SEC Filings

424B5
SUN COMMUNITIES INC filed this Form 424B5 on 05/30/2019
Entire Document
 


Table of Contents

RATIO OF EARNINGS TO COMBINED FIXED CHARGES

AND PREFERRED STOCK DISTRIBUTIONS

The following table sets forth our ratio of earnings to combined fixed charges and preferred stock distributions for the periods indicated. In certain of the periods presented, earnings were not sufficient to cover combined fixed charges and preferred stock distributions. The extent of the deficiency in each such period is shown below.

 

     Fiscal Year ended December 31,  
     2017      2016      2015      2014      2013  

Ratio of earnings to combined fixed charges and preferred stock distributions

     1.40        1.15        1.21        1.02        1.13  

Deficiency of earnings available to cover fixed charges

     $—          $—          $—          $—          $—    

The ratios of earnings to combined fixed charges and preferred stock distributions were computed by dividing earnings by the aggregate of our fixed charges and preferred distributions. For this purpose, earnings consist of (i) pre-tax income from continuing operations before adjustment for noncontrolling interests, gain on dispositions and distributions from affiliates, plus (ii) fixed charges, less (iii) capitalized interest, less (iv) distributions to holders of shares of our previously outstanding 7.125% Series A Cumulative Redeemable Preferred Stock, 6.50% Series A-4 Cumulative Convertible Preferred Stock and preferred securities of the Operating Partnership. Fixed charges consist of (i) interest expense (including the amortization of deferred financing costs and premiums and discounts on indebtedness), (ii) capitalized interest, (iii) estimate of interest within rental expense, and (iv) distributions to holders of shares of our previously outstanding 7.125% Series A Cumulative Redeemable Preferred Stock, 6.50% Series A-4 Cumulative Convertible Preferred Stock and preferred securities of the Operating Partnership. We redeemed all of the 7.125% Series A Cumulative Redeemable Preferred Stock in November 2017.

 

6