Exhibit 12.1
Equity LifeStyle Properties, Inc.
Computation of Ratio of Earnings to
Combined Fixed Charges and Preferred Stock Dividends
(Dollars in thousands)
Year Ended December 31, | ||||||||||||||||||||||||
Nine Months Ended September 30, 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||||||
Income before equity in income of unconsolidated joint ventures | 159,527 | 184,527 | 146,423 | 132,433 | 75,208 | 61,848 | ||||||||||||||||||
Combined fixed charges and preferred stock dividends | $ | 81,638 | 111,256 | 114,957 | 121,569 | 127,802 | 138,605 | |||||||||||||||||
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Earnings | $ | 241,165 | $ | 295,783 | $ | 261,380 | $ | 254,002 | $ | 203,010 | $ | 200,453 | ||||||||||||
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Interest incurred | 72,053 | 98,316 | 101,777 | 107,866 | 113,566 | 118,596 | ||||||||||||||||||
Amortization of deferred financing costs and other | 2,676 | 3,714 | 3,954 | 4,429 | 4,956 | 5,396 | ||||||||||||||||||
Perpetual Preferred OP unit Distributions | — | — | — | — | — | — | ||||||||||||||||||
Preferred stock dividends | 6,910 | 9,226 | 9,226 | 9,274 | 9,280 | 14,613 | ||||||||||||||||||
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Combined fixed charges and preferred stock dividends | $ | 81,638 | $ | 111,256 | $ | 114,957 | $ | 121,569 | $ | 127,802 | $ | 138,605 | ||||||||||||
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Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends | 2.95 | 2.66 | 2.27 | 2.09 | 1.59 | 1.45 |