EX-12 6 ex12_1ratiofixedcharges.htm RATIO OF EARNINGS TO FIXED CHARGES

EXHIBIT 12.1

 

SUN COMMUNITIES, INC.

 

Computation of Ratio of Earnings to Fixed Charges

(Amounts in Thousands, Except Ratios)

 

 

 

For the years ended December 31,

 

Earnings

 

2008

 

2007

 

2006

 

2005

 

2004

 

Pre-tax loss before minority interests and equity investee losses

 

(16,775

)

(10,035

)

(11,922

)

(6,205

)

(45,836

)

Fixed charges (from below)

 

64,192

 

65,581

 

65,213

 

61,035

 

53,043

 

Distributions from equity investments

 

230

 

1,350

 

450

 

1,100

 

2,238

 

Less:

 

 

 

 

 

 

 

 

 

 

 

Capitalized interest

 

 

5

 

60

 

69

 

380

 

Earnings

 

47,647

 

56,891

 

53,681

 

55,861

 

9,065

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges

 

2008

 

2007

 

2006

 

2005

 

2004

 

Interest

 

60,775

 

61,939

 

61,173

 

55,650

 

43,899

 

Interest on mandatorily redeemable debt

 

3,382

 

3,601

 

3,945

 

4,322

 

4,294

 

Interest capitalized

 

 

5

 

60

 

69

 

380

 

Estimate of interest within rental expense

 

35

 

36

 

35

 

33

 

32

 

Distributions to preferred OP unitholders

 

 

 

 

961

 

4,438

 

Fixed charges

 

64,192

 

65,581

 

65,213

 

61,035

 

53,043

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

0.74:1

 

0.87:1

 

0.82:1

 

0.92:1

 

0.17:1

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional earnings needed to achieve coverage ratio of 1:1

 

16,545

 

8,690

 

11,532

 

5,174

 

43,978