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
Three Months | Year | Year | Year | Year | Year | |||||||||||||||||||
Ended | Ended | Ended | Ended | Ended | Ended | |||||||||||||||||||
March 31, | December 31, | December 31, | December 31, | December 31, | December 31, | |||||||||||||||||||
2009 | 2008 (1) | 2007 (1) | 2006 (1) | 2005 (1) | 2004 (1) | |||||||||||||||||||
Income from continuing operations before gain on sale of communities and cumulative effect of change in accounting principle | $ | 47,372 | $ | 114,378 | $ | 231,184 | $ | 148,942 | $ | 84,802 | $ | 45,969 | ||||||||||||
(Plus): | ||||||||||||||||||||||||
Net (loss) income attributable to noncontrolling interests | (324 | ) | (741 | ) | 1,585 | 573 | 1,481 | 150 | ||||||||||||||||
Amortization of capitalized interest (2) | 3,210 | 12,428 | 9,941 | 7,503 | 5,957 | 5,114 | ||||||||||||||||||
Earnings before fixed charges | $ | 50,258 | $ | 126,065 | $ | 242,710 | $ | 157,018 | $ | 92,240 | $ | 51,233 | ||||||||||||
(Plus) Fixed charges: | ||||||||||||||||||||||||
Portion of rents representative of the interest factor | $ | 212 | $ | 855 | $ | 722 | $ | 518 | $ | 354 | $ | 323 | ||||||||||||
Interest expense | 29,157 | 114,878 | 94,540 | 106,271 | 122,787 | 127,123 | ||||||||||||||||||
Interest capitalized | 12,368 | 74,621 | 73,118 | 46,388 | 25,284 | 20,566 | ||||||||||||||||||
Preferred dividend | — | 10,454 | 8,700 | 8,700 | 8,700 | 8,700 | ||||||||||||||||||
Total fixed charges (3) | $ | 41,737 | $ | 200,808 | $ | 177,080 | $ | 161,877 | $ | 157,125 | $ | 156,712 | ||||||||||||
(Less): | ||||||||||||||||||||||||
Interest capitalized | 12,368 | 74,621 | 73,118 | 46,388 | 25,284 | 20,566 | ||||||||||||||||||
Preferred dividend | — | 10,454 | 8,700 | 8,700 | 8,700 | 8,700 | ||||||||||||||||||
Earnings (4) | $ | 79,627 | $ | 241,798 | $ | 337,972 | $ | 263,807 | $ | 215,381 | $ | 178,679 | ||||||||||||
Ratio (4 divided by 3) | 1.91 | 1.20 | 1.91 | 1.63 | 1.37 | 1.14 | ||||||||||||||||||
AVALONBAY COMMUNITIES, INC.
RATIOS OF EARNINGS TO FIXED CHARGES
RATIOS OF EARNINGS TO FIXED CHARGES
Three Months | Year | Year | Year | Year | Year | |||||||||||||||||||
Ended | Ended | Ended | Ended | Ended | Ended | |||||||||||||||||||
March 31, | December 31, | December 31, | December 31, | December 31, | December 31, | |||||||||||||||||||
2009 | 2008 (1) | 2007 (1) | 2006 (1) | 2005 (1) | 2004 (1) | |||||||||||||||||||
Income from continuing operations before gain on sale of communities and cumulative effect of change in accounting principle | $ | 47,372 | $ | 114,378 | $ | 231,184 | $ | 148,942 | $ | 84,802 | $ | 45,969 | ||||||||||||
(Plus): | ||||||||||||||||||||||||
Net (loss) income attributable to noncontrolling interests | (324 | ) | (741 | ) | 1,585 | 573 | 1,481 | 150 | ||||||||||||||||
Amortization of capitalized interest (2) | 3,210 | 12,428 | 9,941 | 7,503 | 5,957 | 5,114 | ||||||||||||||||||
Earnings before fixed charges | $ | 50,258 | $ | 126,065 | $ | 242,710 | $ | 157,018 | $ | 92,240 | $ | 51,233 | ||||||||||||
(Plus) Fixed charges: | ||||||||||||||||||||||||
Portion of rents representative of the interest factor | $ | 212 | $ | 855 | $ | 722 | $ | 518 | $ | 354 | $ | 323 | ||||||||||||
Interest expense | 29,157 | 114,878 | 94,540 | 106,271 | 122,787 | 127,123 | ||||||||||||||||||
Interest capitalized | 12,368 | 74,621 | 73,118 | 46,388 | 25,284 | 20,566 | ||||||||||||||||||
Total fixed charges (3) | $ | 41,737 | $ | 190,354 | $ | 168,380 | $ | 153,177 | $ | 148,425 | $ | 148,012 | ||||||||||||
(Less): | ||||||||||||||||||||||||
Interest capitalized | 12,368 | 74,621 | 73,118 | 46,388 | 25,284 | 20,566 | ||||||||||||||||||
Earnings (4) | $ | 79,627 | $ | 241,798 | $ | 337,972 | $ | 263,807 | $ | 215,381 | $ | 178,679 | ||||||||||||
Ratio (4 divided by 3) | 1.91 | 1.27 | 2.01 | 1.72 | 1.45 | 1.21 | ||||||||||||||||||
(1) | The results of operations for 2004 through 2008 have been adjusted to reflect discontinued operations for properties sold or held for sale as of March 31, 2009. | |
(2) | 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). |