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Exhibit 12.1

APARTMENT INVESTMENT AND MANAGEMENT COMPANY

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

		Six Months Ended
						Year Ended December 31,
		June 30, 2004		June 30, 2003
						2003		2002		2001
Earnings:
	Income from continuing operations before taxes, minority interests and income or loss from equity investees	$	8,477	$	56,180	$	90,500	$	246,672	$	186,526
	Interest expense		189,411		180,014		363,728		315,748		278,276
	Distributed income of equity investees		41,624		46,422		64,046		10,780		42,473
	Amortization of capitalized interest		1,226		1,190		2,298		1,815		1,255
Total earnings(A)		$	240,738	$	283,806	$	520,572	$	575,015	$	508,530
Fixed charges:
	Interest expense	$	189,411	$	180,014	$	363,728	$	315,748	$	278,276
	Capitalized interest		2,297		8,463		14,479		16,806		16,176
	Preferred OP unit distributions		3,940		5,225		9,312		10,874		9,803
Total fixed charges(B)		$	195,648	$	193,702	$	387,519	$	343,428	$	304,255
	Preferred stock dividends	$	41,552	$	44,947	$	85,920	$	93,558	$	90,331
	Redemption related preferred issuance costs		88		2,155		7,645		—		—
Total preferred stock dividends		$	41,640	$	47,102	$	93,565	$	93,558	$	90,331
Total fixed charges and preferred stock dividends(C)		$	237,288	$	240,804	$	481,084	$	436,986	$	394,586
Ratio of earnings to fixed charges (A divided by B)			1.23		1.47		1.34		1.67		1.67
Ratio of earnings to fixed charges and preferred stock dividends (A divided by C)			1.01		1.18		1.08		1.32		1.29

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APARTMENT INVESTMENT AND MANAGEMENT COMPANY Computation of Ratio of Earnings to Fixed Charges (in thousands)