EXHIBIT 12.1
Published on May 6, 2005
Exhibit 12.1
AVALONBAY COMMUNITIES, INC.
RATIOS OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
| Three Months | Year | Year | Year | Year | Year | |||||||||||||||||||
| Ended | Ended | Ended | Ended | Ended | Ended | |||||||||||||||||||
| March 31, | December 31, | December 31, | December 31, | December 31, | December 31, | |||||||||||||||||||
| 2005 | 2004 | 2003 | 2002 | 2001 | 2000 | |||||||||||||||||||
Income before gain on sale of communities and
cumulative effect of change in accounting principle |
$ | 31,111 | $ | 86,329 | $ | 94,041 | $ | 97,217 | $ | 156,066 | $ | 143,793 | ||||||||||||
(Plus) Minority interest in consolidated partnerships |
513 | 150 | 950 | 865 | 948 | 1,038 | ||||||||||||||||||
Earnings before fixed charges |
$ | 31,624 | $ | 86,479 | $ | 94,991 | $ | 98,082 | $ | 157,014 | $ | 144,831 | ||||||||||||
(Plus) Fixed charges: |
||||||||||||||||||||||||
Portion of rents representative
of the interest factor |
$ | 84 | $ | 323 | $ | 503 | $ | 527 | $ | 472 | $ | 461 | ||||||||||||
Interest expense |
32,153 | 131,314 | 133,637 | 118,288 | 99,456 | 78,927 | ||||||||||||||||||
Interest capitalized |
5,662 | 20,566 | 24,709 | 29,937 | 27,635 | 18,328 | ||||||||||||||||||
Preferred dividend |
2,175 | 8,700 | 10,744 | 17,896 | 40,035 | 39,779 | ||||||||||||||||||
Total fixed charges (1) |
$ | 40,074 | $ | 160,903 | $ | 169,593 | $ | 166,648 | $ | 167,598 | $ | 137,495 | ||||||||||||
(Less): |
||||||||||||||||||||||||
Interest capitalized |
5,662 | 20,566 | 24,709 | 29,937 | 27,635 | 18,328 | ||||||||||||||||||
Preferred dividend |
2,175 | 8,700 | 10,744 | 17,896 | 40,035 | 39,779 | ||||||||||||||||||
Earnings (2) |
$ | 63,861 | $ | 218,116 | $ | 229,131 | $ | 216,897 | $ | 256,942 | $ | 224,219 | ||||||||||||
Ratio (2 divided by 1) |
1.59 | 1.36 | 1.35 | 1.30 | 1.53 | 1.63 | ||||||||||||||||||
Exhibit 12.1 (continued)
AVALONBAY COMMUNITIES, INC.
RATIOS OF EARNINGS TO FIXED CHARGES
| Three Months | Year | Year | Year | Year | Year | |||||||||||||||||||
| Ended | Ended | Ended | Ended | Ended | Ended | |||||||||||||||||||
| March 31, | December 31, | December 31, | December 31, | December 31, | December 31, | |||||||||||||||||||
| 2005 | 2004 | 2003 | 2002 | 2001 | 2000 | |||||||||||||||||||
Income before gain on sale of communities and extraordinary item |
$ | 31,111 | $ | 86,329 | $ | 94,041 | $ | 97,217 | $ | 156,066 | $ | 143,793 | ||||||||||||
(Plus) Minority interest in consolidated partnerships |
513 | 150 | 950 | 865 | 948 | 1,038 | ||||||||||||||||||
Earnings before fixed charges |
$ | 31,624 | $ | 86,479 | $ | 94,991 | $ | 98,082 | $ | 157,014 | $ | 144,831 | ||||||||||||
(Plus) Fixed charges: |
||||||||||||||||||||||||
Portion of rents representative of the interest factor |
$ | 84 | $ | 323 | $ | 503 | $ | 527 | $ | 472 | $ | 461 | ||||||||||||
Interest expense |
32,153 | 131,314 | 133,637 | 118,288 | 99,456 | 78,927 | ||||||||||||||||||
Interest capitalized |
5,662 | 20,566 | 24,709 | 29,937 | 27,635 | 18,328 | ||||||||||||||||||
Total fixed charges (1) |
$ | 37,899 | $ | 152,203 | $ | 158,849 | $ | 148,752 | $ | 127,563 | $ | 97,716 | ||||||||||||
(Less): |
||||||||||||||||||||||||
Interest capitalized |
5,662 | 20,566 | 24,709 | 29,937 | 27,635 | 18,328 | ||||||||||||||||||
Earnings (2) |
$ | 63,861 | $ | 218,116 | $ | 229,131 | $ | 216,897 | $ | 256,942 | $ | 224,219 | ||||||||||||
Ratio (2 divided by 1) |
1.69 | 1.43 | 1.44 | 1.46 | 2.01 | 2.29 | ||||||||||||||||||