EX-12.1 5 d707795dex121.htm EX-12.1 EX-12.1

Exhibit 12.1

Apartment Investment and Management Company

Ratios of Earnings to Fixed Charges

(in thousands)

 

     Year Ended December 31,  
     2013     2012     2011     2010     2009  

Earnings:

           

Income (loss) from continuing operations before taxes and income or loss from equity investees

    $ 31,711      $ (15,206 )    $ (124,457 )    $ (154,472 )    $ (197,408 ) 

Fixed charges

      262,492        253,924        294,169        279,772        283,630   

Amortization of capitalized interest

      4,207        5,368        7,012        7,766        7,861   

Distributed income of equity investees

      699        1,427        1,796        1,231        4,893   

Capitalized interest

      (17,608 )      (16,513 )      (13,363 )      (11,373 )      (9,938 ) 

Preferred OP Unit distributions

      (6,423 )      (6,496 )      (6,683 )      (4,964 )      (6,288 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total earnings (A)

    $ 275,078      $ 222,504      $ 158,474      $ 117,960      $ 82,750   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fixed charges:

           

Interest expense

    $ 237,048      $ 229,373      $ 272,315      $ 261,221      $ 264,826   

Estimate of interest within rental expense

      1,413        1,542        1,808        2,214        2,578   

Capitalized interest

      17,608        16,513        13,363        11,373        9,938   

Preferred OP Unit distributions

      6,423        6,496        6,683        4,964        6,288   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total fixed charges (B)

    $ 262,492      $ 253,924      $ 294,169      $ 279,772      $ 283,630   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Preferred stock dividends

    $ 2,804      $ 27,262      $ 49,756      $ 53,844      $ 52,215   

Redemption related preferred issuance costs

      —          22,626        (3,904 )      (254 )      (1,649 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total preferred stock dividends

    $ 2,804      $ 49,888      $ 45,852      $ 53,590      $ 50,566   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total fixed charges and preferred stock dividends (C)

    $ 265,296      $ 303,812      $ 340,021      $ 333,362      $ 334,196   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ratio of earnings to fixed charges (A divided by B) (1)

      1.05             (1)           (1)           (1)           (1) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ratio of earnings to fixed charges and preferred stock dividends (A divided by C) (2)

      1.04             (2)           (2)           (2)           (2) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

(1) During the fiscal years ended December 31, 2012, 2011, 2010 and 2009, earnings were insufficient to cover fixed charges by $31.4 million, $135.7 million, $161.8 million and $200.9 million, respectively.
(2) During the fiscal years ended December 31, 2012, 2011, 2010 and 2009, earnings were insufficient to cover fixed charges and preferred stock dividends by $81.3 million, $181.5 million, $215.4 million and $251.4 million, respectively.