EXHIBIT 12 EQUITY LIFESTYLE PROPERTIES, INC. COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (Dollar amounts in thousands) (restated) (restated) (restated) 2004 2003 2002 2001 2000 -------- -------- -------- -------- -------- Income from continuing operations before allocation to minority interests $ 16,252 $ 30,654 $ 35,108 $ 46,648 $ 49,268 Fixed Charges 103,170 69,654 61,981 62,557 64,532 -------- -------- -------- -------- -------- Earnings $119,422 $100,308 $ 97,089 $109,205 $113,800 ======== ======== ======== ======== ======== Interest incurred 89,719 53,371 49,718 50,197 52,317 Amortization of deferred financing costs 2,203 5,031 1,011 1,108 963 Perpetual Preferred OP unit Distributions 11,248 11,252 11,252 11,252 11,252 -------- -------- -------- -------- -------- Fixed Charges $103,170 $ 69,654 $ 61,981 $ 62,557 $ 64,532 ======== ======== ======== ======== ======== Earnings/Fixed Charges 1.16 1.44 1.57 1.75 1.76