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, | ||||||||||||||||
2007 | 2006 | 2005 | 2004 | 2003 | ||||||||||||||||
Income before gain on sale of communities and cumulative effect of change in accounting principle | $ | 251,673 | $ | 167,987 | $ | 100,239 | $ | 60,811 | $ | 71,379 | ||||||||||
(Plus): | ||||||||||||||||||||
Minority interest in consolidated partnerships | 1,585 | 573 | 1,481 | 150 | 950 | |||||||||||||||
Amortization of capitalized interest (1) | 2,485 | 7,503 | 5,957 | 5,114 | 4,429 | |||||||||||||||
Earnings before fixed charges | $ | 255,743 | $ | 176,063 | $ | 107,677 | $ | 66,075 | $ | 76,758 | ||||||||||
(Plus) Fixed charges: | ||||||||||||||||||||
Portion of rents representative of the interest factor | $ | 722 | $ | 518 | $ | 354 | $ | 323 | $ | 503 | ||||||||||
Interest expense | 97,545 | 111,046 | 127,099 | 131,103 | 130,178 | |||||||||||||||
Interest capitalized | 73,119 | 46,388 | 25,284 | 20,566 | 24,709 | |||||||||||||||
Preferred dividend | 8,700 | 8,700 | 8,700 | 8,700 | 10,744 | |||||||||||||||
Total fixed charges (2) | $ | 180,086 | $ | 166,652 | $ | 161,437 | $ | 160,692 | $ | 166,134 | ||||||||||
(Less): | ||||||||||||||||||||
Interest capitalized | 73,119 | 46,388 | 25,284 | 20,566 | 24,709 | |||||||||||||||
Preferred dividend | 8,700 | 8,700 | 8,700 | 8,700 | 10,744 | |||||||||||||||
Earnings (3) | $ | 354,010 | $ | 287,627 | $ | 235,130 | $ | 197,501 | $ | 207,439 | ||||||||||
Ratio (3 divided by 2) | 1.97 | 1.73 | 1.46 | 1.23 | 1.25 | |||||||||||||||
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, | ||||||||||||||||
2007 | 2006 | 2005 | 2004 | 2003 | ||||||||||||||||
Income before gain on sale of communities and extraordinary item | $ | 251,673 | $ | 167,987 | $ | 100,239 | $ | 60,811 | $ | 71,379 | ||||||||||
(Plus): | ||||||||||||||||||||
Minority interest in consolidated partnerships | 1,585 | 573 | 1,481 | 150 | 950 | |||||||||||||||
Amortization of capitalized interest (1) | 2,485 | 7,503 | 5,957 | 5,114 | 4,429 | |||||||||||||||
Earnings before fixed charges | $ | 255,743 | $ | 176,063 | $ | 107,677 | $ | 66,075 | $ | 76,758 | ||||||||||
(Plus) Fixed charges: | ||||||||||||||||||||
Portion of rents representative of the interest factor | $ | 722 | $ | 518 | $ | 354 | $ | 323 | $ | 503 | ||||||||||
Interest expense | 97,545 | 111,046 | 127,099 | 131,103 | 130,178 | |||||||||||||||
Interest capitalized | 73,119 | 46,388 | 25,284 | 20,566 | 24,709 | |||||||||||||||
Total fixed charges (2) | $ | 171,386 | $ | 157,952 | $ | 152,737 | $ | 151,992 | $ | 155,390 | ||||||||||
(Less): | ||||||||||||||||||||
Interest capitalized | 73,119 | 46,388 | 25,284 | 20,566 | 24,709 | |||||||||||||||
Earnings (3) | $ | 354,010 | $ | 287,627 | $ | 235,130 | $ | 197,501 | $ | 207,439 | ||||||||||
Ratio (3 divided by 2) | 2.07 | 1.82 | 1.54 | 1.30 | 1.33 | |||||||||||||||
(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). |