AvalonBay Communities (AVB) 10-Q 2013 Q2 Quarterly report

Exhibit 12.1

AVALONBAY COMMUNITIES, INC.

RATIOS OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

	Six Months			Year		Year		Year		Year
	Ended			Ended		Ended		Ended		Ended
	June 30, 2013			December 31, 2012 (1)		December 31, 2011 (1)		December 31, 2010 (1)		December 31, 2009 (1)
Income (loss) from continuing operations before cumulative effect of change in accounting principle	$	(9,997	)	$	262,432	$	150,841	$	90,929	$	69,128
(Plus):
Equity in income of unconsolidated entities, net of distributions received	39,442			11,170		618		4,856		5,475
Amortization of capitalized interest (2)	9,464			17,929		16,277		15,149		14,035
Earnings before fixed charges	$	38,909		$	291,531	$	167,736	$	110,934	$	88,638
(Plus) Fixed charges:
Portion of rents representative of the interest factor	$	3,189		$	6,873	$	6,933	$	11,785	$	6,241
Interest expense	81,342			136,920		167,814		169,997		145,090
Interest capitalized	29,964			49,556		33,863		33,393		48,226
Preferred dividend	—			—		—		—		—
Total fixed charges (3)	$	114,495		$	193,349	$	208,610	$	215,175	$	199,557
(Less):
Interest capitalized	29,964			49,556		33,863		33,393		48,226
Preferred dividend	—			—		—		—		—
Earnings (4)	$	123,440		$	435,324	$	342,483	$	292,716	$	239,969
Ratio (4 divided by 3)	1.08			2.25		1.64		1.36		1.20

AVALONBAY COMMUNITIES, INC.

RATIOS OF EARNINGS TO FIXED CHARGES

	Six Months			Year		Year		Year		Year
	Ended			Ended		Ended		Ended		Ended
	June 30, 2013			December 31, 2012 (1)		December 31, 2011 (1)		December 31, 2010 (1)		December 31, 2009 (1)
Income (loss) from continuing operations before cumulative effect of change in accounting principle	$	(9,997	)	$	262,432	$	150,841	$	90,929	$	69,128
(Plus):
Equity in income of unconsolidated entities, net of distributions received	39,442			11,170		618		4,856		5,475
Amortization of capitalized interest (2)	9,464			17,929		16,277		15,149		14,035
Earnings before fixed charges	$	38,909		$	291,531	$	167,736	$	110,934	$	88,638
(Plus) Fixed charges:
Portion of rents representative of the interest factor	$	3,189		$	6,873	$	6,933	$	11,785	$	6,241
Interest expense	81,342			136,920		167,814		169,997		145,090
Interest capitalized	29,964			49,556		33,863		33,393		48,226
Total fixed charges (3)	$	114,495		$	193,349	$	208,610	$	215,175	$	199,557
(Less):
Interest capitalized	29,964			49,556		33,863		33,393		48,226
Earnings (4)	$	123,440		$	435,324	$	342,483	$	292,716	$	239,969
Ratio (4 divided by 3)	1.08			2.25		1.64		1.36		1.20

(1)The results of operations for 2009 through 2012 have been adjusted to reflect discontinued operations for properties sold or held for sale as of June 30, 2013.

(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).