Exhibit 12.1
AVALONBAY COMMUNITIES, INC.
RATIOS OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
                                                 
    Nine Months     Year     Year     Year     Year     Year  
    Ended     Ended     Ended     Ended     Ended     Ended  
    September 30, 2008     December 31, 2007 (1)     December 31, 2006 (1)     December 31, 2005 (1)     December 31, 2004 (1)     December 31, 2003 (1)(2)  
Income before gain on sale of communities and cumulative effect of change in accounting principle
   $ 139,900     $ 231,183     $ 147,794     $ 69,860     $ 25,299     $ 28,629  
 
                                                
(Plus):
                                                
Minority interest in consolidated partnerships
     (484 )     1,585       573       1,481       150       950  
Amortization of capitalized interest (3)
     8,896       9,941       7,503       5,957       5,114       4,429  
 
                                    
 
                                                
Earnings before fixed charges
   $ 148,312     $ 242,709     $ 155,870     $ 77,298     $ 30,563     $ 34,008  
 
                                    
 
                                                
(Plus) Fixed charges:
                                                
Portion of rents representative of the interest factor
   $ 644     $ 722     $ 518     $ 354     $ 323     $ 503  
Interest expense
     85,622       97,545       111,046       127,099       131,103       130,178  
Interest capitalized
     57,624       73,119       46,388       25,284       20,566       24,709  
Preferred dividend
     6,525       8,700       8,700       8,700       8,700       10,744  
 
                                    
 
                                                
Total fixed charges (4)
   $ 150,415     $ 180,086     $ 166,652     $ 161,437     $ 160,692     $ 166,134  
 
                                    
 
                                                
(Less):
                                                
Interest capitalized
     57,624       73,119       46,388       25,284       20,566       24,709  
Preferred dividend
     6,525       8,700       8,700       8,700       8,700       10,744  
 
                                    
 
                                                
Earnings (5)
   $ 234,578     $ 340,976     $ 267,434     $ 204,751     $ 161,989     $ 164,689  
 
                                    
 
                                                
Ratio (5 divided by 4)
     1.56       1.89       1.60       1.27       1.01       0.99  
 
                                    
AVALONBAY COMMUNITIES, INC.
RATIOS OF EARNINGS TO FIXED CHARGES
                                                 
    Nine Months     Year     Year     Year     Year     Year  
    Ended     Ended     Ended     Ended     Ended     Ended  
    September 30, 2008     December 31, 2007 (1)     December 31, 2006 (1)     December 31, 2005 (1)     December 31, 2004 (1)     December 31, 2003 (1)  
Income before gain on sale of communities and extraordinary item
   $ 139,900     $ 231,183     $ 147,794     $ 69,860     $ 25,299     $ 28,629  
 
                                                
(Plus):
                                                
Minority interest in consolidated partnerships
     (484 )     1,585       573       1,481       150       950  
Amortization of capitalized interest (3)
     8,896       9,941       7,503       5,957       5,114       4,429  
                           
 
                                                
Earnings before fixed charges
   $ 148,312     $ 242,709     $ 155,870     $ 77,298     $ 30,563     $ 34,008  
 
                                    
 
                                                
(Plus) Fixed charges:
                                                
Portion of rents representative of the interest factor
   $ 644     $ 722     $ 518     $ 354     $ 323     $ 503  
Interest expense
     85,622       97,545       111,046       127,099       131,103       130,178  
Interest capitalized
     57,624       73,119       46,388       25,284       20,566       24,709  
                           
 
                                                
Total fixed charges (4)
   $ 143,890     $ 171,386     $ 157,952     $ 152,737     $ 151,992     $ 155,390  
 
                                    
 
                                                
(Less):
                                                
Interest capitalized
     57,624       73,119       46,388       25,284       20,566       24,709  
 
                                    
 
                                                
Earnings (5)
   $ 234,578     $ 340,976     $ 267,434     $ 204,751     $ 161,989     $ 164,689  
 
                                    
 
                                                
Ratio (5 divided by 4)
     1.63       1.99       1.69       1.34       1.07       1.06  
 
                                    
 
(1)   The results of operations for 2003 through 2007 have been adjusted to reflect discontinued operations for properties sold or held for sale as of September 30, 2008.
 
(2)   For 2003, the coverage deficiency for the ratio of earnings to combined fixed charges and preferred stock dividends was approximately $1.445 million. This deficiency was caused by the exclusion of earnings relating to communities sold or held for sale as of September 30, 2008.
 
(3)   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).