Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - APARTMENT INVESTMENT & MANAGEMENT CO | d83827e8vk.htm |
| EX-8.1 - EX-8.1 - APARTMENT INVESTMENT & MANAGEMENT CO | d83827exv8w1.htm |
| EX-5.1 - EX-5.1 - APARTMENT INVESTMENT & MANAGEMENT CO | d83827exv5w1.htm |
| EX-1.1 - EX-1.1 - APARTMENT INVESTMENT & MANAGEMENT CO | d83827exv1w1.htm |
| EX-10.1 - EX-10.1 - APARTMENT INVESTMENT & MANAGEMENT CO | d83827exv10w1.htm |
| EX-99.1 - EX-99.1 - APARTMENT INVESTMENT & MANAGEMENT CO | d83827exv99w1.htm |
| EX-23.2 - EX-23.2 - APARTMENT INVESTMENT & MANAGEMENT CO | d83827exv23w2.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)
| Three Months Ended | Year Ended December 31, | |||||||||||||||||||||||
| March 31, 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | |||||||||||||||||||
Earnings: |
||||||||||||||||||||||||
Loss from continuing operations before taxes and
income or loss from equity investees |
$ | (31,464 | ) | $ | (161,210 | ) | $ | (207,727 | ) | $ | (168,099 | ) | $ | (63,758 | ) | $ | (48,544 | ) | ||||||
Add: |
||||||||||||||||||||||||
Fixed charges |
81,623 | 331,332 | 331,498 | 346,796 | 340,207 | 303,975 | ||||||||||||||||||
Amortization of capitalized interest |
3,639 | 14,430 | 13,936 | 12,840 | 9,921 | 6,003 | ||||||||||||||||||
Distributed income of equity investees |
108 | 1,231 | 4,893 | 14,619 | 4,239 | 3,578 | ||||||||||||||||||
Subtract: |
||||||||||||||||||||||||
Capitalized interest |
(3,076 | ) | (11,584 | ) | (10,098 | ) | (24,306 | ) | (29,036 | ) | (23,288 | ) | ||||||||||||
Preferred OP Unit distributions |
(1,671 | ) | (4,964 | ) | (6,288 | ) | (7,646 | ) | (7,128 | ) | (7,153 | ) | ||||||||||||
Total earnings (A) |
$ | 49,160 | $ | 169,234 | $ | 126,215 | $ | 174,204 | $ | 254,446 | $ | 234,571 | ||||||||||||
Fixed charges: |
||||||||||||||||||||||||
Interest expense |
$ | 76,381 | $ | 312,576 | $ | 312,534 | $ | 311,448 | $ | 300,775 | $ | 270,581 | ||||||||||||
Estimate of interest within rental expense |
495 | 2,208 | 2,578 | 3,396 | 3,268 | 2,953 | ||||||||||||||||||
Capitalized interest |
3,076 | 11,584 | 10,098 | 24,306 | 29,036 | 23,288 | ||||||||||||||||||
Preferred OP Unit distributions |
1,671 | 4,964 | 6,288 | 7,646 | 7,128 | 7,153 | ||||||||||||||||||
Total fixed charges (B) |
$ | 81,623 | $ | 331,332 | $ | 331,498 | $ | 346,796 | $ | 340,207 | $ | 303,975 | ||||||||||||
Preferred stock dividends |
$ | 12,456 | $ | 52,079 | $ | 52,215 | $ | 55,190 | $ | 63,381 | $ | 74,284 | ||||||||||||
Redemption related preferred issuance costs |
232 | 1,511 | (1,649 | ) | (1,482 | ) | 2,635 | 6,848 | ||||||||||||||||
Total preferred stock dividends |
$ | 12,688 | $ | 53,590 | $ | 50,566 | $ | 53,708 | $ | 66,016 | $ | 81,132 | ||||||||||||
Total fixed charges and preferred stock dividends (C) |
$ | 94,311 | $ | 384,922 | $ | 382,064 | $ | 400,504 | $ | 406,223 | $ | 385,107 | ||||||||||||
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 three months ended March 31, 2011, earnings were insufficient to cover fixed charges by $32.5 million. During the fiscal years ended December 31, 2010, 2009, 2008, 2007 and 2006, earnings were insufficient to cover fixed charges by $162.1 million, $205.3 million, $172.6 million, $85.8 million and $69.4 million, respectively. | |
| (2) | During the three months ended March 31, 2011, earnings were insufficient to cover fixed charges and preferred stock dividends by $45.2 million. During the fiscal years ended December 31, 2010, 2009, 2008, 2007 and 2006, earnings were insufficient to cover fixed charges and preferred stock dividends by $215.7 million, $255.8 million, $226.3 million, $151.8 million and $150.5 million, respectively. |