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
Quarter | Year | Year | Year | Year | Year | |||||||||||||||||||
Ended | Ended | Ended | Ended | Ended | Ended | |||||||||||||||||||
March 31, | December 31, | December 31, | December 31, | December 31, | December 31, | |||||||||||||||||||
2006 | 2005 | 2004 | 2003 | 2002 | 2001 | |||||||||||||||||||
Income before gain on sale of communities and cumulative effect of change in accounting principle | $ | 46,888 | $ | 107,670 | $ | 71,639 | $ | 79,167 | $ | 80,002 | $ | 133,755 | ||||||||||||
(Plus): | ||||||||||||||||||||||||
Minority interest in consolidated partnerships | 132 | 1,481 | 150 | 950 | 865 | 948 | ||||||||||||||||||
Amortization of capitalized interest (1) | 1,559 | 5,957 | 5,114 | 4,429 | 3,605 | 2,607 | ||||||||||||||||||
Earnings before fixed charges | $ | 48,579 | $ | 115,108 | $ | 76,903 | $ | 84,546 | $ | 84,472 | $ | 137,310 | ||||||||||||
(Plus) Fixed charges: | ||||||||||||||||||||||||
Portion of rents representative of the interest factor | $ | 105 | $ | 354 | $ | 323 | $ | 503 | $ | 527 | $ | 472 | ||||||||||||
Interest expense | 28,664 | 127,099 | 131,103 | 130,178 | 114,282 | 92,597 | ||||||||||||||||||
Interest capitalized | 8,364 | 25,284 | 20,566 | 24,709 | 29,937 | 27,635 | ||||||||||||||||||
Preferred dividend | 2,175 | 8,700 | 8,700 | 10,744 | 17,896 | 40,035 | ||||||||||||||||||
Total fixed charges (2) | $ | 39,308 | $ | 161,437 | $ | 160,692 | $ | 166,134 | $ | 162,642 | $ | 160,739 | ||||||||||||
(Less): | ||||||||||||||||||||||||
Interest capitalized | 8,364 | 25,284 | 20,566 | 24,709 | 29,937 | 27,635 | ||||||||||||||||||
Preferred dividend | 2,175 | 8,700 | 8,700 | 10,744 | 17,896 | 40,035 | ||||||||||||||||||
Earnings (3) | $ | 77,348 | $ | 242,561 | $ | 208,329 | $ | 215,227 | $ | 199,281 | $ | 230,379 | ||||||||||||
Ratio (3 divided by 2) | 1.97 | 1.50 | 1.30 | 1.30 | 1.23 | 1.43 | ||||||||||||||||||
Exhibit 12.1 (continued)
AVALONBAY COMMUNITIES, INC.
RATIOS OF EARNINGS TO FIXED CHARGES
RATIOS OF EARNINGS TO FIXED CHARGES
Quarter | Year | Year | Year | Year | Year | |||||||||||||||||||
Ended | Ended | Ended | Ended | Ended | Ended | |||||||||||||||||||
March 31, | December 31, | December 31, | December 31, | December 31, | December 31, | |||||||||||||||||||
2006 | 2005 | 2004 | 2003 | 2002 | 2001 | |||||||||||||||||||
Income before gain on sale of communities and extraordinary item | $ | 46,888 | $ | 107,670 | $ | 71,639 | $ | 79,167 | $ | 80,002 | $ | 133,755 | ||||||||||||
(Plus): | ||||||||||||||||||||||||
Minority interest in consolidated partnerships | 132 | 1,481 | 150 | 950 | 865 | 948 | ||||||||||||||||||
Amortization of capitalized interest (1) | 1,559 | 5,957 | 5,114 | 4,429 | 3,605 | 2,607 | ||||||||||||||||||
Earnings before fixed charges | $ | 48,579 | $ | 115,108 | $ | 76,903 | $ | 84,546 | $ | 84,472 | $ | 137,310 | ||||||||||||
(Plus) Fixed charges: | ||||||||||||||||||||||||
Portion of rents representative of the interest factor | $ | 105 | $ | 354 | $ | 323 | $ | 503 | $ | 527 | $ | 472 | ||||||||||||
Interest expense | 28,664 | 127,099 | 131,103 | 130,178 | 114,282 | 92,597 | ||||||||||||||||||
Interest capitalized | 8,364 | 25,284 | 20,566 | 24,709 | 29,937 | 27,635 | ||||||||||||||||||
Total fixed charges (2) | $ | 37,133 | $ | 152,737 | $ | 151,992 | $ | 155,390 | $ | 144,746 | $ | 120,704 | ||||||||||||
(Less): | ||||||||||||||||||||||||
Interest capitalized | 8,364 | 25,284 | 20,566 | 24,709 | 29,937 | 27,635 | ||||||||||||||||||
Earnings (3) | $ | 77,348 | $ | 242,561 | $ | 208,329 | $ | 215,227 | $ | 199,281 | $ | 230,379 | ||||||||||||
Ratio (3 divided by 2) | 2.08 | 1.59 | 1.37 | 1.39 | 1.38 | 1.91 | ||||||||||||||||||
(1) | 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). |