Attached files
| file | filename |
|---|---|
| EX-5.1 - EXHIBIT 5.1 OPINION OF OBER, KALER, GRIMES & SHRIVER - SUN COMMUNITIES INC | exhibit51opinionofoberkale.htm |
| 8-K - FORM 8-K GREEN COURTE OPTION CLOSING - SUN COMMUNITIES INC | form8-kgreencourteoptioncl.htm |
Exhibit 12.1
SUN COMMUNITIES, INC.
Calculation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock Distributions
(Amounts in Thousands, Except Ratios)
Three Months Ended | Year Ended December 31, | ||||||||||||||||||
March 31, 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||
(amounts in thousands) | |||||||||||||||||||
Pre-tax income (loss) from continuing operations before noncontrolling interests, gain on dispositions and distributions from affiliate | $ | 3,528 | $ | 10,109 | $ | 18,132 | $ | 4,344 | $ | (2,485 | ) | $ | (1,855 | ) | |||||
Fixed charges (from below) | 31,493 | 86,566 | 86,124 | 74,580 | 69,196 | 65,461 | |||||||||||||
Distributions from equity investments | — | 1,200 | 2,250 | 3,900 | 2,100 | 500 | |||||||||||||
Less: | |||||||||||||||||||
Capitalized interest | 124 | 464 | 678 | — | — | — | |||||||||||||
Preferred return to A-1 preferred OP units | 631 | 2,654 | 2,598 | 2,329 | 1,222 | — | |||||||||||||
Preferred return to A-3 preferred OP units | 45 | 181 | 166 | — | — | — | |||||||||||||
Preferred return to A-4 preferred OP units | 353 | 100 | — | — | — | — | |||||||||||||
Preferred stock distributions | 4,086 | 6,133 | 6,056 | 1,026 | |||||||||||||||
Earnings | $ | 29,782 | $ | 88,343 | $ | 97,008 | $ | 79,469 | $ | 67,589 | $ | 64,106 | |||||||
Fixed charges | |||||||||||||||||||
Interest (including amortization of deferred financing costs) | $ | 25,389 | $ | 73,771 | $ | 73,339 | $ | 67,859 | $ | 64,606 | $ | 62,136 | |||||||
Interest on mandatorily redeemable debt | 852 | 3,210 | 3,238 | 3,321 | 3,333 | 3,291 | |||||||||||||
Interest capitalized | 124 | 464 | 678 | — | — | — | |||||||||||||
Estimate of interest within rental expense | 13 | 53 | 49 | 45 | 35 | 34 | |||||||||||||
Preferred return to A-1 preferred OP units | 631 | 2,654 | 2,598 | 2,329 | 1,222 | — | |||||||||||||
Preferred return to A-3 preferred OP units | 45 | 181 | 166 | — | — | — | |||||||||||||
Preferred return to A-4 preferred OP units | 353 | 100 | |||||||||||||||||
Preferred stock distributions | 4,086 | 6,133 | 6,056 | 1,026 | — | — | |||||||||||||
Fixed charges | $ | 31,493 | $ | 86,566 | $ | 86,124 | $ | 74,580 | $ | 69,196 | $ | 65,461 | |||||||
Ratio of earnings to fixed charges | 0.95 | 1.02 | 1.13 | 1.07 | 0.98 | 0.98 | |||||||||||||
Additional earnings needed to achieve coverage ratio of 1:1 | $ | 1,711 | $ | — | $ | — | $ | — | $ | 1,607 | $ | 1,355 | |||||||