EX-12 2 exhibit12-computationofrat.htm COMPUTATION OF RATIO EARNINGS TO FIXED CHARGES
Exhibit 12
Equity LifeStyle Properties, Inc.
Computation of Ratio of Earnings to
Combined Fixed Charges and Preferred Stock Dividends
(Dollars in thousands)

| 2013 | 2012 | 2011 | 2010 | 2009
Income before equity in income of unconsolidated joint ventures | $ | 67,963 |  | $ | 40,556 |  | $ | 58,601 |  | $ | 58,601 |  | $ | 48,499 |
Combined fixed charges and preferred stock dividends | 127,832 |  | 138,605 |  | 116,113 |  | 107,291 |  | 114,454 |
Earnings | $ | 195,795 |  | $ | 179,161 |  | $ | 174,714 |  | $ | 165,892 |  | $ | 162,953 |
Interest incurred | $ | 113,335 |  | $ | 118,596 |  | $ | 96,076 |  | $ | 88,750 |  | $ | 95,740 |
Amortization of deferred financing costs and other | 5,217 |  | 5,396 |  | 3,413 |  | 2,401 |  | 2,571 |
Perpetual Preferred OP unit Distributions | — |  | — |  | 2,801 |  | 16,140 |  | 16,143 |
Preferred stock dividends | 9,280 |  | 14,613 |  | 13,823 |  | — |  | — |
Combined fixed charges and preferred stock dividends | $ | 127,832 |  | $ | 138,605 |  | $ | 116,113 |  | $ | 107,291 |  | $ | 114,454 |
Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends | 1.53 |  | 1.29 |  | 1.50 |  | 1.55 |  | 1.42 |