Attached files
| file | filename |
|---|---|
| EXCEL - IDEA: XBRL DOCUMENT - AVALONBAY COMMUNITIES INC | Financial_Report.xls |
| 10-Q - 10-Q - AVALONBAY COMMUNITIES INC | q1201510-q.htm |
| EX-32 - EXHIBIT 32 - AVALONBAY COMMUNITIES INC | q1201510-qex32.htm |
| EX-31.2 - EXHIBIT 31.2 - AVALONBAY COMMUNITIES INC | q1201510-qex312.htm |
| EX-31.1 - EXHIBIT 31.1 - AVALONBAY COMMUNITIES INC | q1201510-qex311.htm |
| EX-10.1 - EXHIBIT 10.1 - AVALONBAY COMMUNITIES INC | q1201510-qex101.htm |
Exhibit 12.1
AVALONBAY COMMUNITIES, INC.
RATIOS OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
Three Months Ended March 31, 2015 | Year Ended December 31, 2014 (1) | Year Ended December 31, 2013 (1) | Year Ended December 31, 2012 (1) | Year Ended December 31, 2011 (1) | |||||||||||||||
Income (loss) from continuing operations before cumulative effect of change in accounting principle | $ | 208,053 | $ | 668,516 | $ | 57,827 | $ | 250,431 | $ | 140,215 | |||||||||
(Plus): | |||||||||||||||||||
Equity in income of unconsolidated entities, net of distributions received | 35,410 | 71,781 | 74,575 | 11,170 | 618 | ||||||||||||||
Amortization of capitalized interest (2) | 5,781 | 22,489 | 20,157 | 17,929 | 16,277 | ||||||||||||||
Earnings before fixed charges | $ | 249,244 | $ | 762,786 | $ | 152,559 | $ | 279,530 | $ | 157,110 | |||||||||
(Plus) Fixed charges: | |||||||||||||||||||
Portion of rents representative of the interest factor | $ | 1,721 | $ | 7,504 | $ | 7,112 | $ | 6,873 | $ | 6,933 | |||||||||
Interest expense | 45,573 | 180,618 | 172,402 | 136,920 | 167,814 | ||||||||||||||
Interest capitalized | 19,030 | 69,961 | 66,838 | 49,556 | 33,863 | ||||||||||||||
Preferred dividend | — | — | — | — | — | ||||||||||||||
Total fixed charges (3) | $ | 66,324 | $ | 258,083 | $ | 246,352 | $ | 193,349 | $ | 208,610 | |||||||||
(Less): | |||||||||||||||||||
Interest capitalized | 19,030 | 69,961 | 66,838 | 49,556 | 33,863 | ||||||||||||||
Preferred dividend | — | — | — | — | — | ||||||||||||||
Noncontrolling interest in income of a subsidiary that has not incurred fixed charges | — | 14,132 | — | — | — | ||||||||||||||
Earnings (4) | $ | 296,538 | $ | 936,776 | $ | 332,073 | $ | 423,323 | $ | 331,857 | |||||||||
Ratio (4 divided by 3) | 4.47 | 3.63 | 1.35 | 2.19 | 1.59 | ||||||||||||||
AVALONBAY COMMUNITIES, INC.
RATIOS OF EARNINGS TO FIXED CHARGES
Three Months Ended March 31, 2015 | Year Ended December 31, 2014 (1) | Year Ended December 31, 2013 (1) | Year Ended December 31, 2012 (1) | Year Ended December 31, 2011 (1) | |||||||||||||||
Income (loss) from continuing operations before cumulative effect of change in accounting principle | $ | 208,053 | $ | 668,516 | $ | 57,827 | $ | 250,431 | $ | 140,215 | |||||||||
(Plus): | |||||||||||||||||||
Equity in income of unconsolidated entities, net of distributions received | 35,410 | 71,781 | 74,575 | 11,170 | 618 | ||||||||||||||
Amortization of capitalized interest (2) | 5,781 | 22,489 | 20,157 | 17,929 | 16,277 | ||||||||||||||
Earnings before fixed charges | $ | 249,244 | $ | 762,786 | $ | 152,559 | $ | 279,530 | $ | 157,110 | |||||||||
(Plus) Fixed charges: | |||||||||||||||||||
Portion of rents representative of the interest factor | $ | 1,721 | $ | 7,504 | $ | 7,112 | $ | 6,873 | $ | 6,933 | |||||||||
Interest expense | 45,573 | 180,618 | 172,402 | 136,920 | 167,814 | ||||||||||||||
Interest capitalized | 19,030 | 69,961 | 66,838 | 49,556 | 33,863 | ||||||||||||||
Total fixed charges (3) | $ | 66,324 | $ | 258,083 | $ | 246,352 | $ | 193,349 | $ | 208,610 | |||||||||
(Less): | |||||||||||||||||||
Interest capitalized | 19,030 | 69,961 | 66,838 | 49,556 | 33,863 | ||||||||||||||
Noncontrolling interest in income of a subsidiary that has not incurred fixed charges | — | 14,132 | — | — | — | ||||||||||||||
Earnings (4) | $ | 296,538 | $ | 936,776 | $ | 332,073 | $ | 423,323 | $ | 331,857 | |||||||||
Ratio (4 divided by 3) | 4.47 | 3.63 | 1.35 | 2.19 | 1.59 | ||||||||||||||
(1) | The results of operations for 2011 through 2014 have been adjusted to remove the Company's earnings classified as discontinued operations. |
(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). |