EXHIBIT 12 EQUITY LIFESTYLE PROPERTIES, INC. COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (Dollar amounts in thousands) 2005 2004 2003 2002 2001 -------- -------- -------- -------- -------- Income from continuing operations before allocation to minority interests ................ $ 7,277 $ 14,513 $ 28,431 $ 32,674 $ 43,685 Fixed Charges .................................... 114,806 102,218 69,458 61,977 62,539 -------- -------- -------- -------- -------- Earnings ......................................... $122,083 $116,731 $ 97,889 $ 94,651 $106,224 ======== ======== ======== ======== ======== Interest incurred ................................ 97,983 88,801 53,180 49,714 50,179 Amortization of deferred financing costs ......... 2,849 2,169 5,026 1,011 1,108 Perpetual Preferred OP unit Distributions ........ 13,974 11,248 11,252 11,252 11,252 -------- -------- -------- -------- -------- Fixed Charges .................................... $114,806 $102,218 $ 69,458 $ 61,977 $ 62,539 ======== ======== ======== ======== ======== Earnings/Fixed Charges ........................... 1.06 1.14 1.41 1.53 1.70