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)
Six Months Ended June 30, 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||||||
Pretax income from continuing operations before income from equity investees | $ | 132,057 | $ | 239,506 | $ | 208,386 | $ | 191,289 | $ | 155,631 | $ | 117,333 | ||||||||||||
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Fixed charges (excluding capitalized interest) | 53,799 | 96,168 | 89,973 | 85,514 | 85,912 | 83,937 | ||||||||||||||||||
Distributed income from equity investees | — | — | — | — | — | 8,239 | ||||||||||||||||||
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Pretax earnings from operations, as adjusted | $ | 185,856 | $ | 335,674 | $ | 298,359 | $ | 276,803 | $ | 241,543 | $ | 209,509 | ||||||||||||
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Fixed Charges: | ||||||||||||||||||||||||
Interest on indebtedness | $ | 50,343 | $ | 89,057 | $ | 84,080 | $ | 80,370 | $ | 79,175 | $ | 76,153 | ||||||||||||
Capitalized interest | 1,113 | 1,738 | 2,383 | 1,628 | 1,369 | 1,540 | ||||||||||||||||||
Amortization of net discount relating to indebtedness | 836 | 1,246 | 1,100 | 1,238 | 3,188 | 4,975 | ||||||||||||||||||
Amortization of interest rate hedges | 902 | 2,802 | 1,902 | 1,129 | 438 | 231 | ||||||||||||||||||
Amortization of deferred charges | 1,718 | 3,063 | 2,891 | 2,777 | 3,111 | 2,578 | ||||||||||||||||||
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Fixed charges | $ | 54,912 | $ | 97,906 | $ | 92,356 | $ | 87,142 | $ | 87,281 | $ | 85,477 | ||||||||||||
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Ratio of net earnings to fixed charges | 3.38 | (A) | 3.43 | 3.23 | 3.18 | 2.77 | 2.45 | |||||||||||||||||
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Fixed charges | $ | 54,912 | $ | 97,906 | $ | 92,356 | $ | 87,142 | $ | 87,281 | $ | 85,477 | ||||||||||||
Preferred stock dividends | 20,762 | 38,623 | 35,434 | 35,434 | 27,923 | 17,428 | ||||||||||||||||||
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Combined fixed charges and preferred stock dividends | $ | 75,674 | $ | 136,529 | $ | 127,790 | $ | 122,576 | $ | 115,204 | $ | 102,905 | ||||||||||||
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Ratio of earnings to combined fixed charges and preferred stock dividends | 2.46 | (A) | 2.46 | 2.33 | 2.26 | 2.10 | 2.04 | |||||||||||||||||
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(A) | Excluding the effect of $7.4 million in retirement severance costs, ratio of earnings to fixed charges and ratio of earnings to combined fixed charges and preferred stock dividends would have been 3.52x and 2.55x, respectively. Retirement severance costs relate primarily to Craig Macnab’s retirement as the registrant’s chief executive officer on April 28, 2017. |