Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - APARTMENT INVESTMENT & MANAGEMENT CO | d84297e8vk.htm |
| EX-1.1 - EX-1.1 - APARTMENT INVESTMENT & MANAGEMENT CO | d84297exv1w1.htm |
| EX-3.1 - EX-3.1 - APARTMENT INVESTMENT & MANAGEMENT CO | d84297exv3w1.htm |
| EX-5.1 - EX-5.1 - APARTMENT INVESTMENT & MANAGEMENT CO | d84297exv5w1.htm |
| EX-8.1 - EX-8.1 - APARTMENT INVESTMENT & MANAGEMENT CO | d84297exv8w1.htm |
| EX-10.1 - EX-10.1 - APARTMENT INVESTMENT & MANAGEMENT CO | d84297exv10w1.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, 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | |||||||||||||||||||
Earnings: |
||||||||||||||||||||||||
Loss from continuing operations before
taxes and income or loss from equity
investees |
$ | (75,170 | ) | $ | (160,664 | ) | $ | (207,566 | ) | $ | (168,440 | ) | $ | (63,679 | ) | $ | (48,411 | ) | ||||||
Add: |
||||||||||||||||||||||||
Fixed charges |
182,600 | 329,804 | 330,511 | 345,682 | 339,183 | 302,844 | ||||||||||||||||||
Amortization of capitalized interest |
7,354 | 14,430 | 13,936 | 12,840 | 9,921 | 6,003 | ||||||||||||||||||
Distributed income of equity investees |
472 | 1,231 | 4,893 | 14,619 | 4,239 | 3,578 | ||||||||||||||||||
Subtract: |
||||||||||||||||||||||||
Capitalized interest |
(6,427 | ) | (11,584 | ) | (10,095 | ) | (24,299 | ) | (29,034 | ) | (23,288 | ) | ||||||||||||
Preferred OP Unit distributions |
(3,342 | ) | (4,964 | ) | (6,288 | ) | (7,646 | ) | (7,128 | ) | (7,153 | ) | ||||||||||||
Total earnings (A) |
$ | 105,487 | $ | 168,252 | $ | 125,392 | $ | 172,756 | $ | 253,503 | $ | 233,573 | ||||||||||||
Fixed charges: |
||||||||||||||||||||||||
Interest expense |
$ | 171,805 | $ | 311,048 | $ | 311,550 | $ | 310,341 | $ | 299,753 | $ | 269,450 | ||||||||||||
Estimate of interest within rental expense |
1,026 | 2,208 | 2,578 | 3,396 | 3,268 | 2,953 | ||||||||||||||||||
Capitalized interest |
6,427 | 11,584 | 10,095 | 24,299 | 29,034 | 23,288 | ||||||||||||||||||
Preferred OP Unit distributions |
3,342 | 4,964 | 6,288 | 7,646 | 7,128 | 7,153 | ||||||||||||||||||
Total fixed charges (B) |
$ | 182,600 | $ | 329,804 | $ | 330,511 | $ | 345,682 | $ | 339,183 | $ | 302,844 | ||||||||||||
Preferred stock dividends |
$ | 24,877 | $ | 52,079 | $ | 52,215 | $ | 55,190 | $ | 63,381 | $ | 74,284 | ||||||||||||
Redemption related preferred issuance costs |
(2,749 | ) | 1,511 | (1,649 | ) | (1,482 | ) | 2,635 | 6,848 | |||||||||||||||
Total preferred stock dividends |
$ | 22,128 | $ | 53,590 | $ | 50,566 | $ | 53,708 | $ | 66,016 | $ | 81,132 | ||||||||||||
Total fixed charges and preferred stock
dividends (C) |
$ | 204,728 | $ | 383,394 | $ | 381,077 | $ | 399,390 | $ | 405,199 | $ | 383,976 | ||||||||||||
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, 2011, earnings were insufficient to cover fixed charges by $77.1 million. During the fiscal years ended December 31, 2010, 2009, 2008, 2007 and 2006, earnings were insufficient to cover fixed charges by $161.6 million, $205.1 million, $172.9 million, $85.7 million and $69.3 million, respectively. | |
| (2) | During the six months ended June 30, 2011, earnings were insufficient to cover fixed charges and preferred stock dividends by $99.2 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 $215.1 million, $255.7 million, $226.6 million, $151.7 million and $150.4 million, respectively. |