Exhibit 12.1

AVALONBAY COMMUNITIES, INC.

RATIOS OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

	Nine Months Ended September 30, 2014				Year Ended December 31,  2013 (1)				Year Ended December 31,  2012 (1)				Year Ended December 31,  2011 (1)				Year Ended December 31,  2010 (1)
Income (loss) from continuing operations before cumulative effect of change in accounting principle	$	516,622			$	57,827			$	250,431			$	140,215			$	81,071
(Plus):
Equity in income of unconsolidated entities, net of distributions received	60,912				48,004				11,170				618				4,856
Amortization of capitalized interest (2)	16,475				20,157				17,929				16,277				15,149
Earnings before fixed charges	$	594,009			$	125,988			$	279,530			$	157,110			$	101,076
(Plus) Fixed charges:
Portion of rents representative of the interest factor	$	5,666			$	7,112			$	6,873			$	6,933			$	11,785
Interest expense	132,631				172,402				136,920				167,814				169,997
Interest capitalized	54,294				66,838				49,556				33,863				33,393
Preferred dividend	—				—				—				—				—
Total fixed charges (3)	$	192,591			$	246,352			$	193,349			$	208,610			$	215,175
(Less):
Interest capitalized	54,294				66,838				49,556				33,863				33,393
Preferred dividend	—				—				—				—				—
Earnings (4)	$	732,306			$	305,502			$	423,323			$	331,857			$	282,858
Ratio (4 divided by 3)	3.80				1.24				2.19				1.59				1.31

 

AVALONBAY COMMUNITIES, INC.

RATIOS OF EARNINGS TO FIXED CHARGES

	Nine Months Ended September 30, 2014				Year Ended December 31,  2013 (1)				Year Ended December 31,  2012 (1)				Year Ended December 31,  2011 (1)				Year Ended December 31,  2010 (1)
Income (loss) from continuing operations before cumulative effect of change in accounting principle	$	516,622			$	57,827			$	250,431			$	140,215			$	81,071
(Plus):
Equity in income of unconsolidated entities, net of distributions received	60,912				48,004				11,170				618				4,856
Amortization of capitalized interest (2)	16,475				20,157				17,929				16,277				15,149
Earnings before fixed charges	$	594,009			$	125,988			$	279,530			$	157,110			$	101,076
(Plus) Fixed charges:
Portion of rents representative of the interest factor	$	5,666			$	7,112			$	6,873			$	6,933			$	11,785
Interest expense	132,631				172,402				136,920				167,814				169,997
Interest capitalized	54,294				66,838				49,556				33,863				33,393
Total fixed charges (3)	$	192,591			$	246,352			$	193,349			$	208,610			$	215,175
(Less):
Interest capitalized	54,294				66,838				49,556				33,863				33,393
Earnings (4)	$	732,306			$	305,502			$	423,323			$	331,857			$	282,858
Ratio (4 divided by 3)	3.80				1.24				2.19				1.59				1.31

_________________________________________

(1)	The results of operations for 2010 through 2013 have been adjusted to remove the Company's earnings classified as discontinued operations.

(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).