Attached files
| file | filename |
|---|---|
| 10-K - 10-K - Sunstone Hotel Investors, Inc. | a11-5778_110k.htm |
| EX-32.1 - EX-32.1 - Sunstone Hotel Investors, Inc. | a11-5778_1ex32d1.htm |
| EX-31.1 - EX-31.1 - Sunstone Hotel Investors, Inc. | a11-5778_1ex31d1.htm |
| EX-31.2 - EX-31.2 - Sunstone Hotel Investors, Inc. | a11-5778_1ex31d2.htm |
| EX-23.1 - EX-23.1 - Sunstone Hotel Investors, Inc. | a11-5778_1ex23d1.htm |
| EX-21.1 - EX-21.1 - Sunstone Hotel Investors, Inc. | a11-5778_1ex21d1.htm |
| EX-10.18 - EX-10.18 - Sunstone Hotel Investors, Inc. | a11-5778_1ex10d18.htm |
Exhibit 12
Sunstone Hotel Investors, Inc.
Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
(in thousands, except ratio amounts)
|
|
|
Year Ended |
|
Year Ended |
|
Year Ended |
|
Year Ended |
|
Year Ended |
| |||||
|
|
|
December 31, |
|
December 31, |
|
December 31, |
|
December 31, |
|
December 31, |
| |||||
|
|
|
2010 |
|
2009 |
|
2008 |
|
2007 |
|
2006 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Earnings: |
|
|
|
|
|
|
|
|
|
|
| |||||
|
Income (loss) from continuing operations |
|
$ |
(38,163 |
) |
$ |
(43,184 |
) |
$ |
29,067 |
|
$ |
29,376 |
|
$ |
9,117 |
|
|
Continuing operations: |
|
|
|
|
|
|
|
|
|
|
| |||||
|
Equity in (earnings) losses of unconsolidated joint ventures |
|
(555 |
) |
27,801 |
|
1,445 |
|
3,588 |
|
(140 |
) | |||||
|
Distributions from unconsolidated joint ventures |
|
900 |
|
500 |
|
5,675 |
|
— |
|
— |
| |||||
|
Interest expense and amortization of deferred financing fees |
|
70,830 |
|
76,539 |
|
83,176 |
|
77,463 |
|
54,702 |
| |||||
|
Interest portion of rental expense |
|
3,218 |
|
3,226 |
|
3,235 |
|
3,241 |
|
3,052 |
| |||||
|
Discontinued operations: |
|
|
|
|
|
|
|
|
|
|
| |||||
|
Interest expense and amortization of deferred financing fees |
|
17,172 |
|
22,698 |
|
18,618 |
|
25,791 |
|
31,877 |
| |||||
|
Interest portion of rental expense |
|
133 |
|
163 |
|
165 |
|
169 |
|
899 |
| |||||
|
Total earnings |
|
$ |
53,535 |
|
$ |
87,743 |
|
$ |
141,381 |
|
$ |
139,628 |
|
$ |
99,507 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Combined Fixed Charges and Preferred Stock Dividends: |
|
|
|
|
|
|
|
|
|
|
| |||||
|
Continuing operations: |
|
|
|
|
|
|
|
|
|
|
| |||||
|
Interest expense and amortization of deferred financing fees |
|
$ |
70,830 |
|
$ |
76,539 |
|
$ |
83,176 |
|
$ |
77,463 |
|
$ |
54,702 |
|
|
Interest portion of rental expense |
|
3,218 |
|
3,226 |
|
3,235 |
|
3,241 |
|
3,052 |
| |||||
|
Preferred dividends |
|
20,652 |
|
20,749 |
|
20,884 |
|
20,795 |
|
19,616 |
| |||||
|
Discontinued operations: |
|
|
|
|
|
|
|
|
|
|
| |||||
|
Interest expense and amortization of deferred financing fees |
|
17,172 |
|
22,698 |
|
18,618 |
|
25,791 |
|
31,877 |
| |||||
|
Interest portion of rental expense |
|
133 |
|
163 |
|
165 |
|
169 |
|
899 |
| |||||
|
Total combined fixed charges and preferred stock dividends |
|
$ |
112,005 |
|
$ |
123,375 |
|
$ |
126,078 |
|
$ |
127,459 |
|
$ |
110,146 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Ratio of earnings to combined fixed charges and preferred stock dividends |
|
— |
|
— |
|
1.12 |
|
1.10 |
|
— |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Deficiency of earnings to combined fixed charges and preferred stock dividends |
|
$ |
(58,470 |
) |
$ |
(35,632 |
) |
$ |
— |
|
$ |
— |
|
$ |
(10,639 |
) |