Attached files
| file | filename |
|---|---|
| 10-Q - 10-Q - AVALONBAY COMMUNITIES INC | q1201810-q.htm |
| EX-32 - EXHIBIT 32 - AVALONBAY COMMUNITIES INC | q1201810-qex32.htm |
| EX-31.2 - EXHIBIT 31.2 - AVALONBAY COMMUNITIES INC | q1201810-qex312.htm |
| EX-31.1 - EXHIBIT 31.1 - AVALONBAY COMMUNITIES INC | q1201810-qex311.htm |
| EX-4.8 - EXHIBIT 4.8 - AVALONBAY COMMUNITIES INC | q1201810-qex48.htm |
Exhibit 12.1
AVALONBAY COMMUNITIES, INC.
RATIOS OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
Three Months Ended March 31, 2018 | Year Ended December 31, 2017 | Year Ended December 31, 2016 | Year Ended December 31, 2015 | Year Ended December 31, 2014 (1) | |||||||||||||||
Income from continuing operations before cumulative effect of change in accounting principle | $ | 141,590 | $ | 876,801 | $ | 1,034,013 | $ | 743,216 | $ | 668,516 | |||||||||
(Plus): | |||||||||||||||||||
Equity in income of unconsolidated entities, net of distributions received | 2,085 | 29,226 | 60,103 | 84,764 | 71,781 | ||||||||||||||
Amortization of capitalized interest (2) | 7,591 | 29,927 | 27,779 | 25,150 | 22,489 | ||||||||||||||
Earnings before fixed charges | $ | 151,266 | $ | 935,954 | $ | 1,121,895 | $ | 853,130 | $ | 762,786 | |||||||||
(Plus) Fixed charges: | |||||||||||||||||||
Portion of rents representative of the interest factor | $ | 2,145 | $ | 8,338 | $ | 8,483 | $ | 7,790 | $ | 7,504 | |||||||||
Interest expense | 55,113 | 199,661 | 187,510 | 175,615 | 180,618 | ||||||||||||||
Interest capitalized | 13,164 | 64,420 | 78,872 | 79,834 | 69,961 | ||||||||||||||
Preferred dividend | — | — | — | — | — | ||||||||||||||
Total fixed charges (3) | $ | 70,422 | $ | 272,419 | $ | 274,865 | $ | 263,239 | $ | 258,083 | |||||||||
(Less): | |||||||||||||||||||
Interest capitalized | 13,164 | 64,420 | 78,872 | 79,834 | 69,961 | ||||||||||||||
Preferred dividend | — | — | — | — | — | ||||||||||||||
Noncontrolling interest in income of a subsidiary that has not incurred fixed charges | — | — | — | — | 14,132 | ||||||||||||||
Earnings (4) | $ | 208,524 | $ | 1,143,953 | $ | 1,317,888 | $ | 1,036,535 | $ | 936,776 | |||||||||
Ratio (4 divided by 3) | 2.96 | 4.20 | 4.79 | 3.94 | 3.63 | ||||||||||||||
AVALONBAY COMMUNITIES, INC.
RATIOS OF EARNINGS TO FIXED CHARGES
Three Months Ended March 31, 2018 | Year Ended December 31, 2017 | Year Ended December 31, 2016 | Year Ended December 31, 2015 | Year Ended December 31, 2014 (1) | |||||||||||||||
Income from continuing operations before cumulative effect of change in accounting principle | $ | 141,590 | $ | 876,801 | $ | 1,034,013 | $ | 743,216 | $ | 668,516 | |||||||||
(Plus): | |||||||||||||||||||
Equity in income of unconsolidated entities, net of distributions received | 2,085 | 29,226 | 60,103 | 84,764 | 71,781 | ||||||||||||||
Amortization of capitalized interest (2) | 7,591 | 29,927 | 27,779 | 25,150 | 22,489 | ||||||||||||||
Earnings before fixed charges | $ | 151,266 | $ | 935,954 | $ | 1,121,895 | $ | 853,130 | $ | 762,786 | |||||||||
(Plus) Fixed charges: | |||||||||||||||||||
Portion of rents representative of the interest factor | $ | 2,145 | $ | 8,338 | $ | 8,483 | $ | 7,790 | $ | 7,504 | |||||||||
Interest expense | 55,113 | 199,661 | 187,510 | 175,615 | 180,618 | ||||||||||||||
Interest capitalized | 13,164 | 64,420 | 78,872 | 79,834 | 69,961 | ||||||||||||||
Total fixed charges (3) | $ | 70,422 | $ | 272,419 | $ | 274,865 | $ | 263,239 | $ | 258,083 | |||||||||
(Less): | |||||||||||||||||||
Interest capitalized | 13,164 | 64,420 | 78,872 | 79,834 | 69,961 | ||||||||||||||
Noncontrolling interest in income of a subsidiary that has not incurred fixed charges | — | — | — | — | 14,132 | ||||||||||||||
Earnings (4) | $ | 208,524 | $ | 1,143,953 | $ | 1,317,888 | $ | 1,036,535 | $ | 936,776 | |||||||||
Ratio (4 divided by 3) | 2.96 | 4.20 | 4.79 | 3.94 | 3.63 | ||||||||||||||
(1) | The results of operations for 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). |