EX-12 2 exhibit12-computationofrat.htm COMPUTATION OF RATIO EARNINGS TO FIXED CHARGES Exhibit 12 - Computation of Ratio (1)
Exhibit 12

Equity LifeStyle Properties, Inc.
Computation of Ratio of Earnings to
Combined Fixed Charges and Preferred Stock Dividends
(Dollars in thousands)

 
2013
2012
2011
2010
2009
Income before equity in income of unconsolidated joint ventures
$
67,963

$
40,556

$
58,601

$
58,601

$
48,499

Combined fixed charges and preferred stock dividends
127,832

138,605

116,113

107,291

114,454

Earnings
$
195,795

$
179,161

$
174,714

$
165,892

$
162,953

 
 
 
 
 
 
Interest incurred
$
113,335

$
118,596

$
96,076

$
88,750

$
95,740

Amortization of deferred financing costs and other
5,217

5,396

3,413

2,401

2,571

Perpetual Preferred OP unit Distributions
—

—

2,801

16,140

16,143

Preferred stock dividends
9,280

14,613

13,823

—

—

Combined fixed charges and preferred stock dividends
$
127,832

$
138,605

$
116,113

$
107,291

$
114,454

Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
1.53

1.29

1.50

1.55

1.42