Exhibit 12.1
Apartment Investment and Management Company
Ratios of Earnings to Fixed Charges
(in thousands)
Three Months Ended | Year Ended December 31, | |||||||||||||||||||||||
March 31, 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | |||||||||||||||||||
Earnings: | ||||||||||||||||||||||||
Income (loss) from continuing operations before taxes and income or loss from equity investees | $ | 9,200 | $ | 31,711 | $ | (15,206 | ) | $ | (124,457 | ) | $ | (154,472 | ) | $ | (197,408 | ) | ||||||||
Add: | ||||||||||||||||||||||||
Fixed charges | 61,779 | 262,492 | 253,924 | 294,169 | 279,772 | 283,630 | ||||||||||||||||||
Amortization of capitalized interest | 2,061 | 4,207 | 5,368 | 7,012 | 7,766 | 7,861 | ||||||||||||||||||
Distributed income of equity investees | 127 | 699 | 1,427 | 1,796 | 1,231 | 4,893 | ||||||||||||||||||
Subtract: | ||||||||||||||||||||||||
Capitalized interest | (4,254 | ) | (17,608 | ) | (16,513 | ) | (13,363 | ) | (11,373 | ) | (9,938 | ) | ||||||||||||
Preferred OP Unit distributions | (1,605 | ) | (6,423 | ) | (6,496 | ) | (6,683 | ) | (4,964 | ) | (6,288 | ) | ||||||||||||
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Total earnings (A) | $ | 67,308 | $ | 275,078 | $ | 222,504 | $ | 158,474 | $ | 117,960 | $ | 82,750 | ||||||||||||
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Fixed charges: | ||||||||||||||||||||||||
Interest expense | 55,641 | 237,048 | 229,373 | 272,315 | 261,221 | 264,826 | ||||||||||||||||||
Estimate of interest within rental expense | 279 | 1,413 | 1,542 | 1,808 | 2,214 | 2,578 | ||||||||||||||||||
Capitalized interest | 4,254 | 17,608 | 16,513 | 13,363 | 11,373 | 9,938 | ||||||||||||||||||
Preferred OP Unit distributions | 1,605 | 6,423 | 6,496 | 6,683 | 4,964 | 6,288 | ||||||||||||||||||
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Total fixed charges (B) | $ | 61,779 | $ | 262,492 | $ | 253,924 | $ | 294,169 | $ | 279,772 | $ | 283,630 | ||||||||||||
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Preferred stock dividends | 697 | 2,804 | 27,262 | 49,756 | 53,844 | 52,215 | ||||||||||||||||||
Redemption related preferred issuance costs | (243 | ) | — | 22,626 | (3,904 | ) | (254 | ) | (1,649 | ) | ||||||||||||||
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Total preferred stock dividends | 454 | 2,804 | 49,888 | 45,852 | 53,590 | 50,566 | ||||||||||||||||||
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Total fixed charges and preferred stock dividends (C) | $ | 62,233 | $ | 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) | 1.09 | 1.05 | (1 | ) | (1 | ) | (1 | ) | (1 | ) | ||||||||||||||
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Ratio of earnings to fixed charges and preferred stock dividends (A divided by C) | 1.08 | 1.04 | (2 | ) | (2 | ) | (2 | ) | (2 | ) | ||||||||||||||
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(1) During the period indicated, earnings were insufficient to cover fixed charges by: | ||||||||||||||||||||||||
n/a | n/a | $ | 31,420 | $ | 135,695 | $ | 161,812 | $ | 200,880 | |||||||||||||||
(2) During the period indicated, earnings were insufficient to cover fixed charges and preferred stock dividends by: | ||||||||||||||||||||||||
n/a | n/a | $ | 81,308 | $ | 181,547 | $ | 215,402 | $ | 251,446 |