EXHIBIT 12.1
Published on February 23, 2011
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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Year
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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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December 31, 2010
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December 31, 2009 (1)
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December 31, 2008 (1)
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December 31, 2007 (1)
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December 31, 2006 (1)
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Income from continuing operations before cumulative
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effect of change in accounting principle
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$ | 98,068 | $ | 76,950 | $ | 99,078 | $ | 219,789 | $ | 138,154 | ||||||||||
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(Plus):
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Equity in income of unconsolidated entities,
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net of distributions received
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4,856 | 5,475 | 6,728 | 9,532 | 7,478 | |||||||||||||||
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Amortization of capitalized interest (2)
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15,149 | 14,035 | 12,428 | 9,941 | 7,503 | |||||||||||||||
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Earnings before fixed charges
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$ | 118,073 | $ | 96,460 | $ | 118,234 | $ | 239,262 | $ | 153,135 | ||||||||||
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(Plus) Fixed charges:
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Portion of rents representative
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of the interest factor
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$ | 11,785 | $ | 6,241 | $ | 5,287 | $ | 3,165 | $ | 1,410 | ||||||||||
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Interest expense
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175,209 | 150,323 | 114,910 | 92,175 | 103,910 | |||||||||||||||
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Interest capitalized
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33,393 | 48,226 | 74,621 | 73,118 | 46,388 | |||||||||||||||
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Preferred dividend
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-- | -- | 10,454 | 8,700 | 8,700 | |||||||||||||||
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Total fixed charges (3)
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$ | 220,388 | $ | 204,790 | $ | 205,272 | $ | 177,158 | $ | 160,408 | ||||||||||
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(Less):
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Interest capitalized
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33,393 | 48,226 | 74,621 | 73,118 | 46,388 | |||||||||||||||
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Preferred dividend
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-- | -- | 10,454 | 8,700 | 8,700 | |||||||||||||||
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Earnings (4)
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$ | 305,067 | $ | 253,024 | $ | 238,431 | $ | 334,602 | $ | 258,455 | ||||||||||
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Ratio (4 divided by 3)
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1.38 | 1.24 | 1.17 | 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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Year
|
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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December 31, 2010
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December 31, 2009 (1)
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December 31, 2008 (1)
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December 31, 2007 (1)
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December 31, 2006 (1)
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||||||||||||||||
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Income from continuing operations before cumulative
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||||||||||||||||||||
|
effect of change in accounting principle
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$ | 98,068 | $ | 76,950 | $ | 99,078 | $ | 219,789 | $ | 138,154 | ||||||||||
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(Plus):
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||||||||||||||||||||
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Equity in income of unconsolidated entities,
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||||||||||||||||||||
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net of distributions received
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4,856 | 5,475 | 6,728 | 9,532 | 7,478 | |||||||||||||||
|
Amortization of capitalized interest (2)
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15,149 | 14,035 | 12,428 | 9,941 | 7,503 | |||||||||||||||
|
Earnings before fixed charges
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$ | 118,073 | $ | 96,460 | $ | 118,234 | $ | 239,262 | $ | 153,135 | ||||||||||
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(Plus) Fixed charges:
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||||||||||||||||||||
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Portion of rents representative
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||||||||||||||||||||
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of the interest factor
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$ | 11,785 | $ | 6,241 | $ | 5,287 | $ | 3,165 | $ | 1,410 | ||||||||||
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Interest expense
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175,209 | 150,323 | 114,910 | 92,175 | 103,910 | |||||||||||||||
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Interest capitalized
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33,393 | 48,226 | 74,621 | 73,118 | 46,388 | |||||||||||||||
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Total fixed charges (3)
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$ | 220,388 | $ | 204,790 | $ | 194,818 | $ | 168,458 | $ | 151,708 | ||||||||||
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(Less):
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Interest capitalized
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33,393 | 48,226 | 74,621 | 73,118 | 46,388 | |||||||||||||||
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Earnings (4)
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$ | 305,067 | $ | 253,024 | $ | 238,431 | $ | 334,602 | $ | 258,455 | ||||||||||
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Ratio (4 divided by 3)
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1.38 | 1.24 | 1.22 | 1.99 | 1.70 | |||||||||||||||
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(1)
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The results of operations for 2006 through 2010 have been adjusted to reflect discontinued operations for properties sold or held for sale as of December 31, 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
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capitalized since 1998 (the year in which AvalonBay was formed).
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