Attached files
| file | filename |
|---|---|
| EX-32 - EXHIBIT 32 - AVALONBAY COMMUNITIES INC | q2201710-qex32.htm |
| EX-31.2 - EXHIBIT 31.2 - AVALONBAY COMMUNITIES INC | q2201710-qex312.htm |
| EX-31.1 - EXHIBIT 31.1 - AVALONBAY COMMUNITIES INC | q2201710-qex311.htm |
| EX-10.1 - EXHIBIT 10.1 - AVALONBAY COMMUNITIES INC | q2201710-qex101.htm |
| 10-Q - 10-Q - AVALONBAY COMMUNITIES INC | q2201710-q.htm |
Exhibit 12.1
AVALONBAY COMMUNITIES, INC.
RATIOS OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
Six Months Ended June 30, 2017 | Year Ended December 31, 2016 | Year Ended December 31, 2015 | Year Ended December 31, 2014 (1) | Year Ended December 31, 2013 (1) | |||||||||||||||
Income from continuing operations before cumulative effect of change in accounting principle | $ | 401,053 | $ | 1,034,013 | $ | 743,216 | $ | 668,516 | $ | 57,827 | |||||||||
(Plus): | |||||||||||||||||||
Equity in income of unconsolidated entities, net of distributions received | 9,483 | 60,103 | 84,764 | 71,781 | 74,575 | ||||||||||||||
Amortization of capitalized interest (2) | 14,475 | 27,779 | 25,150 | 22,489 | 20,157 | ||||||||||||||
Earnings before fixed charges | $ | 425,011 | $ | 1,121,895 | $ | 853,130 | $ | 762,786 | $ | 152,559 | |||||||||
(Plus) Fixed charges: | |||||||||||||||||||
Portion of rents representative of the interest factor | $ | 3,784 | $ | 8,483 | $ | 7,790 | $ | 7,504 | $ | 7,112 | |||||||||
Interest expense | 99,397 | 187,510 | 175,615 | 180,618 | 172,402 | ||||||||||||||
Interest capitalized | 35,100 | 78,872 | 79,834 | 69,961 | 66,838 | ||||||||||||||
Preferred dividend | — | — | — | — | — | ||||||||||||||
Total fixed charges (3) | $ | 138,281 | $ | 274,865 | $ | 263,239 | $ | 258,083 | $ | 246,352 | |||||||||
(Less): | |||||||||||||||||||
Interest capitalized | 35,100 | 78,872 | 79,834 | 69,961 | 66,838 | ||||||||||||||
Preferred dividend | — | — | — | — | — | ||||||||||||||
Noncontrolling interest in income of a subsidiary that has not incurred fixed charges | — | — | — | 14,132 | — | ||||||||||||||
Earnings (4) | $ | 528,192 | $ | 1,317,888 | $ | 1,036,535 | $ | 936,776 | $ | 332,073 | |||||||||
Ratio (4 divided by 3) | 3.82 | 4.79 | 3.94 | 3.63 | 1.35 | ||||||||||||||
AVALONBAY COMMUNITIES, INC.
RATIOS OF EARNINGS TO FIXED CHARGES
Six Months Ended June 30, 2017 | Year Ended December 31, 2016 | Year Ended December 31, 2015 | Year Ended December 31, 2014 (1) | Year Ended December 31, 2013 (1) | |||||||||||||||
Income from continuing operations before cumulative effect of change in accounting principle | $ | 401,053 | $ | 1,034,013 | $ | 743,216 | $ | 668,516 | $ | 57,827 | |||||||||
(Plus): | |||||||||||||||||||
Equity in income of unconsolidated entities, net of distributions received | 9,483 | 60,103 | 84,764 | 71,781 | 74,575 | ||||||||||||||
Amortization of capitalized interest (2) | 14,475 | 27,779 | 25,150 | 22,489 | 20,157 | ||||||||||||||
Earnings before fixed charges | $ | 425,011 | $ | 1,121,895 | $ | 853,130 | $ | 762,786 | $ | 152,559 | |||||||||
(Plus) Fixed charges: | |||||||||||||||||||
Portion of rents representative of the interest factor | $ | 3,784 | $ | 8,483 | $ | 7,790 | $ | 7,504 | $ | 7,112 | |||||||||
Interest expense | 99,397 | 187,510 | 175,615 | 180,618 | 172,402 | ||||||||||||||
Interest capitalized | 35,100 | 78,872 | 79,834 | 69,961 | 66,838 | ||||||||||||||
Total fixed charges (3) | $ | 138,281 | $ | 274,865 | $ | 263,239 | $ | 258,083 | $ | 246,352 | |||||||||
(Less): | |||||||||||||||||||
Interest capitalized | 35,100 | 78,872 | 79,834 | 69,961 | 66,838 | ||||||||||||||
Noncontrolling interest in income of a subsidiary that has not incurred fixed charges | — | — | — | 14,132 | — | ||||||||||||||
Earnings (4) | $ | 528,192 | $ | 1,317,888 | $ | 1,036,535 | $ | 936,776 | $ | 332,073 | |||||||||
Ratio (4 divided by 3) | 3.82 | 4.79 | 3.94 | 3.63 | 1.35 | ||||||||||||||
(1) | The results of operations for 2013 and 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). |