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Exhibit 12.1
APARTMENT INVESTMENT AND MANAGEMENT COMPANY
Computation of Ratio of Earnings to Fixed Charges
(in thousands)
| Six Months Ended | | | | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Year Ended December 31, | |||||||||||||||
| June 30, 2004 | June 30, 2003 | ||||||||||||||
| 2003 | 2002 | 2001 | |||||||||||||
Earnings: | ||||||||||||||||
Income from continuing operations before taxes, minority interests and income or loss from equity investees | $ | 8,477 | $ | 56,180 | $ | 90,500 | $ | 246,672 | $ | 186,526 | ||||||
Interest expense | 189,411 | 180,014 | 363,728 | 315,748 | 278,276 | |||||||||||
Distributed income of equity investees | 41,624 | 46,422 | 64,046 | 10,780 | 42,473 | |||||||||||
Amortization of capitalized interest | 1,226 | 1,190 | 2,298 | 1,815 | 1,255 | |||||||||||
Total earnings(A) | $ | 240,738 | $ | 283,806 | $ | 520,572 | $ | 575,015 | $ | 508,530 | ||||||
Fixed charges: | ||||||||||||||||
Interest expense | $ | 189,411 | $ | 180,014 | $ | 363,728 | $ | 315,748 | $ | 278,276 | ||||||
Capitalized interest | 2,297 | 8,463 | 14,479 | 16,806 | 16,176 | |||||||||||
Preferred OP unit distributions | 3,940 | 5,225 | 9,312 | 10,874 | 9,803 | |||||||||||
Total fixed charges(B) | $ | 195,648 | $ | 193,702 | $ | 387,519 | $ | 343,428 | $ | 304,255 | ||||||
Preferred stock dividends | $ | 41,552 | $ | 44,947 | $ | 85,920 | $ | 93,558 | $ | 90,331 | ||||||
Redemption related preferred issuance costs | 88 | 2,155 | 7,645 | — | — | |||||||||||
Total preferred stock dividends | $ | 41,640 | $ | 47,102 | $ | 93,565 | $ | 93,558 | $ | 90,331 | ||||||
Total fixed charges and preferred stock dividends(C) | $ | 237,288 | $ | 240,804 | $ | 481,084 | $ | 436,986 | $ | 394,586 | ||||||
Ratio of earnings to fixed charges (A divided by B) | 1.23 | 1.47 | 1.34 | 1.67 | 1.67 | |||||||||||
Ratio of earnings to fixed charges and preferred stock dividends (A divided by C) | 1.01 | 1.18 | 1.08 | 1.32 | 1.29 | |||||||||||
APARTMENT INVESTMENT AND MANAGEMENT COMPANY Computation of Ratio of Earnings to Fixed Charges (in thousands)