Exhibit 12
Sunstone Hotel Investors, Inc.
Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
(in thousands, except ratio amounts)
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| 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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| 2017 |
| 2016 |
| 2015 |
| 2014 |
| 2013 | ||||||||||
Earnings: |
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Income from continuing operations |
| $ | 146,004 |
| $ | 140,677 |
| $ | 339,624 |
| $ | 83,090 |
| $ | 21,591 | |||||
Continuing operations: |
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Interest expense and amortization of deferred financing fees |
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| 51,766 |
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| 50,283 |
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| 66,516 |
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| 72,315 |
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| 72,239 | |||||
Interest portion of rental expense |
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| 3,370 |
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| 4,321 |
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| 5,589 |
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| 5,984 |
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| 6,475 | |||||
Discontinued operations: |
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Interest expense and amortization of deferred financing fees |
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| — |
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| — |
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| — |
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| — |
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| 99 | |||||
Total earnings |
| $ | 201,140 |
| $ | 195,281 |
| $ | 411,729 |
| $ | 161,389 |
| $ | 100,404 | |||||
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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 |
| $ | 51,766 |
| $ | 50,283 |
| $ | 66,516 |
| $ | 72,315 |
| $ | 72,239 | |||||
Interest portion of rental expense |
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| 3,370 |
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| 4,321 |
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| 5,589 |
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| 5,984 |
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| 6,475 | |||||
Preferred dividends |
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| 12,830 |
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| 15,964 |
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| 9,200 |
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| 9,200 |
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| 19,013 | |||||
Discontinued operations: |
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Interest expense and amortization of deferred financing fees |
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| — |
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| — |
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| — |
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| — |
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| 99 | |||||
Total combined fixed charges and preferred stock dividends |
| $ | 67,966 |
| $ | 70,568 |
| $ | 81,305 |
| $ | 87,499 |
| $ | 97,826 | |||||
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Ratio of earnings to combined fixed charges and preferred stock dividends |
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| 2.96 |
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| 2.77 |
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| 5.06 |
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| 1.84 |
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| 1.03 | |||||
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Deficiency of earnings to combined fixed charges and preferred stock dividends |
| $ | — |
| $ | — |
| $ | — |
| $ | — |
| $ | — |