AVALONBAY COMMUNITIES INC - FORM 10-Q - EX-12.1 - August 6, 2010

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10-Q - FORM 10-Q - AVALONBAY COMMUNITIES INCw79435e10vq.htm
EX-32 - EX-32 - AVALONBAY COMMUNITIES INCw79435exv32.htm
EX-10.1 - EX-10.1 - AVALONBAY COMMUNITIES INCw79435exv10w1.htm
EX-31.2 - EX-31.2 - AVALONBAY COMMUNITIES INCw79435exv31w2.htm
EX-31.1 - EX-31.1 - AVALONBAY COMMUNITIES INCw79435exv31w1.htm
EXCEL - IDEA: XBRL DOCUMENT - AVALONBAY COMMUNITIES INCFinancial_Report.xls
         
Exhibit 12.1
AVALONBAY COMMUNITIES, INC.
RATIOS OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
                                         
    Six Months     Year     Year     Year     Year  
    Ended     Ended     Ended     Ended     Ended  
    June 30, 2010     December 31, 2009     December 31, 2008 (1)     December 31, 2007 (1)     December 31, 2006 (1)  
Income from continuing operations before cumulative effect of change in accounting principle
   $ 48,972     $ 76,413     $ 98,492     $ 219,364     $ 137,306  
 
                                        
(Plus):
                                        
Equity in income of unconsolidated entities, net of distributions received
     2,093       5,475       6,728       9,532       7,478  
Amortization of capitalized interest (2)
     7,343       14,035       12,428       9,941       7,503  
 
                              
 
                                        
Earnings before fixed charges
   $ 58,408     $ 95,923     $ 117,648     $ 238,837     $ 152,287  
 
                              
 
                                        
(Plus) Fixed charges:
                                        
Portion of rents representative of the interest factor
   $ 2,907     $ 6,241     $ 5,287     $ 3,165     $ 1,410  
Interest expense
     83,999       150,323       114,910       92,175       103,910  
Interest capitalized
     19,491       48,226       74,621       73,118       46,388  
Preferred dividend
     —       —       10,454       8,700       8,700  
 
                              
 
                                        
Total fixed charges (3)
   $ 106,397     $ 204,790     $ 205,272     $ 177,158     $ 160,408  
 
                              
 
                                        
(Less):
                                        
Interest capitalized
     19,491       48,226       74,621       73,118       46,388  
Preferred dividend
     —       —       10,454       8,700       8,700  
 
                              
 
                                        
Earnings (4)
   $ 145,314     $ 252,487     $ 237,845     $ 334,177     $ 257,607  
 
                              
 
                                        
Ratio (4 divided by 3)
     1.37       1.23       1.16       1.89       1.61  
 
                              
AVALONBAY COMMUNITIES, INC.
RATIOS OF EARNINGS TO FIXED CHARGES
                                         
    Six Months     Year     Year     Year     Year  
    Ended     Ended     Ended     Ended     Ended  
    June 30, 2010     December 31, 2009     December 31, 2008 (1)     December 31, 2007 (1)     December 31, 2006 (1)  
Income from continuing operations before cumulative effect of change in accounting principle
   $ 48,972     $ 76,413     $ 98,492     $ 219,364     $ 137,306  
 
                                        
(Plus):
                                        
Equity in income of unconsolidated entities, net of distributions received
     2,093       5,475       6,728       9,532       7,478  
Amortization of capitalized interest (2)
     7,343       14,035       12,428       9,941       7,503  
 
                              
 
                                        
Earnings before fixed charges
   $ 58,408     $ 95,923     $ 117,648     $ 238,837     $ 152,287  
 
                              
 
                                        
(Plus) Fixed charges:
                                        
Portion of rents representative of the interest factor
   $ 2,907     $ 6,241     $ 5,287     $ 3,165     $ 1,410  
Interest expense
     83,999       150,323       114,910       92,175       103,910  
Interest capitalized
     19,491       48,226       74,621       73,118       46,388  
 
                              
 
                                        
Total fixed charges (3)
   $ 106,397     $ 204,790     $ 194,818     $ 168,458     $ 151,708  
 
                              
 
                                        
(Less):
                                        
Interest capitalized
     19,491       48,226       74,621       73,118       46,388  
 
                              
 
                                        
Earnings (4)
   $ 145,314     $ 252,487     $ 237,845     $ 334,177     $ 257,607  
 
                              
 
                                        
Ratio (4 divided by 3)
     1.37       1.23       1.22       1.98       1.70  
 
                              
 
(1)   The results of operations for 2006 through 2010 have been adjusted to reflect discontinued operations for properties sold or held for sale as of June 30, 2010.
 
(2)   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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