EXHIBIT 12.1
Published on November 7, 2011
Exhibit 12.1
AVALONBAY COMMUNITIES, INC.
RATIOS OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
| Nine Months Ended September 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 |
$ | 116,467 | $ | 106,695 | $ | 85,764 | $ | 107,707 | $ | 237,490 | ||||||||||
| (Plus): |
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| Equity in income of unconsolidated entities, net of distributions received |
737 | 4,856 | 5,475 | 6,728 | 9,532 | |||||||||||||||
| Amortization of capitalized interest (2) |
11,935 | 15,149 | 14,035 | 12,428 | 9,941 | |||||||||||||||
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| Earnings before fixed charges |
$ | 129,139 | $ | 126,700 | $ | 105,274 | $ | 126,863 | $ | 256,963 | ||||||||||
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| (Plus) Fixed charges: |
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| Portion of rents representative of the interest factor |
$ | 5,327 | $ | 11,785 | $ | 6,241 | $ | 5,287 | $ | 3,165 | ||||||||||
| Interest expense |
134,096 | 175,209 | 150,323 | 114,910 | 92,175 | |||||||||||||||
| Interest capitalized |
22,962 | 33,393 | 48,226 | 74,621 | 73,118 | |||||||||||||||
| Preferred dividend |
| | | 10,454 | 8,700 | |||||||||||||||
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| Total fixed charges (3) |
$ | 162,385 | $ | 220,387 | $ | 204,790 | $ | 205,272 | $ | 177,158 | ||||||||||
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| (Less): |
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| Interest capitalized |
22,962 | 33,393 | 48,226 | 74,621 | 73,118 | |||||||||||||||
| Preferred dividend |
| | | 10,454 | 8,700 | |||||||||||||||
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| Earnings (4) |
$ | 268,562 | $ | 313,694 | $ | 261,838 | $ | 247,060 | $ | 352,303 | ||||||||||
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| Ratio (4 divided by 3) |
1.65 | 1.42 | 1.28 | 1.20 | 1.99 | |||||||||||||||
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AVALONBAY COMMUNITIES, INC.
RATIOS OF EARNINGS TO FIXED CHARGES
| Nine Months Ended September 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 |
$ | 116,467 | $ | 106,695 | $ | 85,764 | $ | 107,707 | $ | 237,490 | ||||||||||
| (Plus): |
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| Equity in income of unconsolidated entities, net of distributions received |
737 | 4,856 | 5,475 | 6,728 | 9,532 | |||||||||||||||
| Amortization of capitalized interest (2) |
11,935 | 15,149 | 14,035 | 12,428 | 9,941 | |||||||||||||||
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| Earnings before fixed charges |
$ | 129,139 | $ | 126,700 | $ | 105,274 | $ | 126,863 | $ | 256,963 | ||||||||||
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| (Plus) Fixed charges: |
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| Portion of rents representative of the interest factor |
$ | 5,327 | $ | 11,785 | $ | 6,241 | $ | 5,287 | $ | 3,165 | ||||||||||
| Interest expense |
134,096 | 175,209 | 150,323 | 114,910 | 92,175 | |||||||||||||||
| Interest capitalized |
22,962 | 33,393 | 48,226 | 74,621 | 73,118 | |||||||||||||||
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| Total fixed charges (3) |
$ | 162,385 | $ | 220,387 | $ | 204,790 | $ | 194,818 | $ | 168,458 | ||||||||||
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| (Less): |
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| Interest capitalized |
22,962 | 33,393 | 48,226 | 74,621 | 73,118 | |||||||||||||||
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| Earnings (4) |
$ | 268,562 | $ | 313,694 | $ | 261,838 | $ | 247,060 | $ | 352,303 | ||||||||||
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| Ratio (4 divided by 3) |
1.65 | 1.42 | 1.28 | 1.27 | 2.09 | |||||||||||||||
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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 September 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). |