EX-12.1 2 a14-8666_1ex12d1.htm EX-12.1

Exhibit 12.1

 

AVALONBAY COMMUNITIES, INC.

RATIOS OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

 

 

 

Three Months

 

Year

 

Year

 

Year

 

Year

 

 

 

Ended

 

Ended

 

Ended

 

Ended

 

Ended

 

 

 

March 31, 2014

 

December 31, 2013 (1)

 

December 31, 2012 (1)

 

December 31, 2011 (1)

 

December 31, 2010 (1)

 

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

 

$

103,420

 

$

57,827

 

$

250,431

 

$

140,215

 

$

81,071

 

 

 

 

 

 

 

 

 

 

 

 

 

(Plus):

 

 

 

 

 

 

 

 

 

 

 

Equity in income of unconsolidated entities, net of distributions received

 

11,720

 

36,850

 

11,170

 

618

 

4,856

 

Amortization of capitalized interest (2) 

 

5,203

 

20,157

 

17,929

 

16,277

 

15,149

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings before fixed charges

 

$

120,343

 

$

114,834

 

$

279,530

 

$

157,110

 

$

101,076

 

 

 

 

 

 

 

 

 

 

 

 

 

(Plus) Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

Portion of rents representative of the interest factor

 

$

1,646

 

$

7,112

 

$

6,873

 

$

6,933

 

$

11,785

 

Interest expense

 

42,533

 

172,402

 

136,920

 

167,814

 

169,997

 

Interest capitalized

 

19,679

 

66,838

 

49,556

 

33,863

 

33,393

 

Preferred dividend

 

—

 

—

 

—

 

—

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

Total fixed charges (3) 

 

$

63,858

 

$

246,352

 

$

193,349

 

$

208,610

 

$

215,175

 

 

 

 

 

 

 

 

 

 

 

 

 

(Less):

 

 

 

 

 

 

 

 

 

 

 

Interest capitalized

 

19,679

 

66,838

 

49,556

 

33,863

 

33,393

 

Preferred dividend

 

—

 

—

 

—

 

—

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings (4) 

 

$

164,522

 

$

294,348

 

$

423,323

 

$

331,857

 

$

282,858

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio (4 divided by 3)

 

2.58

 

1.19

 

2.19

 

1.59

 

1.31

 

 

AVALONBAY COMMUNITIES, INC.

RATIOS OF EARNINGS TO FIXED CHARGES

 

 

 

Three Months

 

Year

 

Year

 

Year

 

Year

 

 

 

Ended

 

Ended

 

Ended

 

Ended

 

Ended

 

 

 

March 31, 2014

 

December 31, 2013 (1)

 

December 31, 2012 (1)

 

December 31, 2011 (1)

 

December 31, 2010 (1)

 

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

 

$

103,420

 

$

57,827

 

$

250,431

 

$

140,215

 

$

81,071

 

 

 

 

 

 

 

 

 

 

 

 

 

(Plus):

 

 

 

 

 

 

 

 

 

 

 

Equity in income of unconsolidated entities, net of distributions received

 

11,720

 

36,850

 

11,170

 

618

 

4,856

 

Amortization of capitalized interest (2) 

 

5,203

 

20,157

 

17,929

 

16,277

 

15,149

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings before fixed charges

 

$

120,343

 

$

114,834

 

$

279,530

 

$

157,110

 

$

101,076

 

 

 

 

 

 

 

 

 

 

 

 

 

(Plus) Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

Portion of rents representative of the interest factor

 

$

1,646

 

$

7,112

 

$

6,873

 

$

6,933

 

$

11,785

 

Interest expense

 

42,533

 

172,402

 

136,920

 

167,814

 

169,997

 

Interest capitalized

 

19,679

 

66,838

 

49,556

 

33,863

 

33,393

 

 

 

 

 

 

 

 

 

 

 

 

 

Total fixed charges (3) 

 

$

63,858

 

$

246,352

 

$

193,349

 

$

208,610

 

$

215,175

 

 

 

 

 

 

 

 

 

 

 

 

 

(Less):

 

 

 

 

 

 

 

 

 

 

 

Interest capitalized

 

19,679

 

66,838

 

49,556

 

33,863

 

33,393

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings (4) 

 

$

164,522

 

$

294,348

 

$

423,323

 

$

331,857

 

$

282,858

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio (4 divided by 3)

 

2.58

 

1.19

 

2.19

 

1.59

 

1.31

 

 

(1)         The results of operations for 2010 through 2013 have been adjusted to reflect discontinued operations for properties sold or held for sale as of March 31, 2014.

(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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