Attached files
| file | filename |
|---|---|
| EXCEL - IDEA: XBRL DOCUMENT - AVALONBAY COMMUNITIES INC | Financial_Report.xls |
| 10-Q - FORM 10-Q - AVALONBAY COMMUNITIES INC | w78365e10vq.htm |
| EX-31.2 - EX-31.2 - AVALONBAY COMMUNITIES INC | w78365exv31w2.htm |
| EX-32 - EX-32 - AVALONBAY COMMUNITIES INC | w78365exv32.htm |
| EX-10.1 - EX-10.1 - AVALONBAY COMMUNITIES INC | w78365exv10w1.htm |
| EX-31.1 - EX-31.1 - AVALONBAY COMMUNITIES INC | w78365exv31w1.htm |
Exhibit 12.1
AVALONBAY COMMUNITIES, INC.
RATIOS OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
RATIOS OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
| Three Months | Year | Year | Year | Year | ||||||||||||||||
| Ended | Ended | Ended | Ended | Ended | ||||||||||||||||
| March 31, 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 |
$ | 20,080 | $ | 76,413 | $ | 98,492 | $ | 219,364 | $ | 137,306 | ||||||||||
(Plus): |
||||||||||||||||||||
Equity in income of unconsolidated entities,
net of distributions received |
1,017 | 5,475 | 6,728 | 9,532 | 7,478 | |||||||||||||||
Amortization of capitalized interest (2) |
3,591 | 14,035 | 12,428 | 9,941 | 7,503 | |||||||||||||||
Earnings before fixed charges |
$ | 24,688 | $ | 95,923 | $ | 117,648 | $ | 238,837 | $ | 152,287 | ||||||||||
(Plus) Fixed charges: |
||||||||||||||||||||
Portion of rents representative
of the interest factor |
$ | 1,727 | $ | 6,241 | $ | 5,287 | $ | 3,165 | $ | 1,410 | ||||||||||
Interest expense |
42,541 | 150,323 | 114,910 | 92,175 | 103,910 | |||||||||||||||
Interest capitalized |
9,836 | 48,226 | 74,621 | 73,118 | 46,388 | |||||||||||||||
Preferred dividend |
— | — | 10,454 | 8,700 | 8,700 | |||||||||||||||
Total fixed charges (3) |
$ | 54,104 | $ | 204,790 | $ | 205,272 | $ | 177,158 | $ | 160,408 | ||||||||||
(Less): |
||||||||||||||||||||
Interest capitalized |
9,836 | 48,226 | 74,621 | 73,118 | 46,388 | |||||||||||||||
Preferred dividend |
— | — | 10,454 | 8,700 | 8,700 | |||||||||||||||
Earnings (4) |
$ | 68,956 | $ | 252,487 | $ | 237,845 | $ | 334,177 | $ | 257,607 | ||||||||||
Ratio (4 divided by 3) |
1.27 | 1.23 | 1.16 | 1.89 | 1.61 | |||||||||||||||
AVALONBAY COMMUNITIES, INC.
RATIOS OF EARNINGS TO FIXED CHARGES
RATIOS OF EARNINGS TO FIXED CHARGES
| Three Months | Year | Year | Year | Year | ||||||||||||||||
| Ended | Ended | Ended | Ended | Ended | ||||||||||||||||
| March 31, 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 |
$ | 20,080 | $ | 76,413 | $ | 98,492 | $ | 219,364 | $ | 137,306 | ||||||||||
(Plus): |
||||||||||||||||||||
Equity in income of unconsolidated entities,
net of distributions received |
1,017 | 5,475 | 6,728 | 9,532 | 7,478 | |||||||||||||||
Amortization of capitalized interest (2) |
3,591 | 14,035 | 12,428 | 9,941 | 7,503 | |||||||||||||||
Earnings before fixed charges |
$ | 24,688 | $ | 95,923 | $ | 117,648 | $ | 238,837 | $ | 152,287 | ||||||||||
(Plus) Fixed charges: |
||||||||||||||||||||
Portion of rents representative
of the interest factor |
$ | 1,727 | $ | 6,241 | $ | 5,287 | $ | 3,165 | $ | 1,410 | ||||||||||
Interest expense |
42,541 | 150,323 | 114,910 | 92,175 | 103,910 | |||||||||||||||
Interest capitalized |
9,836 | 48,226 | 74,621 | 73,118 | 46,388 | |||||||||||||||
Total fixed charges (3) |
$ | 54,104 | $ | 204,790 | $ | 194,818 | $ | 168,458 | $ | 151,708 | ||||||||||
(Less): |
||||||||||||||||||||
Interest capitalized |
9,836 | 48,226 | 74,621 | 73,118 | 46,388 | |||||||||||||||
Earnings (4) |
$ | 68,956 | $ | 252,487 | $ | 237,845 | $ | 334,177 | $ | 257,607 | ||||||||||
Ratio (4 divided by 3) |
1.27 | 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 March 31, 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). |