AvalonBay Communities (AVB) 10-Q 2011 Q1 Quarterly report

Exhibit 12.1

AVALONBAY COMMUNITIES, INC.

RATIOS OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

	Three Months Ended March 31, 2011		Year Ended December 31, 2010  (1)		Year Ended December 31, 2009  (1)		Year Ended December 31, 2008  (1)		Year Ended December 31, 2007  (1)
Income from continuing operations before cumulative effect of change in accounting principle	$	30,537	$	98,068	$	76,950	$	99,078	$	219,789
(Plus):
Equity in income of unconsolidated entities, net of distributions received		722		4,856		5,475		6,728		9,532
Amortization of capitalized interest (2)		3,840		15,149		14,035		12,428		9,941
Earnings before fixed charges	$	35,099	$	118,073	$	96,460	$	118,234	$	239,262
(Plus) Fixed charges:
Portion of rents representative of the interest factor	$	1,664	$	11,785	$	6,241	$	5,287	$	3,165
Interest expense		44,271		175,209		150,323		114,910		92,175
Interest capitalized		6,343		33,393		48,226		74,621		73,118
Preferred dividend		—		—		—		10,454		8,700
Total fixed charges (3)	$	52,278	$	220,388	$	204,790	$	205,272	$	177,158
(Less):
Interest capitalized		6,343		33,393		48,226		74,621		73,118
Preferred dividend		—		—		—		10,454		8,700
Earnings (4)	$	81,034	$	305,067	$	253,024	$	238,431	$	334,602
Ratio (4 divided by 3)		1.55		1.38		1.24		1.16		1.89
AVALONBAY COMMUNITIES, INC. RATIOS OF EARNINGS TO FIXED CHARGES
	Three Months		Year		Year		Year		Year
	Ended		Ended		Ended		Ended		Ended
	March 31, 2011		December 31, 2010 (1)		December 31, 2009 (1)		December 31, 2008 (1)		December 31, 2007 (1)
Income from continuing operations before cumulative effect of change in accounting principle	$	30,537	$	98,068	$	76,950	$	99,078	$	219,789
(Plus):
Equity in income of unconsolidated entities, net of distributions received		722		4,856		5,475		6,728		9,532
Amortization of capitalized interest (2)		3,840		15,149		14,035		12,428		9,941
Earnings before fixed charges	$	35,099	$	118,073	$	96,460	$	118,234	$	239,262
(Plus) Fixed charges:
Portion of rents representative of the interest factor	$	1,664	$	11,785	$	6,241	$	5,287	$	3,165
Interest expense		44,271		175,209		150,323		114,910		92,175
Interest capitalized		6,343		33,393		48,226		74,621		73,118
Total fixed charges (3)	$	52,278	$	220,388	$	204,790	$	194,818	$	168,458
(Less):
Interest capitalized		6,343		33,393		48,226		74,621		73,118
Earnings (4)	$	81,034	$	305,067	$	253,024	$	238,431	$	334,602
Ratio (4 divided by 3)		1.55		1.38		1.24		1.22		1.99

(1) The results of operations for 2007 through 2010 have been adjusted to reflect discontinued operations for properties sold or held for sale as of March 31, 2011.

(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).