EXHIBIT 12.1
Published on February 19, 2015
Exhibit 12.1
AVALONBAY COMMUNITIES, INC.
RATIOS OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
|
Year Ended
December 31, 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 |
$ |
668,516 |
$ |
57,827 |
$ |
250,431 |
$ |
140,215 |
$ |
81,071 |
||||||||||
(Plus): |
||||||||||||||||||||
Equity in income of unconsolidated entities, net of distributions received |
71,781 |
74,575 |
11,170 |
618 |
4,856 |
|||||||||||||||
Amortization of capitalized interest (2) |
22,489 |
20,157 |
17,929 |
16,277 |
15,149 |
|||||||||||||||
Earnings before fixed charges |
762,786 |
152,559 |
279,530 |
157,110 |
101,076 |
|||||||||||||||
(Plus) Fixed charges: |
||||||||||||||||||||
Portion of rents representative of the interest factor |
7,504 |
7,112 |
6,873 |
6,933 |
11,785 |
|||||||||||||||
Interest expense |
180,618 |
172,402 |
136,920 |
167,814 |
169,997 |
|||||||||||||||
Interest capitalized |
69,961 |
66,838 |
49,556 |
33,863 |
33,393 |
|||||||||||||||
Preferred dividend |
— |
— |
— |
— |
— |
|||||||||||||||
Total fixed charges (3) |
258,083 |
246,352 |
193,349 |
208,610 |
215,175 |
|||||||||||||||
(Less): |
||||||||||||||||||||
Interest capitalized |
69,961 |
66,838 |
49,556 |
33,863 |
33,393 |
|||||||||||||||
Preferred dividend |
— |
— |
— |
— |
— |
|||||||||||||||
Noncontrolling interest in income of a subsidiary that has not incurred fixed charges |
14,132 |
— |
— |
— |
— |
|||||||||||||||
Earnings (4) |
$ |
936,776 |
$ |
332,073 |
$ |
423,323 |
$ |
331,857 |
$ |
282,858 |
||||||||||
Ratio (4 divided by 3) |
3.63 |
1.35 |
2.19 |
1.59 |
1.31 |
|||||||||||||||
AVALONBAY COMMUNITIES, INC.
RATIOS OF EARNINGS TO FIXED CHARGES
Year Ended December 31, 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 |
$ |
668,516 |
$ |
57,827 |
$ |
250,431 |
$ |
140,215 |
$ |
81,071 |
||||||||||
(Plus): |
||||||||||||||||||||
Equity in income of unconsolidated entities, net of distributions received |
71,781 |
74,575 |
11,170 |
618 |
4,856 |
|||||||||||||||
Amortization of capitalized interest (2) |
22,489 |
20,157 |
17,929 |
16,277 |
15,149 |
|||||||||||||||
Earnings before fixed charges |
762,786 |
152,559 |
279,530 |
157,110 |
101,076 |
|||||||||||||||
(Plus) Fixed charges: |
||||||||||||||||||||
Portion of rents representative of the interest factor |
7,504 |
7,112 |
6,873 |
6,933 |
11,785 |
|||||||||||||||
Interest expense |
180,618 |
172,402 |
136,920 |
167,814 |
169,997 |
|||||||||||||||
Interest capitalized |
69,961 |
66,838 |
49,556 |
33,863 |
33,393 |
|||||||||||||||
Total fixed charges (3) |
258,083 |
246,352 |
193,349 |
208,610 |
215,175 |
|||||||||||||||
(Less): |
||||||||||||||||||||
Interest capitalized |
69,961 |
66,838 |
49,556 |
33,863 |
33,393 |
|||||||||||||||
Noncontrolling interest in income of a subsidiary that has not incurred fixed charges |
14,132 |
— |
— |
— |
— |
|||||||||||||||
Earnings (4) |
$ |
936,776 |
$ |
332,073 |
$ |
423,323 |
$ |
331,857 |
$ |
282,858 |
||||||||||
Ratio (4 divided by 3) |
3.63 |
1.35 |
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). |