Aimco Properties 8-K Entry into a Material Definitive Agreement

Exhibit 12.1

Apartment Investment and Management Company
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.