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8-K - 8-K - SUN COMMUNITIES INCform8-kxnovember2012prefer.htm
EX-8.1 - OPINION - SUN COMMUNITIES INCexhibit81opinion.htm
EX-5.1 - OPINION - SUN COMMUNITIES INCexhibit51opinion.htm
EX-99.1 - PRESS RELEASE 11-06-12 - SUN COMMUNITIES INCex991pressrelease110612.htm
EX-1.1 - UNDERWRITING AGREEMENT - SUN COMMUNITIES INCexhibit11underwritingagree.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