EX-12 2 exhibit12-computationofrat.htm EXHIBIT 12 - COMPUTATION OF RATIO 2014 Exhibit 12 - Computation of Ratio 2014
Exhibit 12

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

 
2014
2013
2012
2011
2010
Income before equity in income of unconsolidated joint ventures
$
132,433

$
75,208

$
61,848

$
40,009

$
58,601

Combined fixed charges and preferred stock dividends
121,569

127,802

138,605

116,113

107,291

Earnings
$
254,002

$
203,010

$
200,453

$
156,122

$
165,892

 
 
 
 
 
 
Interest incurred
$
107,866

$
113,566

$
118,596

$
96,076

$
88,750

Amortization of deferred financing costs and other
4,429

4,956

5,396

3,413

2,401

Perpetual Preferred OP unit Distributions
—

—

—

2,801

16,140

Preferred stock dividends
9,274

9,280

14,613

13,823

—

Combined fixed charges and preferred stock dividends
$
121,569

$
127,802

$
138,605

$
116,113

$
107,291

Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
2.09

1.59

1.45

1.34

1.55