Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - NATIONAL RETAIL PROPERTIES, INC. | d301576d8k.htm |
Exhibit 12.1
NATIONAL RETAIL PROPERTIES, INC. AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
(dollars in thousands)
| Nine Months Ended September 30, |
Years Ended December 31, | |||||||||||||||||||||||
| 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | |||||||||||||||||||
| Pretax income from continuing operations before income from equity investees |
63,632 | 71,249 | 54,659 | 89,966 | 68,350 | 47,629 | ||||||||||||||||||
| Add: |
||||||||||||||||||||||||
| Fixed charges (excluding capitalized interest) |
60,067 | 72,427 | 69,341 | 72,270 | 57,810 | 51,057 | ||||||||||||||||||
| Distributed income from equity investees |
431 | 578 | 607 | 438 | — | 1,042 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Pretax earnings from operations, as adjusted |
$ | 124,130 | $ | 144,254 | $ | 124,607 | $ | 162,674 | $ | 126,160 | $ | 99,728 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Fixed Charges: |
||||||||||||||||||||||||
| Interest on indebtedness |
51,296 | 61,639 | 60,094 | 63,746 | 53,359 | 48,947 | ||||||||||||||||||
| Capitalized interest |
846 | 617 | 1,243 | 2,014 | 3,718 | 2,278 | ||||||||||||||||||
| Amortization of discount relating to indebtedness |
5,032 | 6,360 | 6,006 | 5,670 | 2,724 | 860 | ||||||||||||||||||
| Amortization of interest rate hedges |
(47 | ) | (165 | ) | (159 | ) | (162 | ) | (309 | ) | (345 | ) | ||||||||||||
| Amortization of deferred charges |
3,786 | 4,593 | 3,400 | 3,016 | 2,036 | 1,595 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Fixed charges |
$ | 60,913 | $ | 73,044 | $ | 70,584 | $ | 74,284 | $ | 61,528 | $ | 53,335 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Ratio of net earnings to fixed charges |
2.04 | 1.97 | 1.77 | 2.19 | 2.05 | 1.87 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Fixed charges |
60,913 | 73,044 | 70,584 | 74,284 | 61,528 | 53,335 | ||||||||||||||||||
| Preferred stock dividends |
$ | 5,089 | $ | 6,785 | $ | 6,785 | $ | 6,785 | $ | 6,785 | $ | 5,718 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Combined fixed charges and preferred stock dividends |
$ | 66,002 | $ | 79,829 | $ | 77,369 | $ | 81,069 | $ | 68,313 | $ | 59,053 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Ratio of earnings to combined fixed charges and preferred stock dividends |
1.88 | 1.81 | 1.61 | 2.01 | 1.85 | 1.69 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||