Exhibit 12
Sunstone Hotel Investors, Inc.
Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
(in thousands, except ratio amounts)
|
| Year Ended |
| Year Ended |
| Year Ended |
| Year Ended |
| Year Ended |
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|
| December 31, |
| December 31, |
| December 31, |
| December 31, |
| December 31, |
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|
| 2013 |
| 2012 |
| 2011 |
| 2010 |
| 2009 |
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Earnings: |
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Income (loss) from continuing operations |
| $ | 21,591 |
| $ | 1,147 |
| $ | 40,846 |
| $ | (30,689 | ) | $ | (14,506 | ) |
Continuing operations: |
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|
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Equity in (earnings) losses of unconsolidated joint ventures |
| — |
| — |
| (21 | ) | (555 | ) | 27,801 |
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Distributions from unconsolidated joint ventures |
| — |
| — |
| — |
| 900 |
| 500 |
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Interest expense and amortization of deferred financing fees |
| 72,239 |
| 76,821 |
| 74,195 |
| 58,931 |
| 62,137 |
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Interest portion of rental expense |
| 6,475 |
| 6,602 |
| 6,125 |
| 3,218 |
| 3,226 |
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Discontinued operations: |
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Interest expense and amortization of deferred financing fees |
| 99 |
| 6,490 |
| 9,337 |
| 29,071 |
| 37,100 |
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Interest portion of rental expense |
| — |
| — |
| — |
| 133 |
| 163 |
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Total earnings |
| $ | 100,404 |
| $ | 91,060 |
| $ | 130,482 |
| $ | 61,009 |
| $ | 116,421 |
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Combined Fixed Charges and Preferred Stock Dividends: |
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Continuing operations: |
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Interest expense and amortization of deferred financing fees |
| $ | 72,239 |
| $ | 76,821 |
| $ | 74,195 |
| $ | 58,931 |
| $ | 62,137 |
|
Interest portion of rental expense |
| 6,475 |
| 6,602 |
| 6,125 |
| 3,218 |
| 3,226 |
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Preferred dividends |
| 19,013 |
| 29,748 |
| 27,321 |
| 20,652 |
| 20,749 |
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Discontinued operations: |
|
|
|
|
|
|
|
|
|
|
| |||||
Interest expense and amortization of deferred financing fees |
| 99 |
| 6,490 |
| 9,337 |
| 29,071 |
| 37,100 |
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Interest portion of rental expense |
| — |
| — |
| — |
| 133 |
| 163 |
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Total combined fixed charges and preferred stock dividends |
| $ | 97,826 |
| $ | 119,661 |
| $ | 116,978 |
| $ | 112,005 |
| $ | 123,375 |
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Ratio of earnings to combined fixed charges and preferred stock dividends |
| 1.03 |
| — |
| 1.12 |
| — |
| — |
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Deficiency of earnings to combined fixed charges and preferred stock dividends |
| $ | — |
| $ | (28,601 | ) | $ | — |
| $ | (50,996 | ) | $ | (6,954 | ) |