EX-12.1 7 a16-21155_1ex12d1.htm EX-12.1

Exhibit 12.1

 

W.P. CAREY INC.

 

RATIO OF EARNINGS TO FIXED CHARGES CALCULATION

 

 

 

Nine Months Ended
September 30,

 

Years Ended December 31,

 

(Dollars in thousands)

 

2016

 

2015

 

2014

 

2013

 

2012

 

2011

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations before income taxes

 

$

221,799

 

$

222,848

 

$

230,360

 

$

95,237

 

$

94,286

 

$

190,255

 

Fixed charges

 

141,507

 

196,991

 

180,689

 

110,179

 

52,193

 

23,625

 

Less: Equity in earnings of equity method investments

 

(48,243

)

(51,020

)

(44,116

)

(52,731

)

(62,392

)

(51,228

)

Distributed income of equity investments

 

48,303

 

51,435

 

42,809

 

42,554

 

45,121

 

51,538

 

Amortization of capitalized interest

 

11

 

—

 

—

 

—

 

—

 

—

 

Net income attributable to noncontrolling interests that have not incurred fixed charges

 

(5,220

)

(6,235

)

(4,619

)

(3,847

)

(1,319

)

(2,735

)

Earnings

 

$

358,157

 

$

414,019

 

$

405,123

 

$

191,392

 

$

127,889

 

$

211,455

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

$

139,496

 

$

194,326

 

$

178,462

 

$

108,193

 

$

50,709

 

$

22,366

 

Capitalized interest

 

264

 

329

 

163

 

—

 

—

 

—

 

1/3 of rental expense - interest factor

 

1,748

 

2,336

 

2,064

 

1,986

 

1,484

 

1,259

 

Fixed Charges

 

$

141,508

 

$

196,991

 

$

180,689

 

$

110,179

 

$

52,193

 

$

23,625

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of Earnings to Fixed Charges

 

2.53

 

2.10

 

2.24

 

1.74

 

2.45

 

8.95