Exhibit 12.1
W. P. CAREY INC.
RATIO OF EARNINGS TO FIXED CHARGES CALCULATION
| Years Ended December 31, | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2013 | 2012 | 2011 | 2010 | 2009 | |||||||||||
Earnings: | ||||||||||||||||
Add: | ||||||||||||||||
Income from continuing operations before income taxes | $ | 95,237 | $ | 94,287 | $ | 190,254 | $ | 109,757 | $ | 81,010 | ||||||
Fixed charges | 110,204 | 52,213 | 23,648 | 17,437 | 16,661 | |||||||||||
Distributions received from equity investments in real estate and the Managed REITs in excess of equity income | 58,018 | 46,294 | 20,807 | 18,758 | 39,102 | |||||||||||
Less: | ||||||||||||||||
Income from equity investment in real estate and the Managed REITs | (52,731 | ) | (62,392 | ) | (51,228 | ) | (30,992 | ) | (13,424 | ) | ||||||
Noncontrolling interests in pre-tax income or loss of subsidiaries that have not incurred fixed charges | (3,457 | ) | (1,319 | ) | (2,734 | ) | (1,722 | ) | (2,258 | ) | ||||||
| | | | | | | | | | | | | | | | |
Total | $ | 207,271 | $ | 129,083 | $ | 180,747 | $ | 113,288 | $ | 121,091 | ||||||
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
Fixed Charges: | ||||||||||||||||
Interest expense | $ | 108,193 | $ | 50,709 | $ | 22,366 | $ | 16,233 | $ | 15,415 | ||||||
Estimated interest component of rent expense | 2,011 | 1,504 | 1,282 | 1,204 | 1,246 | |||||||||||
| | | | | | | | | | | | | | | | |
Total | $ | 110,204 | $ | 52,213 | $ | 23,648 | $ | 17,437 | $ | 16,661 | ||||||
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
Ratio of Earnings to Fixed Charges | 1.88 | 2.47 | 7.64 | 6.49 | 7.27 |