Exhibit 12.1
AVALONBAY COMMUNITIES, INC.
RATIOS OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
RATIOS OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
| Year | Year | Year | Year | Year | ||||||||||||||||
| Ended | Ended | Ended | Ended | Ended | ||||||||||||||||
| December 31, 2009 | December 31, 2008(1) | December 31, 2007(1) | December 31, 2006(1) | December 31, 2005(1) | ||||||||||||||||
| Income from continuing operations before cumulative effect of change in accounting principle | $ | 76,413 | $ | 98,492 | $ | 219,364 | $ | 137,306 | $ | 74,947 | ||||||||||
| (Plus): | ||||||||||||||||||||
| Equity in income of unconsolidated entities, net of distributions received | 5,475 | 6,728 | 9,532 | 7,478 | (4,802 | ) | ||||||||||||||
| Amortization of capitalized interest (2) | 14,035 | 12,428 | 9,941 | 7,503 | 5,957 | |||||||||||||||
| Earnings before fixed charges | $ | 95,923 | $ | 117,648 | $ | 238,837 | $ | 152,287 | $ | 76,102 | ||||||||||
| (Plus) Fixed charges: | ||||||||||||||||||||
| Portion of rents representative of the interest factor | $ | 6,241 | $ | 5,287 | $ | 3,165 | $ | 1,410 | $ | 1,495 | ||||||||||
| Interest expense | 150,323 | 114,910 | 92,175 | 103,910 | 120,670 | |||||||||||||||
| Interest capitalized | 48,226 | 74,621 | 73,118 | 46,388 | 25,284 | |||||||||||||||
| Preferred dividend | — | 10,454 | 8,700 | 8,700 | 8,700 | |||||||||||||||
| Total fixed charges (3) | $ | 204,790 | $ | 205,272 | $ | 177,158 | $ | 160,408 | $ | 156,149 | ||||||||||
| (Less): | ||||||||||||||||||||
| Interest capitalized | 48,226 | 74,621 | 73,118 | 46,388 | 25,284 | |||||||||||||||
| Preferred dividend | — | 10,454 | 8,700 | 8,700 | 8,700 | |||||||||||||||
| Earnings (4) | $ | 252,487 | $ | 237,845 | $ | 334,177 | $ | 257,607 | $ | 198,267 | ||||||||||
| Ratio (4 divided by 3) | 1.23 | 1.16 | 1.89 | 1.61 | 1.27 | |||||||||||||||
AVALONBAY COMMUNITIES, INC.
RATIOS OF EARNINGS TO FIXED CHARGES
RATIOS OF EARNINGS TO FIXED CHARGES
| Year | Year | Year | Year | Year | ||||||||||||||||
| Ended | Ended | Ended | Ended | Ended | ||||||||||||||||
| December 31, 2009 | December 31, 2008(1) | December 31, 2007(1) | 20 December 31, 2006(1) | December 31, 2005(1) | ||||||||||||||||
| Income from continuing operations before cumulative effect of change in accounting principle | $ | 76,413 | $ | 98,492 | $ | 219,364 | $ | 137,306 | $ | 74,947 | ||||||||||
| (Plus): | ||||||||||||||||||||
| Equity in income of unconsolidated entities, net of distributions received | 5,475 | 6,728 | 9,532 | 7,478 | (4,802 | ) | ||||||||||||||
| Amortization of capitalized interest (2) | 14,035 | 12,428 | 9,941 | 7,503 | 5,957 | |||||||||||||||
| Earnings before fixed charges | $ | 95,923 | $ | 117,648 | $ | 238,837 | $ | 152,287 | $ | 76,102 | ||||||||||
| (Plus) Fixed charges: | ||||||||||||||||||||
| Portion of rents representative of the interest factor | $ | 6,241 | $ | 5,287 | $ | 3,165 | $ | 1,410 | $ | 1,495 | ||||||||||
| Interest expense | 150,323 | 114,910 | 92,175 | 103,910 | 120,670 | |||||||||||||||
| Interest capitalized | 48,226 | 74,621 | 73,118 | 46,388 | 25,284 | |||||||||||||||
| Total fixed charges (3) | $ | 204,790 | $ | 194,818 | $ | 168,458 | $ | 151,708 | $ | 147,449 | ||||||||||
| (Less): | ||||||||||||||||||||
| Interest capitalized | 48,226 | 74,621 | 73,118 | 46,388 | 25,284 | |||||||||||||||
| Earnings (4) | $ | 252,487 | $ | 237,845 | $ | 334,177 | $ | 257,607 | $ | 198,267 | ||||||||||
| Ratio (4 divided by 3) | 1.23 | 1.22 | 1.98 | 1.70 | 1.34 | |||||||||||||||
| (1) | The results of operations for 2005 through 2009 have been adjusted to reflect discontinued operations for properties sold or held for sale as of December 31, 2009. | |
| (2) | Represents an estimate of capitalized interest costs based on the Company’s established depreciation policy and an analysis of interest costs capitalized since 1998 (the year in which AvalonBay was formed). |