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, | ||||||||||||||||
2006 | 2005 | 2004 | 2003 | 2002 | ||||||||||||||||
Income before gain on sale of communities and cumulative effect of change in accounting principle | $ | 179,840 | $ | 112,149 | $ | 72,777 | $ | 80,401 | $ | 80,002 | ||||||||||
(Plus): | ||||||||||||||||||||
Minority interest in consolidated partnerships | 573 | 1,481 | 150 | 950 | 865 | |||||||||||||||
Amortization of capitalized interest (1) | 7,503 | 5,957 | 5,114 | 4,429 | 3,605 | |||||||||||||||
Earnings before fixed charges | $ | 187,916 | $ | 119,587 | $ | 78,041 | $ | 85,780 | $ | 84,472 | ||||||||||
(Plus) Fixed charges: | ||||||||||||||||||||
Portion of rents representative of the interest factor | $ | 518 | $ | 354 | $ | 323 | $ | 503 | $ | 527 | ||||||||||
Interest expense | 111,046 | 127,099 | 131,103 | 130,178 | 114,282 | |||||||||||||||
Interest capitalized | 46,388 | 25,284 | 20,566 | 24,709 | 29,937 | |||||||||||||||
Preferred dividend | 8,700 | 8,700 | 8,700 | 10,744 | 17,896 | |||||||||||||||
Total fixed charges (2) | $ | 166,652 | $ | 161,437 | $ | 160,692 | $ | 166,134 | $ | 162,642 | ||||||||||
(Less): | ||||||||||||||||||||
Interest capitalized | 46,388 | 25,284 | 20,566 | 24,709 | 29,937 | |||||||||||||||
Preferred dividend | 8,700 | 8,700 | 8,700 | 10,744 | 17,896 | |||||||||||||||
Earnings (3) | $ | 299,480 | $ | 247,040 | $ | 209,467 | $ | 216,461 | $ | 199,281 | ||||||||||
Ratio (3 divided by 2) | 1.80 | 1.53 | 1.30 | 1.30 | 1.23 | |||||||||||||||
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, | ||||||||||||||||
2006 | 2005 | 2004 | 2003 | 2002 | ||||||||||||||||
Income before gain on sale of communities and extraordinary item | $ | 179,840 | $ | 112,149 | $ | 72,777 | $ | 80,401 | $ | 80,002 | ||||||||||
(Plus): | ||||||||||||||||||||
Minority interest in consolidated partnerships | 573 | 1,481 | 150 | 950 | 865 | |||||||||||||||
Amortization of capitalized interest (1) | 7,503 | 5,957 | 5,114 | 4,429 | 3,605 | |||||||||||||||
Earnings before fixed charges | $ | 187,916 | $ | 119,587 | $ | 78,041 | $ | 85,780 | $ | 84,472 | ||||||||||
(Plus) Fixed charges: | ||||||||||||||||||||
Portion of rents representative of the interest factor | $ | 518 | $ | 354 | $ | 323 | $ | 503 | $ | 527 | ||||||||||
Interest expense | 111,046 | 127,099 | 131,103 | 130,178 | 114,282 | |||||||||||||||
Interest capitalized | 46,388 | 25,284 | 20,566 | 24,709 | 29,937 | |||||||||||||||
Total fixed charges (2) | $ | 157,952 | $ | 152,737 | $ | 151,992 | $ | 155,390 | $ | 144,746 | ||||||||||
(Less): | ||||||||||||||||||||
Interest capitalized | 46,388 | 25,284 | 20,566 | 24,709 | 29,937 | |||||||||||||||
Earnings (3) | $ | 299,480 | $ | 247,040 | $ | 209,467 | $ | 216,461 | $ | 199,281 | ||||||||||
Ratio (3 divided by 2) | 1.90 | 1.62 | 1.38 | 1.39 | 1.38 | |||||||||||||||
(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). |