EX-12.1 6 d382015dex121.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,  
     2016     2015     2014     2013     2012  

Earnings:

           

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

    $ 63,514     $ 63,667     $ 47,113     $ 31,711     $ (15,206 ) 

Add:

           

Fixed charges

      214,351       219,424       242,668       262,492       253,924  

Amortization of capitalized interest

      15,053       9,896       4,705       4,207       5,368  

Distributed income of equity investees

      1,180       856       738       699       1,427  

Subtract:

           

Capitalized interest

      (9,621 )      (11,717 )      (14,198 )      (17,608 )      (16,513 ) 

Preferred OP Unit distributions

      (7,239 )      (6,943 )      (6,409 )      (6,423 )      (6,496 ) 

Total earnings (A)

    $ 277,238     $ 275,183     $ 274,617     $ 275,078     $ 222,504  

Fixed charges:

           

Interest expense

      196,389       199,685       220,971       237,048       229,373  

Estimate of interest within rental expense

      1,102       1,079       1,090       1,413       1,542  

Capitalized interest

      9,621       11,717       14,198       17,608       16,513  

Preferred OP Unit distributions

      7,239       6,943       6,409       6,423       6,496  

Total fixed charges (B)

    $ 214,351     $ 219,424     $ 242,668     $ 262,492     $ 253,924  

Preferred stock dividends

      10,014       11,099       7,947       2,804       27,262  

Redemption related preferred issuance costs

      1,980       695       —         —         22,626  

Total preferred stock dividends

      11,994       11,794       7,947       2,804       49,888  

Total fixed charges and preferred stock dividends (C)

    $ 226,345     $ 231,218     $ 250,615     $ 265,296     $ 303,812  

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

      1.29       1.25       1.13       1.05       (1 ) 

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

      1.22       1.19       1.10       1.04       (2 ) 

(1) During the period indicated, earnings were insufficient to cover fixed charges by:

      

                                                                                        Amount of deficiency:

      n/a        n/a        n/a        n/a      $ 31,420  

(2) During the period indicated, earnings were insufficient to cover fixed charges and preferred stock dividends by:

                                                                                        Amount of deficiency:

      n/a        n/a        n/a        n/a      $ 81,308