Exhibit 12.1
Apartment Investment and Management Company
Ratios of Earnings to Fixed Charges
(in thousands)
Year Ended December 31, | ||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||
Earnings: | ||||||||||||||||||||
Income (loss) from continuing operations before taxes and income or loss from equity investees | $ | 31,711 | $ | (15,206 | ) | $ | (124,457 | ) | $ | (154,472 | ) | $ | (197,408 | ) | ||||||
Fixed charges | 262,492 | 253,924 | 294,169 | 279,772 | 283,630 | |||||||||||||||
Amortization of capitalized interest | 4,207 | 5,368 | 7,012 | 7,766 | 7,861 | |||||||||||||||
Distributed income of equity investees | 699 | 1,427 | 1,796 | 1,231 | 4,893 | |||||||||||||||
Capitalized interest | (17,608 | ) | (16,513 | ) | (13,363 | ) | (11,373 | ) | (9,938 | ) | ||||||||||
Preferred OP Unit distributions | (6,423 | ) | (6,496 | ) | (6,683 | ) | (4,964 | ) | (6,288 | ) | ||||||||||
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Total earnings (A) | $ | 275,078 | $ | 222,504 | $ | 158,474 | $ | 117,960 | $ | 82,750 | ||||||||||
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Fixed charges: | ||||||||||||||||||||
Interest expense | $ | 237,048 | $ | 229,373 | $ | 272,315 | $ | 261,221 | $ | 264,826 | ||||||||||
Estimate of interest within rental expense | 1,413 | 1,542 | 1,808 | 2,214 | 2,578 | |||||||||||||||
Capitalized interest | 17,608 | 16,513 | 13,363 | 11,373 | 9,938 | |||||||||||||||
Preferred OP Unit distributions | 6,423 | 6,496 | 6,683 | 4,964 | 6,288 | |||||||||||||||
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Total fixed charges (B) | $ | 262,492 | $ | 253,924 | $ | 294,169 | $ | 279,772 | $ | 283,630 | ||||||||||
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Preferred stock dividends | $ | 2,804 | $ | 27,262 | $ | 49,756 | $ | 53,844 | $ | 52,215 | ||||||||||
Redemption related preferred issuance costs | — | 22,626 | (3,904 | ) | (254 | ) | (1,649 | ) | ||||||||||||
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Total preferred stock dividends | $ | 2,804 | $ | 49,888 | $ | 45,852 | $ | 53,590 | $ | 50,566 | ||||||||||
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Total fixed charges and preferred stock dividends (C) | $ | 265,296 | $ | 303,812 | $ | 340,021 | $ | 333,362 | $ | 334,196 | ||||||||||
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Ratio of earnings to fixed charges (A divided by B) (1) | 1.05 | (1) | (1) | (1) | (1) | |||||||||||||||
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Ratio of earnings to fixed charges and preferred stock dividends (A divided by C) (2) | 1.04 | (2) | (2) | (2) | (2) | |||||||||||||||
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(1) | During the fiscal years ended December 31, 2012, 2011, 2010 and 2009, earnings were insufficient to cover fixed charges by $31.4 million, $135.7 million, $161.8 million and $200.9 million, respectively. |
(2) | During the fiscal years ended December 31, 2012, 2011, 2010 and 2009, earnings were insufficient to cover fixed charges and preferred stock dividends by $81.3 million, $181.5 million, $215.4 million and $251.4 million, respectively. |