Exhibit 12.1
Equity LifeStyle Properties, Inc.
Computation of Ratio of Earnings to
Combined Fixed Charges and Preferred Stock Dividends
(Dollars in thousands)
Quarter Ended March 31, 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||
Income before equity in income of unconsolidated joint ventures | $ | 30,929 | $ | 132,433 | $ | 75,208 | $ | 61,848 | $ | 40,009 | $ | 58,601 | ||||||
Combined fixed charges and preferred stock dividends | 29,573 | 121,569 | 127,802 | 138,605 | 116,113 | 107,291 | ||||||||||||
Earnings | $ | 60,502 | $ | 254,002 | $ | 203,010 | $ | 200,453 | $ | 156,122 | $ | 165,892 | ||||||
Interest incurred | $ | 26,281 | $ | 107,866 | $ | 113,566 | $ | 118,596 | $ | 96,076 | $ | 88,750 | ||||||
Amortization of deferred financing costs and other | 995 | 4,429 | 4,956 | 5,396 | 3,413 | 2,401 | ||||||||||||
Perpetual Preferred OP unit Distributions | — | — | — | — | 2,801 | 16,140 | ||||||||||||
Preferred stock dividends | 2,297 | 9,274 | 9,280 | 14,613 | 13,823 | — | ||||||||||||
Combined fixed charges and preferred stock dividends | $ | 29,573 | $ | 121,569 | $ | 127,802 | $ | 138,605 | $ | 116,113 | $ | 107,291 | ||||||
Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends | 2.05 | 2.09 | 1.59 | 1.45 | 1.34 | 1.55 | ||||||||||||