EX-12 2 sho-20171231ex12b657a74.htm EX-12 sho_ex12

Exhibit 12

 

Sunstone Hotel Investors, Inc.

Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends

(in thousands, except ratio amounts)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended

 

Year Ended

 

Year Ended

 

Year Ended

 

Year Ended

 

 

December 31,

 

December 31,

 

December 31,

 

December 31,

 

December 31,

 

 

2017

 

2016

 

2015

 

2014

 

2013

Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations

 

$

146,004

 

$

140,677

 

$

339,624

 

$

83,090

 

$

21,591

Continuing operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense and amortization of deferred financing fees

 

 

51,766

 

 

50,283

 

 

66,516

 

 

72,315

 

 

72,239

Interest portion of rental expense

 

 

3,370

 

 

4,321

 

 

5,589

 

 

5,984

 

 

6,475

Discontinued operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense and amortization of deferred financing fees

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

99

Total earnings

 

$

201,140

 

$

195,281

 

$

411,729

 

$

161,389

 

$

100,404

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Combined Fixed Charges and Preferred Stock Dividends:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense and amortization of deferred financing fees

 

$

51,766

 

$

50,283

 

$

66,516

 

$

72,315

 

$

72,239

Interest portion of rental expense

 

 

3,370

 

 

4,321

 

 

5,589

 

 

5,984

 

 

6,475

Preferred dividends

 

 

12,830

 

 

15,964

 

 

9,200

 

 

9,200

 

 

19,013

Discontinued operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense and amortization of deferred financing fees

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

99

Total combined fixed charges and preferred stock dividends

 

$

67,966

 

$

70,568

 

$

81,305

 

$

87,499

 

$

97,826

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to combined fixed charges and preferred stock dividends

 

 

2.96

 

 

2.77

 

 

5.06

 

 

1.84

 

 

1.03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deficiency of earnings to combined fixed charges and preferred stock dividends

 

$

 —

 

$

 —

 

$

 —

 

$

 —

 

$

 —