Exhibit 12.1
Apartment Investment and Management Company
Ratios of Earnings to Fixed Charges
(in thousands)
Ratios of Earnings to Fixed Charges
(in thousands)
| Six Months Ended | Year Ended December 31, | |||||||||||||||||||||||
| June 30, 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | |||||||||||||||||||
| Earnings: | ||||||||||||||||||||||||
| Loss from continuing operations before taxes and income or loss from equity investees | $ | (75,170 | ) | $ | (160,664 | ) | $ | (207,566 | ) | $ | (168,440 | ) | $ | (63,679 | ) | $ | (48,411 | ) | ||||||
| Add: | ||||||||||||||||||||||||
| Fixed charges | 182,600 | 329,804 | 330,511 | 345,682 | 339,183 | 302,844 | ||||||||||||||||||
| Amortization of capitalized interest | 7,354 | 14,430 | 13,936 | 12,840 | 9,921 | 6,003 | ||||||||||||||||||
| Distributed income of equity investees | 472 | 1,231 | 4,893 | 14,619 | 4,239 | 3,578 | ||||||||||||||||||
| Subtract: | ||||||||||||||||||||||||
| Capitalized interest | (6,427 | ) | (11,584 | ) | (10,095 | ) | (24,299 | ) | (29,034 | ) | (23,288 | ) | ||||||||||||
| Preferred OP Unit distributions | (3,342 | ) | (4,964 | ) | (6,288 | ) | (7,646 | ) | (7,128 | ) | (7,153 | ) | ||||||||||||
| Total earnings (A) | $ | 105,487 | $ | 168,252 | $ | 125,392 | $ | 172,756 | $ | 253,503 | $ | 233,573 | ||||||||||||
| Fixed charges: | ||||||||||||||||||||||||
| Interest expense | $ | 171,805 | $ | 311,048 | $ | 311,550 | $ | 310,341 | $ | 299,753 | $ | 269,450 | ||||||||||||
| Estimate of interest within rental expense | 1,026 | 2,208 | 2,578 | 3,396 | 3,268 | 2,953 | ||||||||||||||||||
| Capitalized interest | 6,427 | 11,584 | 10,095 | 24,299 | 29,034 | 23,288 | ||||||||||||||||||
| Preferred OP Unit distributions | 3,342 | 4,964 | 6,288 | 7,646 | 7,128 | 7,153 | ||||||||||||||||||
| Total fixed charges (B) | $ | 182,600 | $ | 329,804 | $ | 330,511 | $ | 345,682 | $ | 339,183 | $ | 302,844 | ||||||||||||
| Preferred stock dividends | $ | 24,877 | $ | 52,079 | $ | 52,215 | $ | 55,190 | $ | 63,381 | $ | 74,284 | ||||||||||||
| Redemption related preferred issuance costs | (2,749 | ) | 1,511 | (1,649 | ) | (1,482 | ) | 2,635 | 6,848 | |||||||||||||||
| Total preferred stock dividends | $ | 22,128 | $ | 53,590 | $ | 50,566 | $ | 53,708 | $ | 66,016 | $ | 81,132 | ||||||||||||
| Total fixed charges and preferred stock dividends (C) | $ | 204,728 | $ | 383,394 | $ | 381,077 | $ | 399,390 | $ | 405,199 | $ | 383,976 | ||||||||||||
| Ratio of earnings to fixed charges (A divided by B) | (1 | ) | (1 | ) | (1 | ) | (1 | ) | (1 | ) | (1 | ) | ||||||||||||
| Ratio of earnings to fixed charges and preferred stock dividends (A divided by C) | (2 | ) | (2 | ) | (2 | ) | (2 | ) | (2 | ) | (2 | ) | ||||||||||||
| (1) | During the six months ended June 30, 2011, earnings were insufficient to cover fixed charges by $77.1 million. During the fiscal years ended December 31, 2010, 2009, 2008, 2007 and 2006, earnings were insufficient to cover fixed charges by $161.6 million, $205.1 million, $172.9 million, $85.7 million and $69.3 million, respectively. | |
| (2) | During the six months ended June 30, 2011, earnings were insufficient to cover fixed charges and preferred stock dividends by $99.2 million. During the fiscal years ended December 31, 2010, 2009, 2008, 2007 and 2006, earnings were insufficient to cover fixed charges and preferred stock dividends by $215.1 million, $255.7 million, $226.6 million, $151.7 million and $150.4 million, respectively. |