Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - NATIONAL RETAIL PROPERTIES, INC. | d8k.htm |
| EX-25.1 - EXHIBIT 25.1 - NATIONAL RETAIL PROPERTIES, INC. | dex251.htm |
NATIONAL RETAIL PROPERTIES, INC. AND SUBSIDIARIES
EXHIBIT 12
CONSOLIDATED RATIOS OF EARNINGS TO FIXED CHARGES
The following table sets forth the Company's consolidated ratios of earnings to fixed charges for the periods as shown (dollars in thousands).
| March 31, 2011 |
2010 | March 31, 2010 |
2009 | 2008 | 2007 | 2006 | ||||||||||||||||||||||
| Net Earnings, before Extraordinary Item |
$ | 20,820 | $ | 72,997 | $ | 16,365 | $ | 54,810 | $ | 117,153 | $ | 154,599 | $ | 181,800 | ||||||||||||||
| Fixed Charges: |
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| Interest on Indebtedness |
16,392 | 61,639 | 15,422 | 60,094 | 63,746 | 53,359 | 48,947 | |||||||||||||||||||||
| Amortization of Discount Relating to Indebtedness |
1,654 | 6,360 | 1,552 | 6,006 | 5,670 | 2,724 | 860 | |||||||||||||||||||||
| Amortization of Interest Rate Hedges |
(43 | ) | (165 | ) | (42 | ) | (159 | ) | (162 | ) | (309 | ) | (345 | ) | ||||||||||||||
| Amortization of Deferred Charges |
1,174 | 4,593 | 1,131 | 3,400 | 3,016 | 2,036 | 1,595 | |||||||||||||||||||||
| 19,177 | 72,427 | 18,063 | 69,341 | 72,270 | 57,810 | 51,057 | ||||||||||||||||||||||
| Net Earnings Before Fixed Charges |
$ | 39,997 | $ | 145,424 | $ | 34,428 | $ | 124,151 | $ | 189,423 | $ | 212,409 | $ | 232,857 | ||||||||||||||
| Divided by Fixed Charges |
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| Fixed Charges |
$ | 19,177 | $ | 72,427 | $ | 18,063 | $ | 69,341 | $ | 72,270 | $ | 57,810 | $ | 51,057 | ||||||||||||||
| Capitalized and Deferred Interest |
322 | 617 | 53 | 1,243 | 2,014 | 3,718 | 2,278 | |||||||||||||||||||||
| $ | 19,499 | $ | 73,044 | $ | 18,116 | $ | 70,584 | $ | 74,284 | $ | 61,528 | $ | 53,335 | |||||||||||||||
| Ratio of Net Earnings to Fixed Charges |
2.05 | 1.99 | 1.90 | 1.76 | 2.55 | 3.45 | 4.37 | |||||||||||||||||||||
| Net Earnings Before Fixed Charges |
$ | 39,997 | $ | 145,424 | $ | 34,428 | $ | 124,151 | $ | 189,423 | $ | 212,409 | $ | 232,857 | ||||||||||||||
| Gain on Disposition of DC Office Buildings (May 2006) |
— | — | — | — | — | — | (59,496 | ) | ||||||||||||||||||||
| $ | 39,997 | $ | 145,424 | $ | 34,428 | $ | 124,151 | $ | 189,423 | $ | 212,409 | $ | 173,361 | |||||||||||||||
| Ratio of Net Earnings to Fixed Charges adjusted for DC Office Bldgs |
2.05 | 1.99 | 1.90 | 1.76 | 2.55 | 3.45 | 3.25 | |||||||||||||||||||||
| Preferred Stock Dividends |
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| Series A Preferred Stock |
$ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 4,376 | ||||||||||||||
| Series B Convertible Preferred Stock |
— | — | — | — | — | — | 419 | |||||||||||||||||||||
| Series C Redeemable Preferred Stock |
1,696 | 6,785 | 1,696 | 6,785 | 6,785 | 6,785 | 923 | |||||||||||||||||||||
| Total Preferred Stock Dividends |
$ | 1,696 | $ | 6,785 | $ | 1,696 | $ | 6,785 | $ | 6,785 | $ | 6,785 | $ | 5,718 | ||||||||||||||
| Combined Fixed Charges and Preferred Stock Dividends |
$ | 21,195 | $ | 79,829 | $ | 19,812 | $ | 77,369 | $ | 81,069 | $ | 68,313 | $ | 59,053 | ||||||||||||||
| Ratio of Net Earnings to Combined Fixed Charges and Preferred Stock Dividends |
1.89 | 1.82 | 1.74 | 1.60 | 2.34 | 3.11 | 3.94 | |||||||||||||||||||||
| Ratio of Net Earnings to Combined Fixed Charges and Preferred Stock Dividends adjusted for DC Office Bldgs |
1.89 | 1.82 | 1.74 | 1.60 | 2.34 | 3.11 | 2.94 | |||||||||||||||||||||