EXHIBIT 12.1
Published on August 1, 2011
Exhibit 12.1
AVALONBAY COMMUNITIES, INC.
RATIOS OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
| Six Months Ended June 30, 2011 |
Year
Ended December 31, 2010 (1) |
Year
Ended December 31, 2009 (1) |
Year
Ended December 31, 2008 (1) |
Year
Ended December 31, 2007 (1) |
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| Income from continuing operations before cumulative effect of change in accounting principle |
$ | 66,250 | $ | 98,472 | $ | 76,980 | $ | 99,078 | $ | 219,789 | ||||||||||
| (Plus): |
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| Equity in income of unconsolidated entities, net of distributions received |
1,560 | 4,856 | 5,475 | 6,728 | 9,532 | |||||||||||||||
| Amortization of capitalized interest (2) |
7,808 | 15,149 | 14,035 | 12,428 | 9,941 | |||||||||||||||
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| Earnings before fixed charges |
$ | 75,618 | $ | 118,477 | $ | 96,490 | $ | 118,234 | $ | 239,262 | ||||||||||
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| (Plus) Fixed charges: |
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| Portion of rents representative of the interest factor |
$ | 3,062 | $ | 11,785 | $ | 6,241 | $ | 5,287 | $ | 3,165 | ||||||||||
| Interest expense |
90,126 | 175,209 | 150,323 | 114,910 | 92,175 | |||||||||||||||
| Interest capitalized |
14,016 | 33,393 | 48,226 | 74,621 | 73,118 | |||||||||||||||
| Preferred dividend |
| | | 10,454 | 8,700 | |||||||||||||||
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| Total fixed charges (3) |
$ | 107,204 | $ | 220,387 | $ | 204,790 | $ | 205,272 | $ | 177,158 | ||||||||||
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| (Less): |
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| Interest capitalized |
14,016 | 33,393 | 48,226 | 74,621 | 73,118 | |||||||||||||||
| Preferred dividend |
| | | 10,454 | 8,700 | |||||||||||||||
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| Earnings (4) |
$ | 168,806 | $ | 305,471 | $ | 253,054 | $ | 238,431 | $ | 334,602 | ||||||||||
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| Ratio (4 divided by 3) |
1.57 | 1.39 | 1.24 | 1.16 | 1.89 | |||||||||||||||
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AVALONBAY COMMUNITIES, INC.
RATIOS OF EARNINGS TO FIXED CHARGES
| Six Months Ended June 30, 2011 |
Year
Ended December 31, 2010 (1) |
Year
Ended December 31, 2009 (1) |
Year
Ended December 31, 2008 (1) |
Year
Ended December 31, 2007 (1) |
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| Income from continuing operations before cumulative effect of change in accounting principle |
$ | 66,250 | $ | 98,472 | $ | 76,980 | $ | 99,078 | $ | 219,789 | ||||||||||
| (Plus): |
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| Equity in income of unconsolidated entities, net of distributions received |
1,560 | 4,856 | 5,475 | 6,728 | 9,532 | |||||||||||||||
| Amortization of capitalized interest (2) |
7,808 | 15,149 | 14,035 | 12,428 | 9,941 | |||||||||||||||
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| Earnings before fixed charges |
$ | 75,618 | $ | 118,477 | $ | 96,490 | $ | 118,234 | $ | 239,262 | ||||||||||
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| (Plus) Fixed charges: |
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| Portion of rents representative of the interest factor |
$ | 3,062 | $ | 11,785 | $ | 6,241 | $ | 5,287 | $ | 3,165 | ||||||||||
| Interest expense |
90,126 | 175,209 | 150,323 | 114,910 | 92,175 | |||||||||||||||
| Interest capitalized |
14,016 | 33,393 | 48,226 | 74,621 | 73,118 | |||||||||||||||
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| Total fixed charges (3) |
$ | 107,204 | $ | 220,387 | $ | 204,790 | $ | 194,818 | $ | 168,458 | ||||||||||
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| (Less): |
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| Interest capitalized |
14,016 | 33,393 | 48,226 | 74,621 | 73,118 | |||||||||||||||
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| Earnings (4) |
$ | 168,806 | $ | 305,471 | $ | 253,054 | $ | 238,431 | $ | 334,602 | ||||||||||
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| Ratio (4 divided by 3) |
1.57 | 1.39 | 1.24 | 1.22 | 1.99 | |||||||||||||||
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| (1) | The results of operations for 2007 through 2010 have been adjusted to reflect discontinued operations for properties sold or held for sale as of June 30, 2011. |
| (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). |