Form: 10-K

Annual report pursuant to Section 13 and 15(d)

March 2, 2009

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, 2008     December 31, 2007 (1)     December 31, 2006 (1)     December 31, 2005 (1)     December 31, 2004 (1)  
Income from continuing operations before gain on sale of communities and cumulative effect of change in accounting principle
   $ 114,378     $ 231,184     $ 148,942     $ 84,802     $ 45,969  
 
                                        
(Plus):
                                        
Minority interest in consolidated partnerships
     (741 )     1,585       573       1,481       150  
Amortization of capitalized interest (2)
     12,428       9,941       7,503       5,957       5,114  
 
                              
 
                                        
Earnings before fixed charges
   $ 126,065     $ 242,710     $ 157,018     $ 92,240     $ 51,233  
 
                              
 
                                        
(Plus) Fixed charges:
                                        
Portion of rents representative of the interest factor
   $ 855     $ 722     $ 518     $ 354     $ 323  
Interest expense
     114,878       94,540       106,271       122,787       127,123  
Interest capitalized
     74,621       73,118       46,388       25,284       20,566  
Preferred dividend
     10,454       8,700       8,700       8,700       8,700  
 
                              
 
                                        
Total fixed charges (3)
   $ 200,808     $ 177,080     $ 161,877     $ 157,125     $ 156,712  
 
                              
 
                                        
(Less):
                                        
Interest capitalized
     74,621       73,118       46,388       25,284       20,566  
Preferred dividend
     10,454       8,700       8,700       8,700       8,700  
 
                              
 
                                        
Earnings (4)
   $ 241,798     $ 337,972     $ 263,807     $ 215,381     $ 178,679  
 
                              
 
                                        
Ratio (4 divided by 3)
     1.20       1.91       1.63       1.37       1.14  
 
                              
AVALONBAY COMMUNITIES, INC.
RATIOS OF EARNINGS TO FIXED CHARGES
                                         
    Year     Year     Year     Year     Year  
    Ended     Ended     Ended     Ended     Ended  
    December 31, 2008     December 31, 2007 (1)     December 31, 2006 (1)     December 31, 2005 (1)     December 31, 2004 (1)  
Income from continuing operations before gain on sale of communities and cumulative effect of change in accounting principle
   $ 114,378     $ 231,184     $ 148,942     $ 84,802     $ 45,969  
 
                                        
(Plus):
                                        
Minority interest in consolidated partnerships
     (741 )     1,585       573       1,481       150  
Amortization of capitalized interest (2)
     12,428       9,941       7,503       5,957       5,114  
 
                              
 
                                        
Earnings before fixed charges
   $ 126,065     $ 242,710     $ 157,018     $ 92,240     $ 51,233  
 
                              
 
                                        
(Plus) Fixed charges:
                                        
Portion of rents representative of the interest factor
   $ 855     $ 722     $ 518     $ 354     $ 323  
Interest expense
     114,878       94,540       106,271       122,787       127,123  
Interest capitalized
     74,621       73,118       46,388       25,284       20,566  
 
                              
 
                                        
Total fixed charges (3)
   $ 190,354     $ 168,380     $ 153,177     $ 148,425     $ 148,012  
 
                              
 
                                        
(Less):
                                        
Interest capitalized
     74,621       73,118       46,388       25,284       20,566  
 
                              
 
                                        
Earnings (4)
   $ 241,798     $ 337,972     $ 263,807     $ 215,381     $ 178,679  
 
                              
 
                                        
Ratio (4 divided by 3)
     1.27       2.01       1.72       1.45       1.21  
 
                              
 
(1)   The results of operations for 2004 through 2007 have been adjusted to reflect discontinued operations for properties sold or held for sale as of December 31, 2008.
 
(2)   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).