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| 8-K - 8-K - NATIONAL RETAIL PROPERTIES, INC. | d196698d8k.htm |
NATIONAL RETAIL PROPERTIES, INC. AND SUBSIDIARIES
EXHIBIT 12
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
(dollars in thousands)
| For the Six Months Ended June 30, 2016 |
2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||||||
| Pretax income from continuing operations before income from equity investees |
$ | 122,641 | $ | 208,386 | $ | 191,289 | $ | 155,631 | $ | 117,333 | $ | 91,389 | ||||||||||||
| Add: |
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| Fixed charges (excluding capitalized interest) |
47,572 | 89,973 | 85,514 | 85,912 | 83,937 | 80,357 | ||||||||||||||||||
| Distributed income from equity investees |
— | — | — | — | 8,239 | 593 | ||||||||||||||||||
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| Pretax earnings from operations, as adjusted |
$ | 170,213 | $ | 298,359 | $ | 276,803 | $ | 241,543 | $ | 209,509 | $ | 172,339 | ||||||||||||
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| Fixed Charges: |
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| Interest on indebtedness |
$ | 44,079 | $ | 84,080 | $ | 80,370 | $ | 79,175 | $ | 76,153 | $ | 70,022 | ||||||||||||
| Capitalized interest |
827 | 2,383 | 1,628 | 1,369 | 1,540 | 1,213 | ||||||||||||||||||
| Amortization of net discount relating to indebtedness |
593 | 1,100 | 1,238 | 3,188 | 4,975 | 6,191 | ||||||||||||||||||
| Amortization of interest rate hedges |
1,402 | 1,902 | 1,129 | 438 | 231 | 9 | ||||||||||||||||||
| Amortization of deferred charges |
1,498 | 2,891 | 2,777 | 3,111 | 2,578 | 4,135 | ||||||||||||||||||
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| Fixed charges |
$ | 48,399 | $ | 92,356 | $ | 87,142 | $ | 87,281 | $ | 85,477 | $ | 81,570 | ||||||||||||
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| Ratio of net earnings to fixed charges |
3.52 | 3.23 | 3.18 | 2.77 | 2.45 | 2.11 | ||||||||||||||||||
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| Fixed charges |
$ | 48,399 | $ | 92,356 | $ | 87,142 | $ | 87,281 | $ | 85,477 | $ | 81,570 | ||||||||||||
| Preferred stock dividends |
17,717 | 35,434 | 35,434 | 27,923 | 17,428 | 6,785 | ||||||||||||||||||
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| Combined fixed charges and preferred stock dividends |
$ | 66,116 | $ | 127,790 | $ | 122,576 | $ | 115,204 | $ | 102,905 | $ | 88,355 | ||||||||||||
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| Ratio of earnings to combined fixed charges and preferred stock dividends |
2.57 | 2.33 | 2.26 | 2.10 | 2.04 | 1.95 | ||||||||||||||||||
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