Exhibit 12.1
Sun Communities Inc
Calculation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock Distributions
(Amounts in Thousands, Except Ratios)
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||
Pre-tax income (loss) from continuing operations before noncontrolling interests, gain on dispositions and distributions from affiliates | $ | 72,701 | $ | 35,930 | $ | 38,755 | $ | 10,109 | $ | 18,132 | ||||||||||
Fixed charges (from below) | 144,866 | 137,969 | 130,305 | 86,566 | 86,124 | |||||||||||||||
Distributions from equity investments | — | 500 | 7,500 | 1,200 | 2,250 | |||||||||||||||
Less: | ||||||||||||||||||||
Capitalized interest | 2,755 | 1,595 | 608 | 464 | 678 | |||||||||||||||
Preferred return to preferred OP units | 4,581 | 5,006 | 4,973 | 2,935 | 2,764 | |||||||||||||||
Preferred stock distributions | 7,162 | 8,946 | 13,793 | 6,133 | 6,056 | |||||||||||||||
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Earnings | $ | 203,069 | $ | 158,852 | $ | 157,186 | $ | 88,343 | $ | 97,008 | ||||||||||
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Fixed charges | ||||||||||||||||||||
Interest (including amortization of debt premiums, discounts and deferred financing costs) | 127,128 | 119,163 | 107,659 | 73,771 | 73,339 | |||||||||||||||
Interest on mandatorily redeemable debt | 3,114 | 3,152 | 3,219 | 3,210 | 3,238 | |||||||||||||||
Interest capitalized | 2,755 | 1,595 | 608 | 464 | 678 | |||||||||||||||
Estimate of interest within rental expense | 126 | 107 | 53 | 53 | 49 | |||||||||||||||
Preferred return to preferred OP units | 4,581 | 5,006 | 4,973 | 2,935 | 2,764 | |||||||||||||||
Preferred stock distributions | 7,162 | 8,946 | 13,793 | 6,133 | 6,056 | |||||||||||||||
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Fixed charges | $ | 144,866 | $ | 137,969 | $ | 130,305 | $ | 86,566 | $ | 86,124 | ||||||||||
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Ratio of earnings to combined fixed charges and preferred stock distributions | 1.40 | 1.15 | 1.21 | 1.02 | 1.13 | |||||||||||||||
Additional earnings needed to achieve coverage ratio of 1:1 | — | — | — | — | — |