Attached files
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| 8-K - 8-K - NATIONAL RETAIL PROPERTIES, INC. | d621479d8k.htm |
Exhibit 12.1
NATIONAL RETAIL PROPERTIES, INC. AND SUBSIDIARIES
EXHIBIT 12
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
(dollars in thousands)
| June 2018 (A) | 2017 (A) | 2016 | 2015 | 2014 | 2013 | |||||||||||||||||||
| Pretax income from continuing operations before income from equity investees |
$ | 173,873 | $ | 265,371 | $ | 239,506 | $ | 208,386 | $ | 191,289 | $ | 155,631 | ||||||||||||
| Add: |
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| Fixed charges (excluding capitalized interest) |
53,714 | 108,930 | 96,168 | 89,973 | 85,514 | 85,912 | ||||||||||||||||||
| Distributed income from equity investees |
— | — | — | — | — | — | ||||||||||||||||||
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| Pretax earnings from operations, as adjusted |
$ | 227,587 | $ | 374,301 | $ | 335,674 | $ | 298,359 | $ | 276,803 | $ | 241,543 | ||||||||||||
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| Fixed Charges: |
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| Interest on indebtedness |
$ | 50,006 | $ | 101,811 | $ | 89,057 | $ | 84,080 | $ | 80,370 | $ | 79,175 | ||||||||||||
| Capitalized interest |
1,904 | 2,435 | 1,738 | 2,383 | 1,628 | 1,369 | ||||||||||||||||||
| Amortization of net discount relating to indebtedness |
879 | 1,702 | 1,246 | 1,100 | 1,238 | 3,188 | ||||||||||||||||||
| Amortization of interest rate hedges |
1,056 | 1,932 | 2,802 | 1,902 | 1,129 | 438 | ||||||||||||||||||
| Amortization of deferred charges |
1,773 | 3,485 | 3,063 | 2,891 | 2,777 | 3,111 | ||||||||||||||||||
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| Fixed charges |
$ | 55,618 | $ | 111,365 | $ | 97,906 | $ | 92,356 | $ | 87,142 | $ | 87,281 | ||||||||||||
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| Ratio of net earnings to fixed charges |
4.09 | 3.36 | 3.43 | 3.23 | 3.18 | 2.77 | ||||||||||||||||||
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| Fixed charges |
$ | 55,618 | $ | 111,365 | $ | 97,906 | $ | 92,356 | $ | 87,142 | $ | 87,281 | ||||||||||||
| Preferred stock dividends |
17,164 | 37,925 | 38,623 | 35,434 | 35,434 | 27,923 | ||||||||||||||||||
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| Combined fixed charges and preferred stock dividends |
$ | 72,782 | $ | 149,290 | $ | 136,529 | $ | 127,790 | $ | 122,576 | $ | 115,204 | ||||||||||||
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| Ratio of earnings to combined fixed charges and preferred stock dividends |
3.13 | 2.51 | 2.46 | 2.33 | 2.26 | 2.10 | ||||||||||||||||||
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| (A) | For the six months ended June 30, 2018 and the year ended December 31, 2017, excluding the effect of $521 and $7,845, respectively, in retirement severance costs, ratio of earnings to fixed charges would have been 4.10x and 3.43x, respectively and the ratio of earnings to combined fixed charges and preferred stock dividends would have been 3.13x and 2.56x, respectively. Retirement severance costs relate primarily to Craig Macnab's retirement as Chief Executive Officer on April 28, 2017. |