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EXHIBIT 12.2
CALCULATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND
PREFERRED STOCK DIVIDENDS
(DOLLARS IN THOUSANDS)
AIMCO PROPERTIES, L.P.
Historical
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Nine Months
Ended January 10,
September 30, Year Ended December 31, 1994 through
------------------- ----------------------------- December 31,
1998 1997 1997 1996 1995 1994
-------- ------- ------- ------- ------- ------------
Earnings (1) $ 51,203 $20,649 $29,535 $15,740 $14,988 $ 7,702
-------- ------- ------- ------- ------- -------
Fixed charges:
Interest expense 56,756 33,359 51,385 24,802 13,322 1,576
Capitalized interest 2,074 751 1,300 821 113 29
Preferred stock dividends 16,320 846 2,315 -- 5,169 3,114
-------- ------- ------- ------- ------- -------
Total fixed charges (A) 75,150 34,956 55,000 25,623 18,604 4,719
-------- ------- ------- ------- ------- -------
Earnings before fixed
charges (2)(B) $107,959 $54,008 $80,920 $40,542 $28,310 $ 9,278
======== ======= ======= ======= ======= =======
Ratio of earnings to fixed
charges (B divided by A) 1.4:1.0 1.5:1.0 1.5:1.0 1.6:1.0 1.5:1.0 2.0:1.0
======== ======= ======= ======= ======= =======
Pro Forma
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Nine Months
Ended Year Ended
September 30, December 31,
1998 1997
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Earnings (1) $ 59,305 $ 59,017
Fixed charges:
Interest expense 85,010 113,788
Capitalized interest 2,074 1,300
Preferred stock dividends 32,414 42,174
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Total fixed charges (A) 119,498 157,262
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Earnings before fixed
charges (2)(B) $144,315 $172,805
======== ========
Ratio of earnings to fixed
charges (B divided by A) 1.2:1.0 1.1:1.0
======== ========
AIMCO PREDECESSORS
Historical
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January 1, Year ended
1994 through December 31,
July 28, 1994 1993
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Historical:
Income (loss) before extraordinary item and income taxes $(1,463) $ 627
Fixed charges:
Interest expense 4,214 3,510
Capitalized interest -- --
Preferred stock dividends (3) -- --
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Total fixed charges (A) 4,214 3,510
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Earnings before fixed charges (1)(B) $ 2,751 $ 4,137
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Ratio of earnings to fixed charges (B divided by A) (4) 1.2:1.0
======= =======
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(1) Earnings represents pretax income before minority interest in other
partnership. Equity in earnings of unconsolidated subsidiaries and
partnerships is included in earnings only to the extent of dividends and
distributions received.
(2) Earnings before fixed charges excludes capitalized interest and preferred
stock dividends.
(3) The AIMCO Predecessors did not have any shares of Preferred Stock
outstanding during the period from January 1, 1992 through July 28, 1994.
(4) Earnings for the period January 1, 1994 through July 28, 1994 were
inadequate to cover fixed charges. The deficiency for the period was
$1,463.