AvalonBay Communities (AVB) 10-Q 2007 Q3 Quarterly report

Exhibit 12.1

AVALONBAY COMMUNITIES, INC.
RATIOS OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

	Nine Months		Year		Year		Year		Year		Year
	Ended		Ended		Ended		Ended		Ended		Ended
	September 30,		December 31		December 31		December 31		December 31		December 31,
	2007		2006		2005		2004		2003		2002
Income before gain on sale of communities and cumulative effect of change in accounting principle	$	148,082	$	167,987	$	100,239	$	60,811	$	71,379	$	79,509
(Plus):
Minority interest in consolidated partnerships		1,236		573		1,481		150		950		865
Amortization of capitalized interest (1)		2,318		7,503		5,957		5,114		4,429		3,605
Earnings before fixed charges	$	151,636	$	176,063	$	107,677	$	66,075	$	76,758	$	83,979
(Plus) Fixed charges:
Portion of rents representative of the interest factor	$	520	$	518	$	354	$	323	$	503	$	527
Interest expense		71,283		111,046		127,099		131,103		130,178		114,282
Interest capitalized		53,020		46,388		25,284		20,566		24,709		29,937
Preferred dividend		6,525		8,700		8,700		8,700		10,744		17,896
Total fixed charges (2)	$	131,348	$	166,652	$	161,437	$	160,692	$	166,134	$	162,642
(Less):
Interest capitalized		53,020		46,388		25,284		20,566		24,709		29,937
Preferred dividend		6,525		8,700		8,700		8,700		10,744		17,896
Earnings (3)	$	223,439	$	287,627	$	235,130	$	197,501	$	207,439	$	198,788
Ratio (3 divided by 2)		1.70		1.73		1.46		1.23		1.25		1.22

AVALONBAY COMMUNITIES, INC.
RATIOS OF EARNINGS TO FIXED CHARGES

	Nine Months		Year		Year		Year		Year		Year
	Ended		Ended		Ended		Ended		Ended		Ended
	September 30,		December 31		December 31		December 31		December 31		December 31,
	2007		2006		2005		2004		2003		2002
Income before gain on sale of communities and extraordinary item	$	148,082	$	167,987	$	100,239	$	60,811	$	71,379	$	79,509
(Plus):
Minority interest in consolidated partnerships		1,236		573		1,481		150		950		865
Amortization of capitalized interest (1)		2,318		7,503		5,957		5,114		4,429		3,605
Earnings before fixed charges	$	151,636	$	176,063	$	107,677	$	66,075	$	76,758	$	83,979
(Plus) Fixed charges:
Portion of rents representative of the interest factor	$	520	$	518	$	354	$	323	$	503	$	527
Interest expense		71,283		111,046		127,099		131,103		130,178		114,282
Interest capitalized		53,020		46,388		25,284		20,566		24,709		29,937
Total fixed charges (2)	$	124,823	$	157,952	$	152,737	$	151,992	$	155,390	$	144,746
(Less):
Interest capitalized		53,020		46,388		25,284		20,566		24,709		29,937
Earnings (3)	$	223,439	$	287,627	$	235,130	$	197,501	$	207,439	$	198,788
Ratio (3 divided by 2)		1.79		1.82		1.54		1.30		1.33		1.37

(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).