Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K DATED JANUARY 6, 2015 - SUN COMMUNITIES INC | form8-kgreencourtesecondcl.htm |
| EX-8.1 - EXHIBIT 8.1 OPINION OF JAFFE, RAITT, HEUER & WEISS - SUN COMMUNITIES INC | exhibit81opinionofjafferai.htm |
| EX-99.1 - EXHIBIT 99.1 PRESS RELEASE DATED JANUARY 6, 2015 - SUN COMMUNITIES INC | exhibit991pressreleasedate.htm |
| EX-5.1 - EXHIBIT 5.1 OPINION OF OBER, KALER, GRIMES & SHRIVER - SUN COMMUNITIES INC | exhibit51opinionofoberkale.htm |
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 | ||||||||||||