Exhibit 12.1

AVALONBAY COMMUNITIES, INC.
RATIOS OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

	Year		Year		Year		Year		Year
	Ended		Ended		Ended		Ended		Ended
	December 31,		December 31,		December 31,		December 31,		December 31,
	2004		2003		2002		2001		2000
Income before gain on sale of communities and cumulative effect of change in accounting principle	$	86,329	$	94,041	$	97,217	$	156,066	$	143,793
(Plus) Minority interest in consolidated partnerships		150		950		865		948		1,038
Earnings before fixed charges	$	86,479	$	94,991	$	98,082	$	157,014	$	144,831
(Plus) Fixed charges:
Portion of rents representative of the interest factor	$	323	$	503	$	527	$	472	$	461
Interest expense		131,314		133,637		118,288		99,456		78,927
Interest capitalized		20,566		24,709		29,937		27,635		18,328
Preferred dividend		8,700		10,744		17,896		40,035		39,779
Total fixed charges (1)	$	160,903	$	169,593	$	166,648	$	167,598	$	137,495
(Less):
Interest capitalized		20,566		24,709		29,937		27,635		18,328
Preferred dividend		8,700		10,744		17,896		40,035		39,779
Earnings (2)	$	218,116	$	229,131	$	216,897	$	256,942	$	224,219
Ratio (2 divided by 1)		1.36		1.35		1.30		1.53		1.63

Exhibit 12.1 (continued)

AVALONBAY COMMUNITIES, INC.
RATIOS OF EARNINGS TO FIXED CHARGES

	Year		Year		Year		Year		Year
	Ended		Ended		Ended		Ended		Ended
	December 31,		December 31,		December 31,		December 31,		December 31,
	2004		2003		2002		2001		2000
Income before gain on sale of communities and extraordinary item	$	86,329	$	94,041	$	97,217	$	156,066	$	143,793
(Plus) Minority interest in consolidated partnerships		150		950		865		948		1,038
Earnings before fixed charges	$	86,479	$	94,991	$	98,082	$	157,014	$	144,831
(Plus) Fixed charges:
Portion of rents representative of the interest factor	$	323	$	503	$	527	$	472	$	461
Interest expense		131,314		133,637		118,288		99,456		78,927
Interest capitalized		20,566		24,709		29,937		27,635		18,328
Total fixed charges (1)	$	152,203	$	158,849	$	148,752	$	127,563	$	97,716
(Less):
Interest capitalized		20,566		24,709		29,937		27,635		18,328
Earnings (2)	$	218,116	$	229,131	$	216,897	$	256,942	$	224,219
Ratio (2 divided by 1)		1.43		1.44		1.46		2.01		2.29