EXHIBIT 12.1
Published on August 8, 2005
Exhibit 12.1
AVALONBAY COMMUNITIES, INC.
RATIOS OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
RATIOS OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
| Six Months | Year | Year | Year | Year | Year | |||||||||||||||||||
| Ended | Ended | Ended | Ended | Ended | Ended | |||||||||||||||||||
| June 30, | December 31, | December 31, | December 31, | December 31, | December 31, | |||||||||||||||||||
| 2005 | 2004 | 2003 | 2002 | 2001 | 2000 | |||||||||||||||||||
Income before gain on sale of communities and |
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cumulative effect of change in accounting principle |
$ | 59,191 | $ | 86,329 | $ | 94,041 | $ | 97,217 | $ | 156,066 | $ | 143,793 | ||||||||||||
(Plus) Minority interest in consolidated partnerships |
851 | 150 | 950 | 865 | 948 | 1,038 | ||||||||||||||||||
Earnings before fixed charges |
$ | 60,042 | $ | 86,479 | $ | 94,991 | $ | 98,082 | $ | 157,014 | $ | 144,831 | ||||||||||||
(Plus) Fixed charges: |
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Portion of rents representative |
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of the interest factor |
$ | 171 | $ | 323 | $ | 503 | $ | 527 | $ | 472 | $ | 461 | ||||||||||||
Interest expense |
64,533 | 131,314 | 133,637 | 118,288 | 99,456 | 78,927 | ||||||||||||||||||
Interest capitalized |
11,698 | 20,566 | 24,709 | 29,937 | 27,635 | 18,328 | ||||||||||||||||||
Preferred dividend |
4,350 | 8,700 | 10,744 | 17,896 | 40,035 | 39,779 | ||||||||||||||||||
Total fixed charges (1) |
$ | 80,752 | $ | 160,903 | $ | 169,593 | $ | 166,648 | $ | 167,598 | $ | 137,495 | ||||||||||||
(Less): |
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Interest capitalized |
11,698 | 20,566 | 24,709 | 29,937 | 27,635 | 18,328 | ||||||||||||||||||
Preferred dividend |
4,350 | 8,700 | 10,744 | 17,896 | 40,035 | 39,779 | ||||||||||||||||||
Earnings (2) |
$ | 124,746 | $ | 218,116 | $ | 229,131 | $ | 216,897 | $ | 256,942 | $ | 224,219 | ||||||||||||
Ratio (2 divided by 1) |
1.54 | 1.36 | 1.35 | 1.30 | 1.53 | 1.63 | ||||||||||||||||||
Exhibit 12.1 (continued)
AVALONBAY COMMUNITIES, INC.
RATIOS OF EARNINGS TO FIXED CHARGES
RATIOS OF EARNINGS TO FIXED CHARGES
| Six Months | Year | Year | Year | Year | Year | |||||||||||||||||||
| Ended | Ended | Ended | Ended | Ended | Ended | |||||||||||||||||||
| June 30, | 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 |
$ | 59,191 | $ | 86,329 | $ | 94,041 | $ | 97,217 | $ | 156,066 | $ | 143,793 | ||||||||||||
(Plus) Minority interest in consolidated partnerships |
851 | 150 | 950 | 865 | 948 | 1,038 | ||||||||||||||||||
Earnings before fixed charges |
$ | 60,042 | $ | 86,479 | $ | 94,991 | $ | 98,082 | $ | 157,014 | $ | 144,831 | ||||||||||||
(Plus) Fixed charges: |
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Portion of rents representative |
||||||||||||||||||||||||
of the interest factor |
$ | 171 | $ | 323 | $ | 503 | $ | 527 | $ | 472 | $ | 461 | ||||||||||||
Interest expense |
64,533 | 131,314 | 133,637 | 118,288 | 99,456 | 78,927 | ||||||||||||||||||
Interest capitalized |
11,698 | 20,566 | 24,709 | 29,937 | 27,635 | 18,328 | ||||||||||||||||||
Total fixed charges (1) |
$ | 76,402 | $ | 152,203 | $ | 158,849 | $ | 148,752 | $ | 127,563 | $ | 97,716 | ||||||||||||
(Less): |
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Interest capitalized |
11,698 | 20,566 | 24,709 | 29,937 | 27,635 | 18,328 | ||||||||||||||||||
Earnings (2) |
$ | 124,746 | $ | 218,116 | $ | 229,131 | $ | 216,897 | $ | 256,942 | $ | 224,219 | ||||||||||||
Ratio (2 divided by 1) |
1.63 | 1.43 | 1.44 | 1.46 | 2.01 | 2.29 | ||||||||||||||||||