Attached files
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| 8-K - FORM 8-K - NATIONAL RETAIL PROPERTIES, INC. | d723467d8k.htm |
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)
| For the Quarters Ended March 31, |
For the Years Ended December 31, | |||||||||||||||||||||||||||
| 2014 | 2013 | 2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||||||||
| Pretax income from continuing operations before income from equity investees |
$ | 43,982 | $ | 33,286 | $ | 155,631 | $ | 117,333 | $ | 91,389 | $ | 71,249 | $ | 54,659 | ||||||||||||||
| Add: |
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| Fixed charges (excluding capitalized interest) |
20,292 | 20,881 | 85,912 | 83,937 | 80,357 | 72,427 | 69,341 | |||||||||||||||||||||
| Distributed income from equity investees |
— | — | — | 8,239 | 593 | 578 | 607 | |||||||||||||||||||||
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| Pretax earnings from operations, as adjusted |
$ | 64,274 | $ | 54,167 | $ | 241,543 | $ | 209,509 | $ | 172,339 | $ | 144,254 | $ | 124,607 | ||||||||||||||
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| Fixed Charges: |
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| Interest on indebtedness |
$ | 19,199 | $ | 19,681 | $ | 79,175 | $ | 76,153 | $ | 70,022 | $ | 61,639 | $ | 60,094 | ||||||||||||||
| Capitalized interest |
434 | 219 | 1,369 | 1,540 | 1,213 | 617 | 1,243 | |||||||||||||||||||||
| Amortization of discount relating to indebtedness |
303 | 235 | 3,188 | 4,975 | 6,191 | 6,360 | 6,006 | |||||||||||||||||||||
| Amortization of interest rate hedges |
135 | 60 | 438 | 231 | 9 | (165 | ) | (159 | ) | |||||||||||||||||||
| Amortization of deferred charges |
655 | 905 | 3,111 | 2,578 | 4,135 | 4,593 | 3,400 | |||||||||||||||||||||
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| Fixed charges |
$ | 20,726 | $ | 21,100 | $ | 87,281 | $ | 85,477 | $ | 81,570 | $ | 73,044 | $ | 70,584 | ||||||||||||||
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| Ratio of net earnings to fixed charges |
3.10 | 2.57 | 2.77 | 2.45 | 2.11 | 1.97 | 1.77 | |||||||||||||||||||||
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| Fixed charges |
$ | 20,726 | $ | 21,100 | $ | 87,281 | $ | 85,477 | $ | 81,570 | $ | 73,044 | $ | 70,584 | ||||||||||||||
| Preferred stock dividends |
8,859 | 4,762 | 27,923 | 17,428 | 6,785 | 6,785 | 6,785 | |||||||||||||||||||||
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| Combined fixed charges and preferred stock dividends |
$ | 29,585 | $ | 25,862 | $ | 115,204 | $ | 102,905 | $ | 88,355 | $ | 79,829 | $ | 77,369 | ||||||||||||||
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| Ratio of earnings to combined fixed charges and preferred stock dividends |
2.17 | 2.09 | 2.10 | 2.04 | 1.95 | 1.81 | 1.61 | |||||||||||||||||||||
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