Exhibit 12.1

AVALONBAY COMMUNITIES, INC.

RATIOS OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

	Year Ended December 31,  2014		Year Ended December 31,  2013 (1)		Year Ended December 31,  2012 (1)		Year Ended December 31,  2011 (1)		Year Ended December 31,  2010 (1)
Income (loss) from continuing operations before cumulative effect of change in accounting principle	$	668,516	$	57,827	$	250,431	$	140,215	$	81,071
(Plus):
Equity in income of unconsolidated entities, net of distributions received	71,781		74,575		11,170		618		4,856
Amortization of capitalized interest (2)	22,489		20,157		17,929		16,277		15,149
Earnings before fixed charges	762,786		152,559		279,530		157,110		101,076
(Plus) Fixed charges:
Portion of rents representative of the interest factor	7,504		7,112		6,873		6,933		11,785
Interest expense	180,618		172,402		136,920		167,814		169,997
Interest capitalized	69,961		66,838		49,556		33,863		33,393
Preferred dividend	—		—		—		—		—
Total fixed charges (3)	258,083		246,352		193,349		208,610		215,175
(Less):
Interest capitalized	69,961		66,838		49,556		33,863		33,393
Preferred dividend	—		—		—		—		—
Noncontrolling interest in income of a subsidiary that has not incurred fixed charges	14,132		—		—		—		—
Earnings (4)	$	936,776	$	332,073	$	423,323	$	331,857	$	282,858
Ratio (4 divided by 3)	3.63		1.35		2.19		1.59		1.31

AVALONBAY COMMUNITIES, INC.

RATIOS OF EARNINGS TO FIXED CHARGES

	Year Ended December 31,  2014		Year Ended December 31,  2013 (1)		Year Ended December 31,  2012 (1)		Year Ended December 31,  2011 (1)		Year Ended December 31,  2010 (1)
Income (loss) from continuing operations before cumulative effect of change in accounting principle	$	668,516	$	57,827	$	250,431	$	140,215	$	81,071
(Plus):
Equity in income of unconsolidated entities, net of distributions received	71,781		74,575		11,170		618		4,856
Amortization of capitalized interest (2)	22,489		20,157		17,929		16,277		15,149
Earnings before fixed charges	762,786		152,559		279,530		157,110		101,076
(Plus) Fixed charges:
Portion of rents representative of the interest factor	7,504		7,112		6,873		6,933		11,785
Interest expense	180,618		172,402		136,920		167,814		169,997
Interest capitalized	69,961		66,838		49,556		33,863		33,393
Total fixed charges (3)	258,083		246,352		193,349		208,610		215,175
(Less):
Interest capitalized	69,961		66,838		49,556		33,863		33,393
Noncontrolling interest in income of a subsidiary that has not incurred fixed charges	14,132		—		—		—		—
Earnings (4)	$	936,776	$	332,073	$	423,323	$	331,857	$	282,858
Ratio (4 divided by 3)	3.63		1.35		2.19		1.59		1.31

(1) The results of operations for 2010 through 2013 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).