EX-12 2 exhibit12-computationofrat.htm EXHIBIT 12 - COMPUTATION OF RATIO 2015
Exhibit 12
Equity LifeStyle Properties, Inc.
Computation of Ratio of Earnings to
Combined Fixed Charges and Preferred Stock Dividends
(Dollars in thousands)

| 2015 | 2014 | 2013 | 2012 | 2011
Income before equity in income of unconsolidated joint ventures | $ | 146,423 |  | $ | 132,433 |  | $ | 75,208 |  | $ | 61,848 |  | $ | 40,009 |
Combined fixed charges and preferred stock dividends | 114,957 |  | 121,569 |  | 127,802 |  | 138,605 |  | 116,113 |
Earnings | $ | 261,380 |  | $ | 254,002 |  | $ | 203,010 |  | $ | 200,453 |  | $ | 156,122 |
Interest incurred | $ | 101,777 |  | $ | 107,866 |  | $ | 113,566 |  | $ | 118,596 |  | $ | 96,076 |
Amortization of deferred financing costs and other | 3,954 |  | 4,429 |  | 4,956 |  | 5,396 |  | 3,413 |
Perpetual Preferred OP unit Distributions | — |  | — |  | — |  | — |  | 2,801 |
Preferred stock dividends | 9,226 |  | 9,274 |  | 9,280 |  | 14,613 |  | 13,823 |
Combined fixed charges and preferred stock dividends | $ | 114,957 |  | $ | 121,569 |  | $ | 127,802 |  | $ | 138,605 |  | $ | 116,113 |
Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends | 2.27 |  | 2.09 |  | 1.59 |  | 1.45 |  | 1.34 |