EXHIBIT 12.1
SUN COMMUNITIES, INC.
Computation of Ratio of Earnings to Fixed Charges
(Amounts in Thousands, Except Ratios)
|
For the years ended December 31, |
| |||||||||
Earnings |
| 2008 |
| 2007 |
| 2006 |
| 2005 |
| 2004 |
|
Pre-tax loss before minority interests and equity investee losses |
| (16,775 | ) | (10,035 | ) | (11,922 | ) | (6,205 | ) | (45,836 | ) |
Fixed charges (from below) |
| 64,192 |
| 65,581 |
| 65,213 |
| 61,035 |
| 53,043 |
|
Distributions from equity investments |
| 230 |
| 1,350 |
| 450 |
| 1,100 |
| 2,238 |
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
Capitalized interest |
| — |
| 5 |
| 60 |
| 69 |
| 380 |
|
Earnings |
| 47,647 |
| 56,891 |
| 53,681 |
| 55,861 |
| 9,065 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed charges |
| 2008 |
| 2007 |
| 2006 |
| 2005 |
| 2004 |
|
Interest |
| 60,775 |
| 61,939 |
| 61,173 |
| 55,650 |
| 43,899 |
|
Interest on mandatorily redeemable debt |
| 3,382 |
| 3,601 |
| 3,945 |
| 4,322 |
| 4,294 |
|
Interest capitalized |
| — |
| 5 |
| 60 |
| 69 |
| 380 |
|
Estimate of interest within rental expense |
| 35 |
| 36 |
| 35 |
| 33 |
| 32 |
|
Distributions to preferred OP unitholders |
| — |
| — |
| — |
| 961 |
| 4,438 |
|
Fixed charges |
| 64,192 |
| 65,581 |
| 65,213 |
| 61,035 |
| 53,043 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of earnings to fixed charges |
| 0.74:1 |
| 0.87:1 |
| 0.82:1 |
| 0.92:1 |
| 0.17:1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Additional earnings needed to achieve coverage ratio of 1:1 |
| 16,545 |
| 8,690 |
| 11,532 |
| 5,174 |
| 43,978 |
|