REALTY INCOME CORPORATION
STATEMENTS RE COMPUTATION OF RATIOS
( dollars in thousands )
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| Years ended December 31, |
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| 2017 |
| 2016 |
| 2015 |
| 2014 |
| 2013 |
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Fixed charges: |
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Interest |
| $ | 235,555 |
| $ | 208,328 |
| $ | 221,484 |
| $ | 205,486 |
| $ | 172,078 |
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Amortization of fees |
| 11,858 |
| 11,646 |
| 11,595 |
| 10,880 |
| 9,364 |
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Interest capitalized |
| 461 |
| 469 |
| 594 |
| 444 |
| 537 |
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Fixed charges |
| $ | 247,874 |
| $ | 220,443 |
| $ | 233,673 |
| $ | 216,810 |
| $ | 181,979 |
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Income from continuing operations |
| $319,318 |
| $316,477 |
| $284,855 |
| $269,140 |
| $180,613 |
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Plus fixed charges |
| 247,874 |
| 220,443 |
| 233,673 |
| 216,810 |
| 181,979 |
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Less interest capitalized |
| (461) |
| (469) |
| (594) |
| (444) |
| (537) |
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Earnings from continuing operations before fixed charges |
| $ | 566,731 |
| $ | 536,451 |
| $ | 517,934 |
| $ | 485,506 |
| $ | 362,055 |
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Divided by fixed charges |
| $ | 247,874 |
| $ | 220,443 |
| $ | 233,673 |
| $ | 216,810 |
| $ | 181,979 |
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Ratio of earnings from continuing operations to fixed charges |
| 2.3 |
| 2.4 |
| 2.2 |
| 2.2 |
| 2.0 |
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Ratio of earnings from continuing operations to combined fixed charges and preferred stock dividends |
| 2.3 |
| 2.2 |
| 2.0 |
| 1.9 |
| 1.6 |
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Preferred stock dividends |
| $3,911 |
| $27,080 |
| $27,080 |
| $37,062 |
| $41,930 |
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