Attached files
| file | filename |
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| 8-K - FORM 8-K - NATIONAL RETAIL PROPERTIES, INC. | d392453d8k.htm |
Exhibit 12.1
NATIONAL RETAIL PROPERTIES, INC. AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
(dollars in thousands)
| Six Months Ended | Years Ended December 31, | |||||||||||||||||||||||||||
| June 30, 2012 | June 30, 2011 | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||||||
| Pretax income from continuing operations before income from equity investees |
$ | 60,413 | $ | 41,096 | $ | 91,389 | $ | 71,249 | $ | 54,659 | $ | 89,966 | $ | 68,350 | ||||||||||||||
| Add: |
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| Fixed charges (excluding capitalized interest) |
41,401 | 38,330 | 80,357 | 72,427 | 69,341 | 72,270 | 57,810 | |||||||||||||||||||||
| Distributed income from equity investees |
362 | 285 | 593 | 578 | 607 | 438 | — | |||||||||||||||||||||
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| Pretax earnings from operations, as adjusted |
$ | 102,176 | $ | 79,711 | $ | 172,339 | $ | 144,254 | $ | 124,607 | $ | 162,674 | $ | 126,160 | ||||||||||||||
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| Fixed Charges: |
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| Interest on indebtedness |
$ | 37,256 | $ | 32,603 | $ | 70,022 | $ | 61,639 | $ | 60,094 | $ | 63,746 | $ | 53,359 | ||||||||||||||
| Capitalized interest |
868 | 569 | 1,213 | 617 | 1,243 | 2,014 | 3,718 | |||||||||||||||||||||
| Amortization of discount relating to indebtedness |
2,378 | 3,335 | 6,191 | 6,360 | 6,006 | 5,670 | 2,724 | |||||||||||||||||||||
| Amortization of interest rate hedges |
113 | (85 | ) | 9 | (165 | ) | (159 | ) | (162 | ) | (309 | ) | ||||||||||||||||
| Amortization of deferred charges |
1,654 | 2,477 | 4,135 | 4,593 | 3,400 | 3,016 | 2,036 | |||||||||||||||||||||
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| Fixed charges |
$ | 42,269 | $ | 38,899 | $ | 81,570 | $ | 73,044 | $ | 70,584 | $ | 74,284 | $ | 61,528 | ||||||||||||||
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| Ratio of earnings to fixed charges |
2.42 | 2.05 | 2.11 | 1.97 | 1.77 | 2.19 | 2.05 | |||||||||||||||||||||
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| Fixed charges |
$ | 42,269 | $ | 38,899 | $ | 81,570 | $ | 73,044 | $ | 70,584 | $ | 74,284 | $ | 61,528 | ||||||||||||||
| Preferred stock dividends |
7,905 | 3,392 | 6,785 | 6,785 | 6,785 | 6,785 | 6,785 | |||||||||||||||||||||
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| Combined fixed charges and preferred stock dividends |
$ | 50,174 | $ | 42,291 | $ | 88,355 | $ | 79,829 | $ | 77,369 | $ | 81,069 | $ | 68,313 | ||||||||||||||
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| Ratio of earnings to combined fixed charges and preferred stock dividends |
2.04 | 1.88 | 1.95 | 1.81 | 1.61 | 2.01 | 1.85 | |||||||||||||||||||||
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