $ 19,046
(Less):
Interest capitalized $ 12,883 $ 6,004
Preferred dividend 10,422 -
Adjusted earnings (2) $ 57,694 $ 45,137
--------- ---------
Ratio (2 divided by 1) 1.66 2.37
========= =========
</TABLE>
<PAGE> 2
EXHIBIT 12.1 (CONTINUED)
AVALONBAY COMMUNITIES, INC.
RATIOS OF EARNINGS TO FIXED CHARGES
<TABLE>
<CAPTION>
Nine Months Year Year Year
Ended Ended Ended Ended
September 30, December 31, December 31, December 31,
2000 1999 1998 1997
--------------- -------------- --------------- -------------
<S> <C> <C> <C> <C>
Net Income $ 156,323 $ 172,276 $ 123,535 $ 64,916
(Less) Nonrecurring item:
Gain on sale $ (33,273) $ (47,093) $ (25,270) $ (677)
Non-recurring charges - 16,782 - -
(Plus) Extraordinary item:
Unamortized loan fee write-off $ - $ - $ 245 $ 1,183
(Plus) Fixed charges:
Portion of rents representative
of the interest factor $ 343 $ 526 $ 293 $ 172
Interest expense 61,815 74,699 54,650 16,977
Interest capitalized 12,912 21,888 14,724 9,024
Debt cost amortization 2,007 2,624 2,068 700
---------- ---------- --------- -----------
Total fixed charges (1) $ 77,077 $ 99,737 $ 71,735 $ 26,873
(Less):
Interest capitalized $ 12,912 $ 21,888 $ 14,724 $ 9,024
Adjusted earnings (2) $ 187,215 $ 219,814 $ 155,521 $ 83,271
---------- ---------- --------- -----------
Ratio (2 divided by 1) 2.43 2.20 2.17 3.10
========== ========== ========= ===========
<CAPTION>
Year Year
Ended Ended
December 31, December 31,
1996 1995
-------------- ----------------
<S> <C> <C>
Net Income $ 51,651 $ 30,937
(Less) Nonrecurring item:
Gain on sale $ (7,850) $ -
Non-recurring charges - -
(Plus) Extraordinary item:
Unamortized loan fee write-off $ 2,356 $ 1,158
(Plus) Fixed charges:
Portion of rents representative
of the interest factor $ 150 $ 117
Interest expense 9,545 11,056
Interest capitalized 12,883 6,004
Debt cost amortization 1,842 1,869
---------- ----------
Total fixed charges (1) $ 24,420 $ 19,046
(Less):
Interest capitalized $ 12,883 $ 6,004
Adjusted earnings (2) $ 57,694 $ 45,137
---------- ----------
Ratio (2 divided by 1) 2.36 2.37
=========== ==========
</TABLE>
|
|