EX-12.1 5 d55830exv12w1.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES exv12w1
 

Exhibit 12.1
Apartment Investment and Management Company
Ratios of Earnings to Fixed Charges
(in thousands)
                                         
    Year Ended December 31,  
    2007     2006     2005     2004     2003  
Earnings:
                                        
Income (loss) from continuing operations before taxes, minority interests and income or loss from equity investees
   $ (30,951 )   $ (22,899 )   $ (78,115 )   $ 46,351     $ 59,483  
Fixed charges
     463,245       426,104       358,143       323,539       306,827  
Amortization of capitalized interest
     10,239       6,101       3,380       2,449       2,057  
Distributed income of equity investees
     4,239       3,578       3,259       4,200       3,728  
Capitalized interest
     (30,719 )     (24,533 )     (17,733 )     (9,065 )     (14,479 )
Preferred OP Unit distributions
     (7,128 )     (7,153 )     (7,226 )     (7,858 )     (9,312 )
 
                              
Total earnings (A)
   $ 408,925     $ 381,198     $ 261,708     $ 359,616     $ 348,304  
 
                              
 
                                        
Fixed charges:
                                        
Interest expense
   $ 422,130     $ 391,465     $ 330,717     $ 304,683     $ 281,003  
Estimate of interest within rental expense
     3,268       2,953       2,467       1,933       2,033  
Capitalized interest
     30,719       24,533       17,733       9,065       14,479  
Preferred OP Unit distributions
     7,128       7,153       7,226       7,858       9,312  
 
                              
Total fixed charges (B)
   $ 463,245     $ 426,104     $ 358,143     $ 323,539     $ 306,827  
 
                              
 
                                        
Preferred stock dividends
   $ 63,381     $ 74,284     $ 86,825     $ 85,315     $ 85,920  
Redemption related preferred issuance costs
     2,635       6,848       1,123       3,489       7,645  
 
                              
Total preferred stock dividends
   $ 66,016     $ 81,132     $ 87,948     $ 88,804     $ 93,565  
 
                              
Total fixed charges and preferred stock dividends (C)
   $ 529,261     $ 507,236     $ 446,091     $ 412,343     $ 400,392  
 
                              
 
                                        
Ratio of earnings to fixed charges (A divided by B) (1)
     (1 )     (1 )     (1 )     1.11       1.14  
 
                              
Ratio of earnings to fixed charges and preferred stock dividends (A divided by C) (2)
     (2 )     (2 )     (2 )     (2 )     (2 )
 
                              
 
(1)   During the years ended December 31, 2007, 2006 and 2005, earnings were insufficient to cover fixed charges by $54.3 million, $44.9 million and $96.4 million, respectively.
 
(2)   During the years ended December 31, 2007, 2006, 2005, 2004 and 2003, earnings were insufficient to cover fixed charges and preferred stock diviedneds by $120.3 million, $126.0 million, $184.4 million, $52.7 million and $52.1 million, respectively.