February 23, 2018 - 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, 2017		Year Ended December 31, 2016		Year Ended December 31, 2015		Year Ended December 31, 2014 (1)		Year Ended December 31, 2013 (1)
Income from continuing operations before cumulative effect of change in accounting principle	$	876,801	$	1,034,013	$	743,216	$	668,516	$	57,827

(Plus):
Equity in income of unconsolidated entities, net of distributions received	29,226		60,103		84,764		71,781		74,575
Amortization of capitalized interest (2)	29,927		27,779		25,150		22,489		20,157

Earnings before fixed charges	935,954		1,121,895		853,130		762,786		152,559

(Plus) Fixed charges:
Portion of rents representative of the interest factor	8,338		8,483		7,790		7,504		7,112
Interest expense	199,661		187,510		175,615		180,618		172,402
Interest capitalized	64,420		78,872		79,834		69,961		66,838
Preferred dividend	—		—		—		—		—

Total fixed charges (3)	272,419		274,865		263,239		258,083		246,352

(Less):
Interest capitalized	64,420		78,872		79,834		69,961		66,838
Preferred dividend	—		—		—		—		—
Noncontrolling interest in income of a subsidiary that has not incurred fixed charges	—		—		—		14,132		—

Earnings (4)	$	1,143,953	$	1,317,888	$	1,036,535	$	936,776	$	332,073

Ratio (4 divided by 3)	4.20		4.79		3.94		3.63		1.35

AVALONBAY COMMUNITIES, INC.

RATIOS OF EARNINGS TO FIXED CHARGES



	Year Ended December 31, 2017		Year Ended December 31, 2016		Year Ended December 31, 2015		Year Ended December 31, 2014 (1)		Year Ended December 31, 2013 (1)
Income from continuing operations before cumulative effect of change in accounting principle	$	876,801	$	1,034,013	$	743,216	$	668,516	$	57,827

(Plus):
Equity in income of unconsolidated entities, net of distributions received	29,226		60,103		84,764		71,781		74,575
Amortization of capitalized interest (2)	29,927		27,779		25,150		22,489		20,157

Earnings before fixed charges	935,954		1,121,895		853,130		762,786		152,559

(Plus) Fixed charges:
Portion of rents representative of the interest factor	8,338		8,483		7,790		7,504		7,112
Interest expense	199,661		187,510		175,615		180,618		172,402
Interest capitalized	64,420		78,872		79,834		69,961		66,838

Total fixed charges (3)	272,419		274,865		263,239		258,083		246,352

(Less):
Interest capitalized	64,420		78,872		79,834		69,961		66,838
Noncontrolling interest in income of a subsidiary that has not incurred fixed charges	—		—		—		14,132		—

Earnings (4)	$	1,143,953	$	1,317,888	$	1,036,535	$	936,776	$	332,073

Ratio (4 divided by 3)	4.20		4.79		3.94		3.63		1.35


(1)	The results of operations for 2013 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).