AvalonBay Communities (AVB) 10-Q 2014 Q1 Quarterly report

Exhibit 12.1

AVALONBAY COMMUNITIES, INC.

RATIOS OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

	Three Months		Year		Year		Year		Year
	Ended		Ended		Ended		Ended		Ended
	March 31, 2014		December 31, 2013 (1)		December 31, 2012 (1)		December 31, 2011 (1)		December 31, 2010 (1)
Income (loss) from continuing operations before cumulative effect of change in accounting principle	$	103,420	$	57,827	$	250,431	$	140,215	$	81,071
(Plus):
Equity in income of unconsolidated entities, net of distributions received	11,720		36,850		11,170		618		4,856
Amortization of capitalized interest (2)	5,203		20,157		17,929		16,277		15,149
Earnings before fixed charges	$	120,343	$	114,834	$	279,530	$	157,110	$	101,076
(Plus) Fixed charges:
Portion of rents representative of the interest factor	$	1,646	$	7,112	$	6,873	$	6,933	$	11,785
Interest expense	42,533		172,402		136,920		167,814		169,997
Interest capitalized	19,679		66,838		49,556		33,863		33,393
Preferred dividend	—		—		—		—		—
Total fixed charges (3)	$	63,858	$	246,352	$	193,349	$	208,610	$	215,175
(Less):
Interest capitalized	19,679		66,838		49,556		33,863		33,393
Preferred dividend	—		—		—		—		—
Earnings (4)	$	164,522	$	294,348	$	423,323	$	331,857	$	282,858
Ratio (4 divided by 3)	2.58		1.19		2.19		1.59		1.31

AVALONBAY COMMUNITIES, INC.

RATIOS OF EARNINGS TO FIXED CHARGES

	Three Months		Year		Year		Year		Year
	Ended		Ended		Ended		Ended		Ended
	March 31, 2014		December 31, 2013 (1)		December 31, 2012 (1)		December 31, 2011 (1)		December 31, 2010 (1)
Income (loss) from continuing operations before cumulative effect of change in accounting principle	$	103,420	$	57,827	$	250,431	$	140,215	$	81,071
(Plus):
Equity in income of unconsolidated entities, net of distributions received	11,720		36,850		11,170		618		4,856
Amortization of capitalized interest (2)	5,203		20,157		17,929		16,277		15,149
Earnings before fixed charges	$	120,343	$	114,834	$	279,530	$	157,110	$	101,076
(Plus) Fixed charges:
Portion of rents representative of the interest factor	$	1,646	$	7,112	$	6,873	$	6,933	$	11,785
Interest expense	42,533		172,402		136,920		167,814		169,997
Interest capitalized	19,679		66,838		49,556		33,863		33,393
Total fixed charges (3)	$	63,858	$	246,352	$	193,349	$	208,610	$	215,175
(Less):
Interest capitalized	19,679		66,838		49,556		33,863		33,393
Earnings (4)	$	164,522	$	294,348	$	423,323	$	331,857	$	282,858
Ratio (4 divided by 3)	2.58		1.19		2.19		1.59		1.31

(1) The results of operations for 2010 through 2013 have been adjusted to reflect discontinued operations for properties sold or held for sale as of March 31, 2014.

(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).

1