Attached files
file | filename |
---|---|
8-K - 8-K - SUN COMMUNITIES INC | form8-kxnovember2012prefer.htm |
EX-8.1 - OPINION - SUN COMMUNITIES INC | exhibit81opinion.htm |
EX-5.1 - OPINION - SUN COMMUNITIES INC | exhibit51opinion.htm |
EX-99.1 - PRESS RELEASE 11-06-12 - SUN COMMUNITIES INC | ex991pressrelease110612.htm |
EX-1.1 - UNDERWRITING AGREEMENT - SUN COMMUNITIES INC | exhibit11underwritingagree.htm |
SUN COMMUNITIES, INC.
Calculation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
(Amounts in Thousands, Except Ratios)
Nine Months Ended September 30, | Year Ended December 31, | |||||||||||||||||
2012 | 2011 | 2010 | 2009 | 2008 | 2007 | |||||||||||||
Pre-tax income (loss) from continuing operations before noncontrolling interests and equity income (loss) from affiliates | $ | 5,537 | $ | (2,485 | ) | $ | (1,855 | ) | $ | (4,794 | ) | $ | (16,775 | ) | $ | (10,035 | ) | |
Fixed charges (from below) | 54,911 | 69,196 | 65,461 | 62,813 | 64,192 | 65,555 | ||||||||||||
Distributions from equity investments | 3,250 | 2,100 | 500 | — | 230 | 1,350 | ||||||||||||
Less: | ||||||||||||||||||
Capitalized interest | — | — | — | — | — | 5 | ||||||||||||
Preferred return to A-1 preferred OP units | 1,744 | 1,222 | — | — | — | — | ||||||||||||
Earnings | $ | 61,954 | $ | 67,589 | $ | 64,106 | $ | 58,019 | $ | 47,647 | $ | 56,865 | ||||||
Fixed charges | ||||||||||||||||||
Interest (including amortization of deferred financing costs) | 50,644 | 64,606 | 62,136 | 59,432 | 60,775 | 61,939 | ||||||||||||
Interest on mandatorily redeemable debt | 2,489 | |||||||||||||||||
Interest capitalized | — | — | — | — | — | 5 | ||||||||||||
Estimate of interest within rental expense | 35 | 35 | 34 | 33 | 35 | 36 | ||||||||||||
Preferred return to A-1 preferred OP units | 1,744 | 4,555 | 3,291 | 3,348 | 3,382 | 3,575 | ||||||||||||
Fixed charges | $ | 54,911 | $ | 69,196 | $ | 65,461 | $ | 62,813 | $ | 64,192 | $ | 65,555 | ||||||
Preferred stock dividends | — | — | — | — | — | — | ||||||||||||
Ratio of earnings to combined fixed charges and preferred stock dividends | 1.13 | 0.98 | 0.98 | 0.92 | 0.74 | 0.87 | ||||||||||||
Additional earnings needed to achieve coverage ratio of 1:1 | — | 1,607 | 1,355 | 4,794 | 16,545 | 8,690 |