Exhibit 12.1
APARTMENT INVESTMENT AND MANAGEMENT COMPANY
Computation of Ratio of Earnings to Fixed Charges
(in thousands)
Nine Months Ended | Year Ended December 31, | |||||||||||||||||||
Sept 30, | Sept 30, | |||||||||||||||||||
2004 | 2003 | 2003 | 2002 | 2001 | ||||||||||||||||
Earnings: | ||||||||||||||||||||
Income loss from continuing operations before taxes, minority interests and income or loss from equity investees | $ | 35,239 | $ | 74,708 | $ | 82,027 | $ | 237,009 | $ | 181,140 | ||||||||||
Interest expense | 276,452 | 254,893 | 342,249 | 294,275 | 259,277 | |||||||||||||||
Interest component of rent expense | 1,525 | 1,525 | 2,033 | 1,667 | 1,500 | |||||||||||||||
Distributed income of equity investees | 44,973 | 51,106 | 64,046 | 10,780 | 42,473 | |||||||||||||||
Amortization of capitalized interest | 1,869 | 1,775 | 2,298 | 1,815 | 1,255 | |||||||||||||||
Total earnings (A) | $ | 360,058 | $ | 384,007 | $ | 492,653 | $ | 545,546 | $ | 485,645 | ||||||||||
Fixed charges: | ||||||||||||||||||||
Interest expense | $ | 276,452 | $ | 254,893 | $ | 342,249 | $ | 294,275 | $ | 259,277 | ||||||||||
Interest component of rent expense | 1,525 | 1,525 | 2,033 | 1,667 | 1,500 | |||||||||||||||
Capitalized interest | 4,358 | 12,403 | 14,479 | 16,806 | 16,176 | |||||||||||||||
Preferred OP unit distributions | 5,908 | 7,327 | 9,312 | 10,874 | 9,803 | |||||||||||||||
Total fixed charges (B) | $ | 288,243 | $ | 276,148 | $ | 368,073 | $ | 323,622 | $ | 286,756 | ||||||||||
Preferred stock dividends | $ | 64,121 | $ | 66,387 | $ | 85,920 | $ | 93,558 | $ | 90,331 | ||||||||||
Redemption related preferred issuance costs | 2,186 | 7,645 | 7,645 | — | — | |||||||||||||||
Total preferred stock dividends | $ | 66,307 | $ | 74,032 | $ | 93,565 | $ | 93,558 | $ | 90,331 | ||||||||||
Total fixed charges and preferred stock dividends (C) | $ | 354,550 | $ | 350,180 | $ | 461,638 | $ | 417,180 | $ | 377,087 | ||||||||||
Ratio of earnings to fixed charges (A divided by B) | 1.25 | 1.39 | 1.34 | 1.69 | 1.69 | |||||||||||||||
Ratio of earnings to fixed charges and preferred stock dividends (A divided by C) | 1.02 | 1.10 | 1.07 | 1.31 | 1.29 | |||||||||||||||