EX-12.1 2 a2218560zex-12_1.htm EX-12.1

Exhibit 12.1

 

AVALONBAY COMMUNITIES, INC.

RATIOS OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

 

 

 

Year

 

Year

 

Year

 

Year

 

Year

 

 

 

Ended

 

Ended

 

Ended

 

Ended

 

Ended

 

 

 

December 31, 2013

 

December 31, 2012 (1)

 

December 31, 2011 (1)

 

December 31, 2010 (1)

 

December 31, 2009 (1)

 

Income (loss) from continuing operations before cumulative effect of change in accounting principle

 

$

57,827

 

$

250,431

 

$

140,215

 

$

81,071

 

$

58,374

 

 

 

 

 

 

 

 

 

 

 

 

 

(Plus):

 

 

 

 

 

 

 

 

 

 

 

Equity in income of unconsolidated entities, net of distributions received

 

36,850

 

11,170

 

618

 

4,856

 

5,475

 

Amortization of capitalized interest (2) 

 

20,157

 

17,929

 

16,277

 

15,149

 

14,035

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings before fixed charges

 

$

114,834

 

$

279,530

 

$

157,110

 

$

101,076

 

$

77,884

 

 

 

 

 

 

 

 

 

 

 

 

 

(Plus) Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

Portion of rents representative of the interest factor

 

$

7,112

 

$

6,873

 

$

6,933

 

$

11,785

 

$

6,241

 

Interest expense

 

172,402

 

136,920

 

167,814

 

169,997

 

145,090

 

Interest capitalized

 

66,838

 

49,556

 

33,863

 

33,393

 

48,226

 

Preferred dividend

 

—

 

—

 

—

 

—

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

Total fixed charges (3) 

 

$

246,352

 

$

193,349

 

$

208,610

 

$

215,175

 

$

199,557

 

 

 

 

 

 

 

 

 

 

 

 

 

(Less):

 

 

 

 

 

 

 

 

 

 

 

Interest capitalized

 

66,838

 

49,556

 

33,863

 

33,393

 

48,226

 

Preferred dividend

 

—

 

—

 

—

 

—

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings (4) 

 

$

296,692

 

$

423,323

 

$

331,857

 

$

282,858

 

$

229,215

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio (4 divided by 3)

 

1.19

 

2.19

 

1.59

 

1.31

 

1.15

 

 

AVALONBAY COMMUNITIES, INC.

RATIOS OF EARNINGS TO FIXED CHARGES

 

 

 

Year 

 

Year 

 

Year

 

Year

 

Year

 

 

 

Ended 

 

Ended 

 

Ended

 

Ended

 

Ended

 

 

 

December 31, 2013

 

December 31, 2012 (1)

 

December 31, 2011 (1)

 

December 31, 2010 (1)

 

December 31, 2009 (1)

 

Income (loss) from continuing operations before cumulative effect of change in accounting principle

 

$

57,827

 

$

250,431

 

$

140,215

 

$

81,071

 

$

58,374

 

 

 

 

 

 

 

 

 

 

 

 

 

(Plus):

 

 

 

 

 

 

 

 

 

 

 

Equity in income of unconsolidated entities, net of distributions received

 

36,850

 

11,170

 

618

 

4,856

 

5,475

 

Amortization of capitalized interest (2) 

 

20,157

 

17,929

 

16,277

 

15,149

 

14,035

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings before fixed charges

 

$

114,834

 

$

279,530

 

$

157,110

 

$

101,076

 

$

77,884

 

 

 

 

 

 

 

 

 

 

 

 

 

(Plus) Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

Portion of rents representative of the interest factor

 

$

7,112

 

$

6,873

 

$

6,933

 

$

11,785

 

$

6,241

 

Interest expense

 

172,402

 

136,920

 

167,814

 

169,997

 

145,090

 

Interest capitalized

 

66,838

 

49,556

 

33,863

 

33,393

 

48,226

 

 

 

 

 

 

 

 

 

 

 

 

 

Total fixed charges (3) 

 

$

246,352

 

$

193,349

 

$

208,610

 

$

215,175

 

$

199,557

 

 

 

 

 

 

 

 

 

 

 

 

 

(Less):

 

 

 

 

 

 

 

 

 

 

 

Interest capitalized

 

66,838

 

49,556

 

33,863

 

33,393

 

48,226

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings (4) 

 

$

296,692

 

$

423,323

 

$

331,857

 

$

282,858

 

$

229,215

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio (4 divided by 3)

 

1.19

 

2.19

 

1.59

 

1.31

 

1.15

 

 

(1)             The results of operations for 2009 through 2012 have been adjusted to reflect discontinued operations for properties sold or held for sale as of December 31, 2013.

(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).