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 | ||||||||||||||||||||||||
2016 | 2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||||||
Pretax income from continuing operations before income from equity investees | $ | 173,437 | $ | 208,386 | $ | 191,289 | $ | 155,631 | $ | 117,333 | $ | 91,389 | ||||||||||||
Add: | ||||||||||||||||||||||||
Fixed charges (excluding capitalized interest) | 71,784 | 89,973 | 85,514 | 85,912 | 83,937 | 80,357 | ||||||||||||||||||
Distributed income from equity investees | — | — | — | — | 8,239 | 593 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Pretax earnings from operations, as adjusted | $ | 245,221 | $ | 298,359 | $ | 276,803 | $ | 241,543 | $ | 209,509 | $ | 172,339 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Fixed Charges: | ||||||||||||||||||||||||
Interest on indebtedness | $ | 66,502 | $ | 84,080 | $ | 80,370 | $ | 79,175 | $ | 76,153 | $ | 70,022 | ||||||||||||
Capitalized interest | 1,243 | 2,383 | 1,628 | 1,369 | 1,540 | 1,213 | ||||||||||||||||||
Amortization of net discount relating to indebtedness | 903 | 1,100 | 1,238 | 3,188 | 4,975 | 6,191 | ||||||||||||||||||
Amortization of interest rate hedges | 2,122 | 1,902 | 1,129 | 438 | 231 | 9 | ||||||||||||||||||
Amortization of deferred charges | 2,257 | 2,891 | 2,777 | 3,111 | 2,578 | 4,135 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Fixed charges | $ | 73,027 | $ | 92,356 | $ | 87,142 | $ | 87,281 | $ | 85,477 | $ | 81,570 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Ratio of net earnings to fixed charges | 3.36 | 3.23 | 3.18 | 2.77 | 2.45 | 2.11 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Fixed charges | $ | 73,027 | $ | 92,356 | $ | 87,142 | $ | 87,281 | $ | 85,477 | $ | 81,570 | ||||||||||||
Preferred stock dividends | 26,576 | 35,434 | 35,434 | 27,923 | 17,428 | 6,785 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Combined fixed charges and preferred stock dividends | $ | 99,603 | $ | 127,790 | $ | 122,576 | $ | 115,204 | $ | 102,905 | $ | 88,355 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Ratio of earnings to combined fixed charges and preferred stock dividends | 2.46 | 2.33 | 2.26 | 2.10 | 2.04 | 1.95 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|