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)

	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	)
Total earnings (A)	$	67,308		$	275,078		$	222,504		$	158,474		$	117,960		$	82,750
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
Total fixed charges (B)	$	61,779		$	262,492		$	253,924		$	294,169		$	279,772		$	283,630
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	)
Total preferred stock dividends		454			2,804			49,888			45,852			53,590			50,566
Total fixed charges and preferred stock dividends (C)	$	62,233		$	265,296		$	303,812		$	340,021		$	333,362		$	334,196
Ratio of earnings to fixed charges (A divided by B) (1)		1.09			1.05			(1	)		(1	)		(1	)		(1	)
Ratio of earnings to fixed charges and preferred stock dividends (A divided by C)		1.08			1.04			(2	)		(2	)		(2	)		(2	)
(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