Exhibit 12.1

APARTMENT INVESTMENT AND MANAGEMENT COMPANY

Computation of Ratio of Earnings to Fixed Charges
(in thousands)

	Nine Months Ended				Year Ended December 31,
	Sept 30,		Sept 30,
	2004		2003		2003		2002		2001
Earnings:
Income loss from continuing operations before taxes, minority interests and income or loss from equity investees	$	35,239	$	74,708	$	82,027	$	237,009	$	181,140
Interest expense		276,452		254,893		342,249		294,275		259,277
Interest component of rent expense		1,525		1,525		2,033		1,667		1,500
Distributed income of equity investees		44,973		51,106		64,046		10,780		42,473
Amortization of capitalized interest		1,869		1,775		2,298		1,815		1,255
Total earnings (A)	$	360,058	$	384,007	$	492,653	$	545,546	$	485,645
Fixed charges:
Interest expense	$	276,452	$	254,893	$	342,249	$	294,275	$	259,277
Interest component of rent expense		1,525		1,525		2,033		1,667		1,500
Capitalized interest		4,358		12,403		14,479		16,806		16,176
Preferred OP unit distributions		5,908		7,327		9,312		10,874		9,803
Total fixed charges (B)	$	288,243	$	276,148	$	368,073	$	323,622	$	286,756
Preferred stock dividends	$	64,121	$	66,387	$	85,920	$	93,558	$	90,331
Redemption related preferred issuance costs		2,186		7,645		7,645		—		—
Total preferred stock dividends	$	66,307	$	74,032	$	93,565	$	93,558	$	90,331
Total fixed charges and preferred stock dividends (C)	$	354,550	$	350,180	$	461,638	$	417,180	$	377,087
Ratio of earnings to fixed charges (A divided by B)		1.25		1.39		1.34		1.69		1.69
Ratio of earnings to fixed charges and preferred stock dividends (A divided by C)		1.02		1.10		1.07		1.31		1.29