EX-12 3 c02841exv12.txt COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES EXHIBIT 12 EQUITY LIFESTYLE PROPERTIES, INC. COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (Dollar amounts in thousands)
2005 2004 2003 2002 2001 -------- -------- -------- -------- -------- Income from continuing operations before allocation to minority interests ................ $ 7,277 $ 14,513 $ 28,431 $ 32,674 $ 43,685 Fixed Charges .................................... 114,806 102,218 69,458 61,977 62,539 -------- -------- -------- -------- -------- Earnings ......................................... $122,083 $116,731 $ 97,889 $ 94,651 $106,224 ======== ======== ======== ======== ======== Interest incurred ................................ 97,983 88,801 53,180 49,714 50,179 Amortization of deferred financing costs ......... 2,849 2,169 5,026 1,011 1,108 Perpetual Preferred OP unit Distributions ........ 13,974 11,248 11,252 11,252 11,252 -------- -------- -------- -------- -------- Fixed Charges .................................... $114,806 $102,218 $ 69,458 $ 61,977 $ 62,539 ======== ======== ======== ======== ======== Earnings/Fixed Charges ........................... 1.06 1.14 1.41 1.53 1.70