February 24, 2017 - 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, 2016		Year Ended December 31, 2015		Year Ended December 31, 2014 (1)		Year Ended December 31, 2013 (1)		Year Ended December 31, 2012 (1)
Income from continuing operations before cumulative effect of change in accounting principle	$	1,034,013	$	743,216	$	668,516	$	57,827	$	250,431

(Plus):
Equity in income of unconsolidated entities, net of distributions received	60,103		84,764		71,781		74,575		11,170
Amortization of capitalized interest (2)	27,779		25,150		22,489		20,157		17,929

Earnings before fixed charges	1,121,895		853,130		762,786		152,559		279,530

(Plus) Fixed charges:
Portion of rents representative of the interest factor	8,483		7,790		7,504		7,112		6,873
Interest expense	187,510		175,615		180,618		172,402		136,920
Interest capitalized	78,872		79,834		69,961		66,838		49,556
Preferred dividend	—		—		—		—		—

Total fixed charges (3)	274,865		263,239		258,083		246,352		193,349

(Less):
Interest capitalized	78,872		79,834		69,961		66,838		49,556
Preferred dividend	—		—		—		—		—
Noncontrolling interest in income of a subsidiary that has not incurred fixed charges	—		—		14,132		—		—

Earnings (4)	$	1,317,888	$	1,036,535	$	936,776	$	332,073	$	423,323

Ratio (4 divided by 3)	4.79		3.94		3.63		1.35		2.19

AVALONBAY COMMUNITIES, INC.

RATIOS OF EARNINGS TO FIXED CHARGES



	Year Ended December 31, 2016		Year Ended December 31, 2015		Year Ended December 31, 2014 (1)		Year Ended December 31, 2013 (1)		Year Ended December 31, 2012 (1)
Income from continuing operations before cumulative effect of change in accounting principle	$	1,034,013	$	743,216	$	668,516	$	57,827	$	250,431

(Plus):
Equity in income of unconsolidated entities, net of distributions received	60,103		84,764		71,781		74,575		11,170
Amortization of capitalized interest (2)	27,779		25,150		22,489		20,157		17,929

Earnings before fixed charges	1,121,895		853,130		762,786		152,559		279,530

(Plus) Fixed charges:
Portion of rents representative of the interest factor	8,483		7,790		7,504		7,112		6,873
Interest expense	187,510		175,615		180,618		172,402		136,920
Interest capitalized	78,872		79,834		69,961		66,838		49,556

Total fixed charges (3)	274,865		263,239		258,083		246,352		193,349

(Less):
Interest capitalized	78,872		79,834		69,961		66,838		49,556
Noncontrolling interest in income of a subsidiary that has not incurred fixed charges	—		—		14,132		—		—

Earnings (4)	$	1,317,888	$	1,036,535	$	936,776	$	332,073	$	423,323

Ratio (4 divided by 3)	4.79		3.94		3.63		1.35		2.19


(1)	The results of operations for 2012 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).