EX-12.1
Published on November 5, 2013
Exhibit 12.1
AVALONBAY COMMUNITIES, INC.
RATIOS OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
|
|
|
Nine Months |
|
Year |
|
Year |
|
Year |
|
Year |
| |||||
|
|
|
Ended |
|
Ended |
|
Ended |
|
Ended |
|
Ended |
| |||||
|
|
|
September 30, 2013 |
|
December 31, 2012 (1) |
|
December 31, 2011 (1) |
|
December 31, 2010 (1) |
|
December 31, 2009 (1) |
| |||||
|
Income (loss) from continuing operations before cumulative effect of change in accounting principle |
|
$ |
(24,565 |
) |
$ |
257,240 |
|
$ |
146,503 |
|
$ |
86,748 |
|
$ |
64,513 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
(Plus): |
|
|
|
|
|
|
|
|
|
|
| |||||
|
Equity in income of unconsolidated entities, net of distributions received |
|
32,536 |
|
11,170 |
|
618 |
|
4,856 |
|
5,475 |
| |||||
|
Amortization of capitalized interest (2) |
|
14,626 |
|
17,929 |
|
16,277 |
|
15,149 |
|
14,035 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Earnings before fixed charges |
|
$ |
22,597 |
|
$ |
286,339 |
|
$ |
163,398 |
|
$ |
106,753 |
|
$ |
84,023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
(Plus) Fixed charges: |
|
|
|
|
|
|
|
|
|
|
| |||||
|
Portion of rents representative of the interest factor |
|
$ |
5,521 |
|
$ |
6,873 |
|
$ |
6,933 |
|
$ |
11,785 |
|
$ |
6,241 |
|
|
Interest expense |
|
127,772 |
|
136,920 |
|
167,814 |
|
169,997 |
|
145,090 |
| |||||
|
Interest capitalized |
|
47,168 |
|
49,556 |
|
33,863 |
|
33,393 |
|
48,226 |
| |||||
|
Preferred dividend |
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Total fixed charges (3) |
|
$ |
180,461 |
|
$ |
193,349 |
|
$ |
208,610 |
|
$ |
215,175 |
|
$ |
199,557 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
(Less): |
|
|
|
|
|
|
|
|
|
|
| |||||
|
Interest capitalized |
|
47,168 |
|
49,556 |
|
33,863 |
|
33,393 |
|
48,226 |
| |||||
|
Preferred dividend |
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Earnings (4) |
|
$ |
155,890 |
|
$ |
430,132 |
|
$ |
338,145 |
|
$ |
288,535 |
|
$ |
235,354 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Ratio (4 divided by 3) |
|
0.86 |
|
2.22 |
|
1.62 |
|
1.34 |
|
1.18 |
| |||||
AVALONBAY COMMUNITIES, INC.
RATIOS OF EARNINGS TO FIXED CHARGES
|
|
|
Nine Months |
|
Year |
|
Year |
|
Year |
|
Year |
| |||||
|
|
|
Ended |
|
Ended |
|
Ended |
|
Ended |
|
Ended |
| |||||
|
|
|
September 30, 2013 |
|
December 31, 2012 (1) |
|
December 31, 2011 (1) |
|
December 31, 2010 (1) |
|
December 31, 2009 (1) |
| |||||
|
Income (loss) from continuing operations before cumulative effect of change in accounting principle |
|
$ |
(24,565 |
) |
$ |
257,240 |
|
$ |
146,503 |
|
$ |
86,748 |
|
$ |
64,513 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
(Plus): |
|
|
|
|
|
|
|
|
|
|
| |||||
|
Equity in income of unconsolidated entities, net of distributions received |
|
32,536 |
|
11,170 |
|
618 |
|
4,856 |
|
5,475 |
| |||||
|
Amortization of capitalized interest (2) |
|
14,626 |
|
17,929 |
|
16,277 |
|
15,149 |
|
14,035 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Earnings before fixed charges |
|
$ |
22,597 |
|
$ |
286,339 |
|
$ |
163,398 |
|
$ |
106,753 |
|
$ |
84,023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
(Plus) Fixed charges: |
|
|
|
|
|
|
|
|
|
|
| |||||
|
Portion of rents representative of the interest factor |
|
$ |
5,521 |
|
$ |
6,873 |
|
$ |
6,933 |
|
$ |
11,785 |
|
$ |
6,241 |
|
|
Interest expense |
|
127,772 |
|
136,920 |
|
167,814 |
|
169,997 |
|
145,090 |
| |||||
|
Interest capitalized |
|
47,168 |
|
49,556 |
|
33,863 |
|
33,393 |
|
48,226 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Total fixed charges (3) |
|
$ |
180,461 |
|
$ |
193,349 |
|
$ |
208,610 |
|
$ |
215,175 |
|
$ |
199,557 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
(Less): |
|
|
|
|
|
|
|
|
|
|
| |||||
|
Interest capitalized |
|
47,168 |
|
49,556 |
|
33,863 |
|
33,393 |
|
48,226 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Earnings (4) |
|
$ |
155,890 |
|
$ |
430,132 |
|
$ |
338,145 |
|
$ |
288,535 |
|
$ |
235,354 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Ratio (4 divided by 3) |
|
0.86 |
|
2.22 |
|
1.62 |
|
1.34 |
|
1.18 |
| |||||
(1) The results of operations for 2009 through 2012 have been adjusted to reflect discontinued operations for properties sold or held for sale as of September 30, 2013.
(2) 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).