Exhibit 12.1
SPIRIT REALTY CAPITAL, INC.
(F/K/A COLE CREDIT PROPERTY TRUST II, INC.)
STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS
(in thousands, except ratios)
Six Months Ended June 30, | Twelve Months Ended December 31, | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||||||
Pre-tax loss from continuing operations | $ | (19,779 | ) | $ | (70,685 | ) | $ | (46,759 | ) | $ | (63,351 | ) | $ | (69,403 | ) | $ | (93,613 | ) | ||||||
Add: Fixed charges | 75,990 | 156,220 | 169,343 | 172,500 | 207,976 | 230,622 | ||||||||||||||||||
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Pre-tax earnings from continuing operations before fixed charges | $ | 56,211 | $ | 85,535 | $ | 122,584 | $ | 109,149 | $ | 138,573 | $ | 137,009 | ||||||||||||
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Fixed charges: | ||||||||||||||||||||||||
Interest expense | $ | 59,931 | $ | 142,655 | $ | 151,261 | $ | 157,821 | $ | 189,292 | $ | 214,076 | ||||||||||||
Amortization of deferred financing costs | 10,130 | 2,819 | 3,599 | 4,728 | 8,401 | 6,064 | ||||||||||||||||||
Amortization of discount/premium relating to indebtedness | 5,929 | 10,746 | 14,483 | 9,951 | 10,283 | 10,482 | ||||||||||||||||||
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Fixed charges | $ | 75,990 | $ | 156,220 | $ | 169,343 | $ | 172,500 | $ | 207,976 | $ | 230,622 | ||||||||||||
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Ratio of earnings from continuing operations to fixed charges(1) | — | — | — | — | — | — | ||||||||||||||||||
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Fixed charges | $ | 75,990 | $ | 156,220 | $ | 169,343 | $ | 172,500 | $ | 207,976 | $ | 230,622 | ||||||||||||
Preferred dividends | — | 63 | 16 | 15 | 16 | 16 | ||||||||||||||||||
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Combined fixed charges and preferred dividends | $ | 75,990 | $ | 156,283 | $ | 169,359 | $ | 172,515 | $ | 207,992 | $ | 230,638 | ||||||||||||
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Ratio of earnings from continuing operations to combined fixed charges and preferred dividends(1) | — | — | — | — | — | — | ||||||||||||||||||
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Combined fixed charges and preferred dividends in excess of earnings from continuing operations | $ | 19,779 | $ | 70,748 | $ | 46,775 | $ | 63,366 | $ | 69,419 | $ | 93,629 | ||||||||||||
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(1) | The ratio of earnings to combined fixed charges and preferred dividends was less than 1.00 as a result of losses from continuing operations for all periods presented. |