EXHIBIT 12.1
Published on March 15, 2005
Exhibit 12.1
AVALONBAY COMMUNITIES, INC.
RATIOS OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
| Year | Year | Year | Year | Year | ||||||||||||||||
| Ended | Ended | Ended | Ended | Ended | ||||||||||||||||
| December 31, | December 31, | December 31, | December 31, | December 31, | ||||||||||||||||
| 2004 | 2003 | 2002 | 2001 | 2000 | ||||||||||||||||
Income before gain on sale of communities and
cumulative effect of change in accounting principle |
$ | 86,329 | $ | 94,041 | $ | 97,217 | $ | 156,066 | $ | 143,793 | ||||||||||
(Plus) Minority interest in consolidated partnerships |
150 | 950 | 865 | 948 | 1,038 | |||||||||||||||
Earnings before fixed charges |
$ | 86,479 | $ | 94,991 | $ | 98,082 | $ | 157,014 | $ | 144,831 | ||||||||||
(Plus) Fixed charges: |
||||||||||||||||||||
Portion of rents representative
of the interest factor |
$ | 323 | $ | 503 | $ | 527 | $ | 472 | $ | 461 | ||||||||||
Interest expense |
131,314 | 133,637 | 118,288 | 99,456 | 78,927 | |||||||||||||||
Interest capitalized |
20,566 | 24,709 | 29,937 | 27,635 | 18,328 | |||||||||||||||
Preferred dividend |
8,700 | 10,744 | 17,896 | 40,035 | 39,779 | |||||||||||||||
Total fixed charges (1) |
$ | 160,903 | $ | 169,593 | $ | 166,648 | $ | 167,598 | $ | 137,495 | ||||||||||
(Less): |
||||||||||||||||||||
Interest capitalized |
20,566 | 24,709 | 29,937 | 27,635 | 18,328 | |||||||||||||||
Preferred dividend |
8,700 | 10,744 | 17,896 | 40,035 | 39,779 | |||||||||||||||
Earnings (2) |
$ | 218,116 | $ | 229,131 | $ | 216,897 | $ | 256,942 | $ | 224,219 | ||||||||||
Ratio (2 divided by 1) |
1.36 | 1.35 | 1.30 | 1.53 | 1.63 | |||||||||||||||
Exhibit 12.1 (continued)
AVALONBAY COMMUNITIES, INC.
RATIOS OF EARNINGS TO FIXED CHARGES
| Year | Year | Year | Year | Year | ||||||||||||||||
| Ended | Ended | Ended | Ended | Ended | ||||||||||||||||
| December 31, | December 31, | December 31, | December 31, | December 31, | ||||||||||||||||
| 2004 | 2003 | 2002 | 2001 | 2000 | ||||||||||||||||
Income before gain on sale of communities and
extraordinary item |
$ | 86,329 | $ | 94,041 | $ | 97,217 | $ | 156,066 | $ | 143,793 | ||||||||||
(Plus) Minority interest in consolidated partnerships |
150 | 950 | 865 | 948 | 1,038 | |||||||||||||||
Earnings before fixed charges |
$ | 86,479 | $ | 94,991 | $ | 98,082 | $ | 157,014 | $ | 144,831 | ||||||||||
(Plus) Fixed charges: |
||||||||||||||||||||
Portion of rents representative
of the interest factor |
$ | 323 | $ | 503 | $ | 527 | $ | 472 | $ | 461 | ||||||||||
Interest expense |
131,314 | 133,637 | 118,288 | 99,456 | 78,927 | |||||||||||||||
Interest capitalized |
20,566 | 24,709 | 29,937 | 27,635 | 18,328 | |||||||||||||||
Total fixed charges (1) |
$ | 152,203 | $ | 158,849 | $ | 148,752 | $ | 127,563 | $ | 97,716 | ||||||||||
(Less): |
||||||||||||||||||||
Interest capitalized |
20,566 | 24,709 | 29,937 | 27,635 | 18,328 | |||||||||||||||
Earnings (2) |
$ | 218,116 | $ | 229,131 | $ | 216,897 | $ | 256,942 | $ | 224,219 | ||||||||||
Ratio (2 divided by 1) |
1.43 | 1.44 | 1.46 | 2.01 | 2.29 | |||||||||||||||