EXHIBIT 12.1
Published on November 4, 2010
Exhibit 12.1
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AVALONBAY COMMUNITIES, INC.
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RATIOS OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
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Nine Months
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Year
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Year
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Year
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Year
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||||||||||||||||
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Ended
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Ended
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Ended
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Ended
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Ended
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September 30,
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December 31,
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December 31,
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December 31,
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December 31,
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2010
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2009
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2008
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2007
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2006
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Income from continuing operations before
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| cumulative effect of change in accounting principle (1) | $ | 73,277 | $ | 76,739 | $ | 98,818 | $ | 219,690 | $ | 137,632 | ||||||||||
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(Plus):
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| Equity in income of unconsolidated entities, | ||||||||||||||||||||
| net of distributions received | 3,972 | 5,475 | 6,728 | 9,532 | 7,478 | |||||||||||||||
| Amortization of capitalized interest (2) | 11,208 | 14,035 | 12,428 | 9,941 | 7,503 | |||||||||||||||
| Earnings before fixed charges | $ | 88,457 | $ | 96,249 | $ | 117,974 | $ | 239,163 | $ | 152,613 | ||||||||||
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(Plus) Fixed charges:
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| Portion of rents representative of the interest factor | $ | 5,353 | $ | 6,241 | $ | 5,287 | $ | 3,165 | $ | 1,410 | ||||||||||
| Interest expense | 128,260 | 150,323 | 114,910 | 92,175 | 103,910 | |||||||||||||||
| Interest capitalized | 27,265 | 48,226 | 74,621 | 73,118 | 46,388 | |||||||||||||||
| Preferred dividend | -- | -- | 10,454 | 8,700 | 8,700 | |||||||||||||||
| Total fixed charges (3) | $ | 160,878 | $ | 204,790 | $ | 205,272 | $ | 177,158 | $ | 160,408 | ||||||||||
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(Less):
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| Interest capitalized | 27,265 | 48,226 | 74,621 | 73,118 | 46,388 | |||||||||||||||
| Preferred dividend | -- | -- | 10,454 | 8,700 | 8,700 | |||||||||||||||
| Earnings (4) | $ | 222,070 | $ | 252,813 | $ | 238,171 | $ | 334,503 | $ | 257,933 | ||||||||||
| Ratio (4 divided by 3) | 1.38 | 1.23 | 1.16 | 1.89 | 1.61 | |||||||||||||||
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AVALONBAY COMMUNITIES, INC.
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RATIOS OF EARNINGS TO FIXED CHARGES
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||||||||||||||||||||
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Nine Months
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Year
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Year
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Year
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Year
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||||||||||||||||
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Ended
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Ended
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Ended
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Ended
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Ended
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||||||||||||||||
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September 30,
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December 31,
|
December 31,
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December 31,
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December 31,
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||||||||||||||||
|
2010
|
2009
|
2008
|
2007
|
2006
|
||||||||||||||||
|
Income from continuing operations before
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||||||||||||||||||||
| cumulative effect of change in accounting principle (1) | $ | 73,277 | $ | 76,739 | $ | 98,818 | $ | 219,690 | $ | 137,632 | ||||||||||
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(Plus):
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| Equity in income of unconsolidated entities, | ||||||||||||||||||||
| net of distributions received | 3,972 | 5,475 | 6,728 | 9,532 | 7,478 | |||||||||||||||
| Amortization of capitalized interest (2) | 11,208 | 14,035 | 12,428 | 9,941 | 7,503 | |||||||||||||||
| Earnings before fixed charges | $ | 88,457 | $ | 96,249 | $ | 117,974 | $ | 239,163 | $ | 152,613 | ||||||||||
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(Plus) Fixed charges:
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| Portion of rents representative of the interest factor | $ | 5,353 | $ | 6,241 | $ | 5,287 | $ | 3,165 | $ | 1,410 | ||||||||||
| Interest expense | 128,260 | 150,323 | 114,910 | 92,175 | 103,910 | |||||||||||||||
| Interest capitalized | 27,265 | 48,226 | 74,621 | 73,118 | 46,388 | |||||||||||||||
| Total fixed charges (3) | $ | 160,878 | $ | 204,790 | $ | 194,818 | $ | 168,458 | $ | 151,708 | ||||||||||
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(Less):
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| Interest capitalized | 27,265 | 48,226 | 74,621 | 73,118 | 46,388 | |||||||||||||||
| Earnings (4) | $ | 222,070 | $ | 252,813 | $ | 238,171 | $ | 334,503 | $ | 257,933 | ||||||||||
| Ratio (4 divided by 3) | 1.38 | 1.23 | 1.22 | 1.99 | 1.70 | |||||||||||||||
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(1)
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The results of operations reflect discontinued operations for properties sold or held for sale as of September 30, 2010.
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(2)
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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).
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