Form: 10-K/A

Annual report pursuant to Section 13 and 15(d)

May 10, 2007

Documents

 

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, 2006     December 31, 2005     December 31, 2004     December 31, 2003     December 31, 2002  
    As Restated     As Restated     As Restated     As Restated     As Restated  
Income before gain on sale of communities and cumulative effect of change in accounting principle
   $ 167,987     $ 100,239     $ 60,811     $ 71,379     $ 79,509  
 
                                        
(Plus):
                                        
Minority interest in consolidated partnerships
     573       1,481       150       950       865  
Amortization of capitalized interest (1)
     7,503       5,957       5,114       4,429       3,605  
 
                              
 
                                        
Earnings before fixed charges
   $ 176,063     $ 107,677     $ 66,075     $ 76,758     $ 83,979  
 
                              
 
                                        
(Plus) Fixed charges:
                                        
Portion of rents representative of the interest factor
   $ 518     $ 354     $ 323     $ 503     $ 527  
Interest expense
     111,046       127,099       131,103       130,178       114,282  
Interest capitalized
     46,388       25,284       20,566       24,709       29,937  
Preferred dividend
     8,700       8,700       8,700       10,744       17,896  
 
                              
 
                                        
Total fixed charges (2)
   $ 166,652     $ 161,437     $ 160,692     $ 166,134     $ 162,642  
 
                              
 
                                        
(Less):
                                        
Interest capitalized
     46,388       25,284       20,566       24,709       29,937  
Preferred dividend
     8,700       8,700       8,700       10,744       17,896  
 
                              
 
                                        
Earnings (3)
   $ 287,627     $ 235,130     $ 197,501     $ 207,439     $ 198,788  
 
                              
 
                                        
Ratio (3 divided by 2)
     1.73       1.46       1.23       1.25       1.22  
 
                              
AVALONBAY COMMUNITIES, INC.
RATIOS OF EARNINGS TO FIXED CHARGES
                                         
    Year     Year     Year     Year     Year  
    Ended     Ended     Ended     Ended     Ended  
    December 31, 2006     December 31, 2005     December 31, 2004     December 31, 2003     December 31, 2002  
    As Restated     As Restated     As Restated     As Restated     As Restated  
Income before gain on sale of communities and extraordinary item
   $ 167,987     $ 100,239     $ 60,811     $ 71,379     $ 79,509  
 
                                        
(Plus):
                                        
Minority interest in consolidated partnerships
     573       1,481       150       950       865  
Amortization of capitalized interest (1)
     7,503       5,957       5,114       4,429       3,605  
 
                              
 
                                        
Earnings before fixed charges
   $ 176,063     $ 107,677     $ 66,075     $ 76,758     $ 83,979  
 
                              
 
                                        
(Plus) Fixed charges:
                                        
Portion of rents representative of the interest factor
   $ 518     $ 354     $ 323     $ 503     $ 527  
Interest expense
     111,046       127,099       131,103       130,178       114,282  
Interest capitalized
     46,388       25,284       20,566       24,709       29,937  
 
                              
 
                                        
Total fixed charges (2)
   $ 157,952     $ 152,737     $ 151,992     $ 155,390     $ 144,746  
 
                              
 
                                        
(Less):
                                        
Interest capitalized
     46,388       25,284       20,566       24,709       29,937  
 
                              
 
                                        
Earnings (3)
   $ 287,627     $ 235,130     $ 197,501     $ 207,439     $ 199,788  
 
                              
 
                                        
Ratio (3 divided by 2)
     1.82       1.54       1.30       1.33       1.37  
 
                              
 
                                        
 
(1)   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).