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

| 2017 | 2016 | 2015 | 2014 | 2013
Income before equity in income of unconsolidated joint ventures | $ | 206,612 |  | $ | 184,527 |  | $ | 146,423 |  | $ | 132,433 |  | $ | 75,208 |
Combined fixed charges and preferred stock dividends | 108,255 |  | 111,256 |  | 114,957 |  | 121,569 |  | 127,802 |
Earnings | $ | 314,867 |  | $ | 295,783 |  | $ | 261,380 |  | $ | 254,002 |  | $ | 203,010 |
Interest incurred | $ | 97,024 |  | $ | 98,316 |  | $ | 101,777 |  | $ | 107,866 |  | $ | 113,566 |
Amortization of deferred financing costs and other | 3,546 |  | 3,714 |  | 3,954 |  | 4,429 |  | 4,956 |
Perpetual Preferred OP unit Distributions | — |  | — |  | — |  | — |  | — |
Preferred stock dividends | 7,685 |  | 9,226 |  | 9,226 |  | 9,274 |  | 9,280 |
Combined fixed charges and preferred stock dividends | $ | 108,255 |  | $ | 111,256 |  | $ | 114,957 |  | $ | 121,569 |  | $ | 127,802 |
Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends | 2.91 |  | 2.66 |  | 2.27 |  | 2.09 |  | 1.59 |