Form: 10-Q

Quarterly report pursuant to Section 13 or 15(d)

May 5, 2010

Documents

Exhibit 12.1
AVALONBAY COMMUNITIES, INC.
RATIOS OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
                                         
    Three Months     Year     Year     Year     Year  
    Ended     Ended     Ended     Ended     Ended  
    March 31, 2010     December 31, 2009     December 31, 2008 (1)     December 31, 2007 (1)     December 31, 2006 (1)  
Income from continuing operations before cumulative effect of change in accounting principle
   $ 20,080     $ 76,413     $ 98,492     $ 219,364     $ 137,306  
 
                                        
(Plus):
                                        
Equity in income of unconsolidated entities, net of distributions received
     1,017       5,475       6,728       9,532       7,478  
Amortization of capitalized interest (2)
     3,591       14,035       12,428       9,941       7,503  
 
                              
 
                                        
Earnings before fixed charges
   $ 24,688     $ 95,923     $ 117,648     $ 238,837     $ 152,287  
 
                              
 
                                        
(Plus) Fixed charges:
                                        
Portion of rents representative of the interest factor
   $ 1,727     $ 6,241     $ 5,287     $ 3,165     $ 1,410  
Interest expense
     42,541       150,323       114,910       92,175       103,910  
Interest capitalized
     9,836       48,226       74,621       73,118       46,388  
Preferred dividend
     —       —       10,454       8,700       8,700  
 
                              
 
                                        
Total fixed charges (3)
   $ 54,104     $ 204,790     $ 205,272     $ 177,158     $ 160,408  
 
                              
 
                                        
(Less):
                                        
Interest capitalized
     9,836       48,226       74,621       73,118       46,388  
Preferred dividend
     —       —       10,454       8,700       8,700  
 
                              
 
                                        
Earnings (4)
   $ 68,956     $ 252,487     $ 237,845     $ 334,177     $ 257,607  
 
                              
 
                                        
Ratio (4 divided by 3)
     1.27       1.23       1.16       1.89       1.61  
 
                              
AVALONBAY COMMUNITIES, INC.
RATIOS OF EARNINGS TO FIXED CHARGES
                                         
    Three Months     Year     Year     Year     Year  
    Ended     Ended     Ended     Ended     Ended  
    March 31, 2010     December 31, 2009     December 31, 2008 (1)     December 31, 2007 (1)     December 31, 2006 (1)  
Income from continuing operations before cumulative effect of change in accounting principle
   $ 20,080     $ 76,413     $ 98,492     $ 219,364     $ 137,306  
 
                                        
(Plus):
                                        
Equity in income of unconsolidated entities, net of distributions received
     1,017       5,475       6,728       9,532       7,478  
Amortization of capitalized interest (2)
     3,591       14,035       12,428       9,941       7,503  
 
                              
 
                                        
Earnings before fixed charges
   $ 24,688     $ 95,923     $ 117,648     $ 238,837     $ 152,287  
 
                              
 
                                        
(Plus) Fixed charges:
                                        
Portion of rents representative of the interest factor
   $ 1,727     $ 6,241     $ 5,287     $ 3,165     $ 1,410  
Interest expense
     42,541       150,323       114,910       92,175       103,910  
Interest capitalized
     9,836       48,226       74,621       73,118       46,388  
 
                              
 
                                        
Total fixed charges (3)
   $ 54,104     $ 204,790     $ 194,818     $ 168,458     $ 151,708  
 
                              
 
                                        
(Less):
                                        
Interest capitalized
     9,836       48,226       74,621       73,118       46,388  
 
                              
 
                                        
Earnings (4)
   $ 68,956     $ 252,487     $ 237,845     $ 334,177     $ 257,607  
 
                              
 
                                        
Ratio (4 divided by 3)
     1.27       1.23       1.22       1.98       1.70  
 
                              
 
(1)   The results of operations for 2006 through 2010 have been adjusted to reflect discontinued operations for properties sold or held for sale as of March 31, 2010.
 
(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).