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, | December 31, | December 31, | December 31, | December 31, | ||||||||||||||||
2005 | 2004 | 2003 | 2002 | 2001 | ||||||||||||||||
Income before gain on sale of communities and cumulative effect of change in accounting principle | $ | 107,670 | $ | 71,639 | $ | 79,167 | $ | 80,002 | $ | 133,755 | ||||||||||
(Plus) Minority interest in consolidated partnerships | 1,481 | 150 | 950 | 865 | 948 | |||||||||||||||
Earnings before fixed charges | $ | 109,151 | $ | 71,789 | $ | 80,117 | $ | 80,867 | $ | 134,703 | ||||||||||
(Plus) Fixed charges: | ||||||||||||||||||||
Portion of rents representative of the interest factor | $ | 354 | $ | 323 | $ | 503 | $ | 527 | $ | 472 | ||||||||||
Interest expense | 127,099 | 131,103 | 130,178 | 114,282 | 92,597 | |||||||||||||||
Interest capitalized | 25,284 | 20,566 | 24,709 | 29,937 | 27,635 | |||||||||||||||
Preferred dividend | 8,700 | 8,700 | 10,744 | 17,896 | 40,035 | |||||||||||||||
Total fixed charges (1) | $ | 161,437 | $ | 160,692 | $ | 166,134 | $ | 162,642 | $ | 160,739 | ||||||||||
(Less): | ||||||||||||||||||||
Interest capitalized | 25,284 | 20,566 | 24,709 | 29,937 | 27,635 | |||||||||||||||
Preferred dividend | 8,700 | 8,700 | 10,744 | 17,896 | 40,035 | |||||||||||||||
Earnings (2) | $ | 236,604 | $ | 203,215 | $ | 210,798 | $ | 195,676 | $ | 227,772 | ||||||||||
Ratio (2 divided by 1) | 1.47 | 1.26 | 1.27 | 1.20 | 1.42 | |||||||||||||||
Exhibit 12.1 (continued)
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, | December 31, | December 31, | December 31, | December 31, | ||||||||||||||||
2005 | 2004 | 2003 | 2002 | 2001 | ||||||||||||||||
Income before gain on sale of communities and extraordinary item | $ | 107,670 | $ | 71,639 | $ | 79,167 | $ | 80,002 | $ | 133,755 | ||||||||||
(Plus) Minority interest in consolidated partnerships | 1,481 | 150 | 950 | 865 | 948 | |||||||||||||||
Earnings before fixed charges | $ | 109,151 | $ | 71,789 | $ | 80,117 | $ | 80,867 | $ | 134,703 | ||||||||||
(Plus) Fixed charges: | ||||||||||||||||||||
Portion of rents representative of the interest factor | $ | 354 | $ | 323 | $ | 503 | $ | 527 | $ | 472 | ||||||||||
Interest expense | 127,099 | 131,103 | 130,178 | 114,282 | 92,597 | |||||||||||||||
Interest capitalized | 25,284 | 20,566 | 24,709 | 29,937 | 27,635 | |||||||||||||||
Total fixed charges (1) | $ | 152,737 | $ | 151,992 | $ | 155,390 | $ | 144,746 | $ | 120,704 | ||||||||||
(Less): | ||||||||||||||||||||
Interest capitalized | 25,284 | 20,566 | 24,709 | 29,937 | 27,635 | |||||||||||||||
Earnings (2) | $ | 236,604 | $ | 203,215 | $ | 210,798 | $ | 195,676 | $ | 227,772 | ||||||||||
Ratio (2 divided by 1) | 1.55 | 1.34 | 1.36 | 1.35 | 1.89 | |||||||||||||||