EX-12 2 exhibit12-computationofrat.htm EXHIBIT 12 - COMPUTATION OF RATIO 2015 Exhibit
Exhibit 12

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

 
2015
2014
2013
2012
2011
Income before equity in income of unconsolidated joint ventures
$
146,423

$
132,433

$
75,208

$
61,848

$
40,009

Combined fixed charges and preferred stock dividends
114,957

121,569

127,802

138,605

116,113

Earnings
$
261,380

$
254,002

$
203,010

$
200,453

$
156,122

 
 
 
 
 
 
Interest incurred
$
101,777

$
107,866

$
113,566

$
118,596

$
96,076

Amortization of deferred financing costs and other
3,954

4,429

4,956

5,396

3,413

Perpetual Preferred OP unit Distributions
—

—

—

—

2,801

Preferred stock dividends
9,226

9,274

9,280

14,613

13,823

Combined fixed charges and preferred stock dividends
$
114,957

$
121,569

$
127,802

$
138,605

$
116,113

Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
2.27

2.09

1.59

1.45

1.34