EXHIBIT 12.1
Published on November 3, 2015
Exhibit 12.1
AVALONBAY COMMUNITIES, INC.
RATIOS OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
Nine Months Ended September 30, 2015 |
Year Ended
December 31, 2014 (1)
|
Year Ended
December 31, 2013 (1)
|
Year Ended
December 31, 2012 (1)
|
Year Ended
December 31, 2011 (1)
|
|||||||||||||||
Income (loss) from continuing operations before cumulative effect of change in accounting principle |
$ |
586,381 |
$ |
668,516 |
$ |
57,827 |
$ |
250,431 |
$ |
140,215 |
|||||||||
(Plus): |
|||||||||||||||||||
Equity in income of unconsolidated entities, net of distributions received |
18,063 |
71,781 |
74,575 |
11,170 |
618 |
||||||||||||||
Amortization of capitalized interest (2) |
18,346 |
22,489 |
20,157 |
17,929 |
16,277 |
||||||||||||||
Earnings before fixed charges |
$ |
622,790 |
$ |
762,786 |
$ |
152,559 |
$ |
279,530 |
$ |
157,110 |
|||||||||
(Plus) Fixed charges: |
|||||||||||||||||||
Portion of rents representative of the interest factor |
$ |
5,822 |
$ |
7,504 |
$ |
7,112 |
$ |
6,873 |
$ |
6,933 |
|||||||||
Interest expense |
133,398 |
180,618 |
172,402 |
136,920 |
167,814 |
||||||||||||||
Interest capitalized |
59,186 |
69,961 |
66,838 |
49,556 |
33,863 |
||||||||||||||
Preferred dividend |
— |
— |
— |
— |
— |
||||||||||||||
Total fixed charges (3) |
$ |
198,406 |
$ |
258,083 |
$ |
246,352 |
$ |
193,349 |
$ |
208,610 |
|||||||||
(Less): |
|||||||||||||||||||
Interest capitalized |
59,186 |
69,961 |
66,838 |
49,556 |
33,863 |
||||||||||||||
Preferred dividend |
— |
— |
— |
— |
— |
||||||||||||||
Noncontrolling interest in income of a subsidiary that has not incurred fixed charges |
— |
14,132 |
— |
— |
— |
||||||||||||||
Earnings (4) |
$ |
762,010 |
$ |
936,776 |
$ |
332,073 |
$ |
423,323 |
$ |
331,857 |
|||||||||
Ratio (4 divided by 3) |
3.84 |
3.63 |
1.35 |
2.19 |
1.59 |
||||||||||||||
AVALONBAY COMMUNITIES, INC.
RATIOS OF EARNINGS TO FIXED CHARGES
Nine Months Ended September 30, 2015 |
Year Ended December 31, 2014 (1) |
Year Ended December 31, 2013 (1) |
Year Ended December 31, 2012 (1) |
Year Ended December 31, 2011 (1) |
|||||||||||||||
Income (loss) from continuing operations before cumulative effect of change in accounting principle |
$ |
586,381 |
$ |
668,516 |
$ |
57,827 |
$ |
250,431 |
$ |
140,215 |
|||||||||
(Plus): |
|||||||||||||||||||
Equity in income of unconsolidated entities, net of distributions received |
18,063 |
71,781 |
74,575 |
11,170 |
618 |
||||||||||||||
Amortization of capitalized interest (2) |
18,346 |
22,489 |
20,157 |
17,929 |
16,277 |
||||||||||||||
Earnings before fixed charges |
$ |
622,790 |
$ |
762,786 |
$ |
152,559 |
$ |
279,530 |
$ |
157,110 |
|||||||||
(Plus) Fixed charges: |
|||||||||||||||||||
Portion of rents representative of the interest factor |
$ |
5,822 |
$ |
7,504 |
$ |
7,112 |
$ |
6,873 |
$ |
6,933 |
|||||||||
Interest expense |
133,398 |
180,618 |
172,402 |
136,920 |
167,814 |
||||||||||||||
Interest capitalized |
59,186 |
69,961 |
66,838 |
49,556 |
33,863 |
||||||||||||||
Total fixed charges (3) |
$ |
198,406 |
$ |
258,083 |
$ |
246,352 |
$ |
193,349 |
$ |
208,610 |
|||||||||
(Less): |
|||||||||||||||||||
Interest capitalized |
59,186 |
69,961 |
66,838 |
49,556 |
33,863 |
||||||||||||||
Noncontrolling interest in income of a subsidiary that has not incurred fixed charges |
— |
14,132 |
— |
— |
— |
||||||||||||||
Earnings (4) |
$ |
762,010 |
$ |
936,776 |
$ |
332,073 |
$ |
423,323 |
$ |
331,857 |
|||||||||
Ratio (4 divided by 3) |
3.84 |
3.63 |
1.35 |
2.19 |
1.59 |
||||||||||||||
(1) |
The results of operations for 2011 through 2014 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). |