EX-12 2 exhibit12-computationofrat.htm EXHIBIT 12 Exhibit
Exhibit 12

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

 
2017
2016
2015
2014
2013
Income before equity in income of unconsolidated joint ventures
$
206,612

$
184,527

$
146,423

$
132,433

$
75,208

Combined fixed charges and preferred stock dividends
108,255

111,256

114,957

121,569

127,802

Earnings
$
314,867

$
295,783

$
261,380

$
254,002

$
203,010

 
 
 
 
 
 
Interest incurred
$
97,024

$
98,316

$
101,777

$
107,866

$
113,566

Amortization of deferred financing costs and other
3,546

3,714

3,954

4,429

4,956

Perpetual Preferred OP unit Distributions
—

—

—

—

—

Preferred stock dividends
7,685

9,226

9,226

9,274

9,280

Combined fixed charges and preferred stock dividends
$
108,255

$
111,256

$
114,957

$
121,569

$
127,802

Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
2.91

2.66

2.27

2.09

1.59