Sun Communities (SUI) 8-K Sun Communities, Inc. Announces Acquisition of Remaining 26 Properties in Second Closing

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,
	2014		2013		2012		2011			2010			2009
Pre-tax income (loss) from continuing operations before noncontrolling interests, gain on dispositions and distributions from affiliates	$	29,704	$	18,132	$	4,344	$	(2,485	)	$	(1,855	)	$	(4,567	)
Fixed charges (from below)	63,646		86,124		74,580		69,196			65,461			62,812
Distributions from equity investments	1,200		2,250		3,900		2,100			500			—
Less:
Capitalized interest	369		678		—		—			—			—
Preferred return to A-1 preferred OP units	1,997		2,598		2,329		1,222			—			—
Preferred return to A-3 preferred OP units	136		166		—		—			—			—
Series A preferred stock distributions	4,542		6,056		1,026		—			—			—
Earnings	$	87,506	$	97,008	$	79,469	$	67,589		$	64,106		$	58,245
Fixed charges
Interest (including amortization of deferred financing costs)	54,149		73,339		67,859		64,606			62,136			59,432
Interest on mandatorily redeemable debt	2,417		3,238		3,321		3,333			3,291			3,347
Interest capitalized	369		678		—		—			—			—
Estimate of interest within rental expense	36		49		45		35			34			33
Preferred return to A-1 preferred OP units	1,997		2,598		2,329		1,222			—			—
Preferred return to A-3 preferred OP units	136		166		—		—			—			—
Series A preferred stock distributions	4,542		6,056		1,026		—			—			—
Fixed charges	$	63,646	$	86,124	$	74,580	$	69,196		$	65,461		$	62,812
Ratio of earnings to combined fixed charges and preferred stock dividends	1.37		1.13		1.07		0.98			0.98			0.93
Additional earnings needed to achieve coverage ratio of 1:1	—		—		—		1,607			1,355			4,567