Exhibit 12.1
Apartment Investment and Management Company
Ratios of Earnings to Fixed Charges
(in thousands)
| Year Ended December 31, | ||||||||||||||||||||
| 2016 | 2015 | 2014 | 2013 | 2012 | ||||||||||||||||
Earnings: | ||||||||||||||||||||
Income (loss) from continuing operations before taxes and income or loss from equity investees | $ | 63,514 | $ | 63,667 | $ | 47,113 | $ | 31,711 | $ | (15,206 | ) | |||||||||
Add: | ||||||||||||||||||||
Fixed charges | 214,351 | 219,424 | 242,668 | 262,492 | 253,924 | |||||||||||||||
Amortization of capitalized interest | 15,053 | 9,896 | 4,705 | 4,207 | 5,368 | |||||||||||||||
Distributed income of equity investees | 1,180 | 856 | 738 | 699 | 1,427 | |||||||||||||||
Subtract: | ||||||||||||||||||||
Capitalized interest | (9,621 | ) | (11,717 | ) | (14,198 | ) | (17,608 | ) | (16,513 | ) | ||||||||||
Preferred OP Unit distributions | (7,239 | ) | (6,943 | ) | (6,409 | ) | (6,423 | ) | (6,496 | ) | ||||||||||
Total earnings (A) | $ | 277,238 | $ | 275,183 | $ | 274,617 | $ | 275,078 | $ | 222,504 | ||||||||||
Fixed charges: | ||||||||||||||||||||
Interest expense | 196,389 | 199,685 | 220,971 | 237,048 | 229,373 | |||||||||||||||
Estimate of interest within rental expense | 1,102 | 1,079 | 1,090 | 1,413 | 1,542 | |||||||||||||||
Capitalized interest | 9,621 | 11,717 | 14,198 | 17,608 | 16,513 | |||||||||||||||
Preferred OP Unit distributions | 7,239 | 6,943 | 6,409 | 6,423 | 6,496 | |||||||||||||||
Total fixed charges (B) | $ | 214,351 | $ | 219,424 | $ | 242,668 | $ | 262,492 | $ | 253,924 | ||||||||||
Preferred stock dividends | 10,014 | 11,099 | 7,947 | 2,804 | 27,262 | |||||||||||||||
Redemption related preferred issuance costs | 1,980 | 695 | — | — | 22,626 | |||||||||||||||
Total preferred stock dividends | 11,994 | 11,794 | 7,947 | 2,804 | 49,888 | |||||||||||||||
Total fixed charges and preferred stock dividends (C) | $ | 226,345 | $ | 231,218 | $ | 250,615 | $ | 265,296 | $ | 303,812 | ||||||||||
Ratio of earnings to fixed charges (A divided by B) (1) | 1.29 | 1.25 | 1.13 | 1.05 | (1 | ) | ||||||||||||||
Ratio of earnings to fixed charges and preferred stock dividends (A divided by C) | 1.22 | 1.19 | 1.10 | 1.04 | (2 | ) | ||||||||||||||
(1) During the period indicated, earnings were insufficient to cover fixed charges by: | ||||||||||||||
Amount of deficiency: | n/a | n/a | n/a | n/a | $ | 31,420 |
(2) During the period indicated, earnings were insufficient to cover fixed charges and preferred stock dividends by: | ||||||||||
Amount of deficiency: | n/a | n/a | n/a | n/a | $ | 81,308 |
