EX-12.1 5 ex121.htm EXHIBIT 12.1 Exhibit

 

EXHIBIT 12.1
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
COMPUTATION OF RATIOS FOR VORNADO REALTY TRUST
(UNAUDITED)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Our consolidated ratios of earnings to fixed charges and earnings to combined fixed charges and preference dividends for each of the fiscal years ended December 31, 2017, 2016, 2015, 2014, and 2013 are as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the Year Ended December 31,
(Amounts in thousands)
2017
 
2016
 
2015
 
2014
 
2013
Income (loss) from continuing operations before income taxes and
 
 
 
 
 
 
 
 
 
 
 
income from partially owned entities
 
$
303,246

 
$
415,291

 
$
560,854

 
$
389,689

 
$
239,583

Fixed charges
 
407,480

 
374,178

 
374,413

 
407,576

 
377,160

Income distributions from partially owned entities
 
81,467

 
214,617

 
65,149

 
91,243

 
58,434

Capitalized interest and debt expense
 
(48,231)

 
(30,343)

 
(53,425)

 
(59,241)

 
(41,201)

Preferred unit distributions
 
(194)

 
(194)

 
(158)

 
(50)

 
(1,158)

Earnings - Numerator
 
$
743,768

 
$
973,549

 
$
946,833

 
$
829,217

 
$
632,818

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest and debt expense
 
$
345,654

 
$
330,240

 
$
309,298

 
$
337,360

 
$
323,505

Capitalized interest and debt expense
 
48,231

 
30,343

 
53,425

 
59,241

 
41,201

1/3 of rental expense – interest factor
 
13,401

 
13,401

 
11,532

 
10,925

 
11,296

Preferred unit distributions
 
194

 
194

 
158

 
50

 
1,158

Fixed charges - Denominator
 
407,480

 
374,178

 
374,413

 
407,576

 
377,160

Preferred share dividends
 
65,399

 
75,903

 
80,578

 
81,464

 
82,807

Combined fixed charges and preference dividends - Denominator
 
$
472,879

 
$
450,081

 
$
454,991

 
$
489,040

 
$
459,967

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
 
$
1.83

 
$
2.60

 
$
2.53

 
$
2.03

 
$
1.68

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to combined fixed charges and preference
 
 
 
 
 
 
 
 
 
 
 
dividends
 
$
1.57

 
$
2.16

 
$
2.08

 
$
1.70

 
$
1.38

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings equals (i) income from continuing operations before income taxes and income from partially owned entities, plus, (ii) fixed charges, (iii) income distributions from partially owned entities, minus (iv) capitalized interest and debt expense and (v) preferred unit distributions of the Operating Partnership. Fixed charges equals (i) interest and debt expense, plus (ii) capitalized interest and debt expense, (iii) the portion of operating lease rental expense that is representative of the interest factor, which is one-third of operating lease rentals and (iv) preferred unit distributions of the Operating Partnership. Combined fixed charges and preference dividends equals fixed charges plus preferred share dividends.