EX-12.1
Published on February 29, 2008
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
| Year | Year | Year | Year | Year | ||||||||||||||||
| Ended | Ended | Ended | Ended | Ended | ||||||||||||||||
| December 31, | December 31, | December 31, | December 31, | December 31, | ||||||||||||||||
| 2007 | 2006 | 2005 | 2004 | 2003 | ||||||||||||||||
Income before gain on sale of communities and
cumulative effect of change in accounting principle |
$ | 251,673 | $ | 167,987 | $ | 100,239 | $ | 60,811 | $ | 71,379 | ||||||||||
(Plus): |
||||||||||||||||||||
Minority interest in consolidated partnerships |
1,585 | 573 | 1,481 | 150 | 950 | |||||||||||||||
Amortization of capitalized interest (1) |
2,485 | 7,503 | 5,957 | 5,114 | 4,429 | |||||||||||||||
Earnings before fixed charges |
$ | 255,743 | $ | 176,063 | $ | 107,677 | $ | 66,075 | $ | 76,758 | ||||||||||
(Plus) Fixed charges: |
||||||||||||||||||||
Portion of rents representative
of the interest factor |
$ | 722 | $ | 518 | $ | 354 | $ | 323 | $ | 503 | ||||||||||
Interest expense |
97,545 | 111,046 | 127,099 | 131,103 | 130,178 | |||||||||||||||
Interest capitalized |
73,119 | 46,388 | 25,284 | 20,566 | 24,709 | |||||||||||||||
Preferred dividend |
8,700 | 8,700 | 8,700 | 8,700 | 10,744 | |||||||||||||||
Total fixed charges (2) |
$ | 180,086 | $ | 166,652 | $ | 161,437 | $ | 160,692 | $ | 166,134 | ||||||||||
(Less): |
||||||||||||||||||||
Interest capitalized |
73,119 | 46,388 | 25,284 | 20,566 | 24,709 | |||||||||||||||
Preferred dividend |
8,700 | 8,700 | 8,700 | 8,700 | 10,744 | |||||||||||||||
Earnings (3) |
$ | 354,010 | $ | 287,627 | $ | 235,130 | $ | 197,501 | $ | 207,439 | ||||||||||
Ratio (3 divided by 2) |
1.97 | 1.73 | 1.46 | 1.23 | 1.25 | |||||||||||||||
AVALONBAY COMMUNITIES, INC.
RATIOS OF EARNINGS TO FIXED CHARGES
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, | ||||||||||||||||
| 2007 | 2006 | 2005 | 2004 | 2003 | ||||||||||||||||
Income before gain on sale of communities and
extraordinary item |
$ | 251,673 | $ | 167,987 | $ | 100,239 | $ | 60,811 | $ | 71,379 | ||||||||||
(Plus): |
||||||||||||||||||||
Minority interest in consolidated partnerships |
1,585 | 573 | 1,481 | 150 | 950 | |||||||||||||||
Amortization of capitalized interest (1) |
2,485 | 7,503 | 5,957 | 5,114 | 4,429 | |||||||||||||||
Earnings before fixed charges |
$ | 255,743 | $ | 176,063 | $ | 107,677 | $ | 66,075 | $ | 76,758 | ||||||||||
(Plus) Fixed charges: |
||||||||||||||||||||
Portion of rents representative
of the interest factor |
$ | 722 | $ | 518 | $ | 354 | $ | 323 | $ | 503 | ||||||||||
Interest expense |
97,545 | 111,046 | 127,099 | 131,103 | 130,178 | |||||||||||||||
Interest capitalized |
73,119 | 46,388 | 25,284 | 20,566 | 24,709 | |||||||||||||||
Total fixed charges (2) |
$ | 171,386 | $ | 157,952 | $ | 152,737 | $ | 151,992 | $ | 155,390 | ||||||||||
(Less): |
||||||||||||||||||||
Interest capitalized |
73,119 | 46,388 | 25,284 | 20,566 | 24,709 | |||||||||||||||
Earnings (3) |
$ | 354,010 | $ | 287,627 | $ | 235,130 | $ | 197,501 | $ | 207,439 | ||||||||||
Ratio (3 divided by 2) |
2.07 | 1.82 | 1.54 | 1.30 | 1.33 | |||||||||||||||
| (1) | Represents an estimate of capitalized interest costs based on the Companys established depreciation policy and an analysis of interest costs capitalized since 1998 (the year in which AvalonBay was formed). |