EXHIBIT 12.1
Published on November 9, 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
| Nine Months | Year | Year | Year | Year | Year | |||||||||||||||||||
| Ended | Ended | Ended | Ended | Ended | Ended | |||||||||||||||||||
| September 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
cumulative effect of change in accounting principle |
$ | 77,923 | $ | 86,329 | $ | 94,041 | $ | 97,217 | $ | 156,066 | $ | 143,793 | ||||||||||||
(Plus) Minority interest in consolidated partnerships |
1,166 | 150 | 950 | 865 | 948 | 1,038 | ||||||||||||||||||
Earnings before fixed charges |
$ | 79,089 | $ | 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 |
$ | 255 | $ | 323 | $ | 503 | $ | 527 | $ | 472 | $ | 461 | ||||||||||||
Interest expense |
96,010 | 131,314 | 133,637 | 118,288 | 99,456 | 78,927 | ||||||||||||||||||
Interest capitalized |
18,217 | 20,566 | 24,709 | 29,937 | 27,635 | 18,328 | ||||||||||||||||||
Preferred dividend |
6,525 | 8,700 | 10,744 | 17,896 | 40,035 | 39,779 | ||||||||||||||||||
Total fixed charges (1) |
$ | 121,007 | $ | 160,903 | $ | 169,593 | $ | 166,648 | $ | 167,598 | $ | 137,495 | ||||||||||||
(Less): |
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Interest capitalized |
18,217 | 20,566 | 24,709 | 29,937 | 27,635 | 18,328 | ||||||||||||||||||
Preferred dividend |
6,525 | 8,700 | 10,744 | 17,896 | 40,035 | 39,779 | ||||||||||||||||||
Earnings (2) |
$ | 175,354 | $ | 218,116 | $ | 229,131 | $ | 216,897 | $ | 256,942 | $ | 224,219 | ||||||||||||
Ratio (2 divided by 1) |
1.45 | 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
| Nine Months | Year | Year | Year | Year | Year | |||||||||||||||||||
| Ended | Ended | Ended | Ended | Ended | Ended | |||||||||||||||||||
| September 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 |
$ | 77,923 | $ | 86,329 | $ | 94,041 | $ | 97,217 | $ | 156,066 | $ | 143,793 | ||||||||||||
(Plus) Minority interest in consolidated partnerships |
1,166 | 150 | 950 | 865 | 948 | 1,038 | ||||||||||||||||||
Earnings before fixed charges |
$ | 79,089 | $ | 86,479 | $ | 94,991 | $ | 98,082 | $ | 157,014 | $ | 144,831 | ||||||||||||
(Plus) Fixed charges: |
||||||||||||||||||||||||
Portion of rents representative
of the interest factor |
$ | 255 | $ | 323 | $ | 503 | $ | 527 | $ | 472 | $ | 461 | ||||||||||||
Interest expense |
96,010 | 131,314 | 133,637 | 118,288 | 99,456 | 78,927 | ||||||||||||||||||
Interest capitalized |
18,217 | 20,566 | 24,709 | 29,937 | 27,635 | 18,328 | ||||||||||||||||||
Total fixed charges (1) |
$ | 114,482 | $ | 152,203 | $ | 158,849 | $ | 148,752 | $ | 127,563 | $ | 97,716 | ||||||||||||
(Less): |
||||||||||||||||||||||||
Interest capitalized |
18,217 | 20,566 | 24,709 | 29,937 | 27,635 | 18,328 | ||||||||||||||||||
Earnings (2) |
$ | 175,354 | $ | 218,116 | $ | 229,131 | $ | 216,897 | $ | 256,942 | $ | 224,219 | ||||||||||||
Ratio (2 divided by 1) |
1.53 | 1.43 | 1.44 | 1.46 | 2.01 | 2.29 | ||||||||||||||||||