February 26, 2016 - EXHIBIT 12.1 - 10-K: Annual report pursuant to Section 13 and 15(d)

Exhibit 12.1

AVALONBAY COMMUNITIES, INC.

RATIOS OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS



	Year Ended December 31, 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	$	743,594	$	668,516	$	57,827	$	250,431	$	140,215

(Plus):
Equity in income of unconsolidated entities, net of distributions received	84,764		71,781		74,575		11,170		618
Amortization of capitalized interest (2)	25,150		22,489		20,157		17,929		16,277

Earnings before fixed charges	853,508		762,786		152,559		279,530		157,110

(Plus) Fixed charges:
Portion of rents representative of the interest factor	7,790		7,504		7,112		6,873		6,933
Interest expense	175,615		180,618		172,402		136,920		167,814
Interest capitalized	79,834		69,961		66,838		49,556		33,863
Preferred dividend	—		—		—		—		—

Total fixed charges (3)	263,239		258,083		246,352		193,349		208,610

(Less):
Interest capitalized	79,834		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)	$	1,036,913	$	936,776	$	332,073	$	423,323	$	331,857

Ratio (4 divided by 3)	3.94		3.63		1.35		2.19		1.59

AVALONBAY COMMUNITIES, INC.

RATIOS OF EARNINGS TO FIXED CHARGES



	Year Ended December 31, 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	$	743,594	$	668,516	$	57,827	$	250,431	$	140,215

(Plus):
Equity in income of unconsolidated entities, net of distributions received	84,764		71,781		74,575		11,170		618
Amortization of capitalized interest (2)	25,150		22,489		20,157		17,929		16,277

Earnings before fixed charges	853,508		762,786		152,559		279,530		157,110

(Plus) Fixed charges:
Portion of rents representative of the interest factor	7,790		7,504		7,112		6,873		6,933
Interest expense	175,615		180,618		172,402		136,920		167,814
Interest capitalized	79,834		69,961		66,838		49,556		33,863

Total fixed charges (3)	263,239		258,083		246,352		193,349		208,610

(Less):
Interest capitalized	79,834		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)	$	1,036,913	$	936,776	$	332,073	$	423,323	$	331,857

Ratio (4 divided by 3)	3.94		3.63		1.35		2.19		1.59


(1)	The results of operations for 2010 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).