Attached files
| file | filename |
|---|---|
| EX-5.1 - EX-5.1 - APARTMENT INVESTMENT & MANAGEMENT CO | d75849exv5w1.htm |
| EX-8.1 - EX-8.1 - APARTMENT INVESTMENT & MANAGEMENT CO | d75849exv8w1.htm |
| EX-1.1 - EX-1.1 - APARTMENT INVESTMENT & MANAGEMENT CO | d75849exv1w1.htm |
| EX-3.1 - EX-3.1 - APARTMENT INVESTMENT & MANAGEMENT CO | d75849exv3w1.htm |
| EX-10.1 - EX-10.1 - APARTMENT INVESTMENT & MANAGEMENT CO | d75849exv10w1.htm |
| EX-99.1 - EX-99.1 - APARTMENT INVESTMENT & MANAGEMENT CO | d75849exv99w1.htm |
| 8-K - FORM 8-K - APARTMENT INVESTMENT & MANAGEMENT CO | d75849e8vk.htm |
Exhibit 12.1
Apartment Investment and Management Company
Ratios of Earnings to Fixed Charges
(in thousands)
Ratios of Earnings to Fixed Charges
(in thousands)
| Six Months Ended | Year Ended December 31, | |||||||||||||||||||||||
| June 30, 2010 | 2009 | 2008 | 2007 | 2006 | 2005 | |||||||||||||||||||
Earnings: |
||||||||||||||||||||||||
Loss from continuing operations before taxes and income or loss from equity investees |
$ | (81,697 | ) | $ | (204,960 | ) | $ | (162,106 | ) | $ | (62,603 | ) | $ | (49,886 | ) | $ | (88,113 | ) | ||||||
Add: |
||||||||||||||||||||||||
Fixed charges |
169,232 | 342,818 | 359,850 | 352,544 | 315,984 | 262,656 | ||||||||||||||||||
Amortization of capitalized interest |
7,433 | 14,640 | 13,291 | 10,239 | 6,101 | 3,380 | ||||||||||||||||||
Distributed income of equity investees |
956 | 4,893 | 14,619 | 4,239 | 3,578 | 3,259 | ||||||||||||||||||
Subtract: |
||||||||||||||||||||||||
Capitalized interest |
(5,444 | ) | (9,792 | ) | (24,690 | ) | (29,110 | ) | (23,570 | ) | (16,244 | ) | ||||||||||||
Preferred OP Unit distributions |
(3,376 | ) | (6,288 | ) | (7,646 | ) | (7,128 | ) | (7,153 | ) | (7,226 | ) | ||||||||||||
Total earnings (A) |
$ | 87,104 | $ | 141,311 | $ | 193,318 | $ | 268,181 | $ | 245,054 | $ | 157,712 | ||||||||||||
Fixed charges: |
||||||||||||||||||||||||
Interest expense |
$ | 159,294 | $ | 324,160 | $ | 324,118 | $ | 313,038 | $ | 282,308 | $ | 236,719 | ||||||||||||
Estimate of interest within rental expense |
1,118 | 2,578 | 3,396 | 3,268 | 2,953 | 2,467 | ||||||||||||||||||
Capitalized interest |
5,444 | 9,792 | 24,690 | 29,110 | 23,570 | 16,244 | ||||||||||||||||||
Preferred OP Unit distributions |
3,376 | 6,288 | 7,646 | 7,128 | 7,153 | 7,226 | ||||||||||||||||||
Total fixed charges (B) |
$ | 169,232 | $ | 342,818 | $ | 359,850 | $ | 352,544 | $ | 315,984 | $ | 262,656 | ||||||||||||
Preferred stock dividends |
$ | 25,829 | $ | 52,215 | $ | 55,190 | $ | 63,381 | $ | 74,284 | $ | 86,825 | ||||||||||||
Redemption related preferred issuance costs |
(2,779 | ) | (1,649 | ) | (1,482 | ) | 2,635 | 6,848 | 1,123 | |||||||||||||||
Total preferred stock dividends |
$ | 23,050 | $ | 50,566 | $ | 53,708 | $ | 66,016 | $ | 81,132 | $ | 87,948 | ||||||||||||
Total fixed charges and preferred stock dividends (C) |
$ | 192,282 | $ | 393,384 | $ | 413,558 | $ | 418,560 | $ | 397,116 | $ | 350,604 | ||||||||||||
Ratio of earnings to fixed charges (A divided by B) |
(1 | ) | (1 | ) | (1 | ) | (1 | ) | (1 | ) | (1 | ) | ||||||||||||
Ratio of earnings to fixed charges and preferred stock dividends (A divided by C) |
(2 | ) | (2 | ) | (2 | ) | (2 | ) | (2 | ) | (2 | ) | ||||||||||||
| (1) | During the six months ended June 30, 2010, earnings were insufficient to cover fixed charges by $82.1 million. During the fiscal years ended December 31, 2009, 2008, 2007, 2006 and 2005, earnings were insufficient to cover fixed charges by $201.5 million, $166.5 million, $84.4 million, $70.9 million and $104.9 million, respectively. | |
| (2) | During the six months ended June 30, 2010, earnings were insufficient to cover fixed charges and preferred stock dividends by $105.2 million. During the fiscal years ended December 31, 2009, 2008, 2007, 2006 and 2005, earnings were insufficient to cover fixed charges and preferred stock dividends by $252.1 million, $220.2 million, $150.4 million, $152.1 million and $192.9 million, respectively. |