Exhibit 12.1
Apartment Investment and Management Company
Ratios of Earnings to Fixed Charges
(in thousands)
Ratios of Earnings to Fixed Charges
(in thousands)
Year Ended December 31, | ||||||||||||||||||||
2010 | 2009 | 2008 | 2007 | 2006 | ||||||||||||||||
Earnings: | ||||||||||||||||||||
Loss from continuing operations before taxes and income or loss from equity investees | $ | (161,210 | ) | $ | (207,727 | ) | $ | (168,099 | ) | $ | (63,758 | ) | $ | (48,544 | ) | |||||
Fixed charges | 331,332 | 331,498 | 346,796 | 340,207 | 303,975 | |||||||||||||||
Amortization of capitalized interest | 14,431 | 13,937 | 12,840 | 9,921 | 6,003 | |||||||||||||||
Distributed income of equity investees | 1,231 | 4,893 | 14,619 | 4,239 | 3,578 | |||||||||||||||
Capitalized interest | (11,584 | ) | (10,098 | ) | (24,306 | ) | (29,036 | ) | (23,288 | ) | ||||||||||
Preferred OP Unit distributions | (4,964 | ) | (6,288 | ) | (7,646 | ) | (7,128 | ) | (7,153 | ) | ||||||||||
Total earnings (A) | $ | 169,235 | $ | 126,216 | $ | 174,204 | $ | 254,446 | $ | 234,571 | ||||||||||
Fixed charges: | ||||||||||||||||||||
Interest expense | $ | 312,576 | $ | 312,534 | $ | 311,448 | $ | 300,775 | $ | 270,581 | ||||||||||
Estimate of interest within rental expense | 2,208 | 2,578 | 3,396 | 3,268 | 2,953 | |||||||||||||||
Capitalized interest | 11,584 | 10,098 | 24,306 | 29,036 | 23,288 | |||||||||||||||
Preferred OP Unit distributions | 4,964 | 6,288 | 7,646 | 7,128 | 7,153 | |||||||||||||||
Total fixed charges (B) | $ | 331,332 | $ | 331,498 | $ | 346,796 | $ | 340,207 | $ | 303,975 | ||||||||||
Preferred stock dividends | $ | 52,079 | $ | 52,215 | $ | 55,190 | $ | 63,381 | $ | 74,284 | ||||||||||
Preferred stock redemption related amounts | 1,511 | (1,649 | ) | (1,482 | ) | 2,635 | 6,848 | |||||||||||||
Total preferred stock dividends | $ | 53,590 | $ | 50,566 | $ | 53,708 | $ | 66,016 | $ | 81,132 | ||||||||||
Total fixed charges and preferred stock dividends (C) | $ | 384,922 | $ | 382,064 | $ | 400,504 | $ | 406,223 | $ | 385,107 | ||||||||||
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 fiscal years ended December 31, 2010, 2009, 2008, 2007 and 2006, earnings were insufficient to cover fixed charges by $162.1 million, $205.3 million, $172.6 million, $85.8 million and $69.4 million, respectively. | |
(2) | 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 $215.7 million, $255.8 million, $226.3 million, $151.8 million and $150.5 million, respectively. |