EX-12.1 2 a13-26753_1ex12d1.htm EX-12.1

Exhibit 12.1

 

REALTY INCOME CORPORATION

STATEMENTS RE COMPUTATION OF RATIOS

( dollars in thousands )

 

 

 

Years ended December 31,

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013

 

2012

 

2011

 

2010

 

2009 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

Interest

 

$

171,552

 

$

115,693

 

$

103,036

 

$

89,349

 

$

81,860

 

Amortization of fees

 

9,364

 

6,849

 

5,265

 

3,888

 

3,668

 

Interest capitalized

 

537

 

498

 

438

 

10

 

5

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges

 

$

181,453

 

$

123,040

 

$

108,739

 

$

93,247

 

$

85,533

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations

 

$179,180

 

$140,719

 

$139,622

 

$111,422

 

$107,736

 

Plus fixed charges

 

181,453

 

123,040

 

108,739

 

93,247

 

85,533

 

Less interest capitalized

 

(537

)

(498

)

(438

)

(10

)

(5

)

 

 

 

 

 

 

 

 

 

 

 

 

Earnings from continuing operations before fixed charges

 

$

360,096

 

$

263,261

 

$

247,923

 

$

204,659

 

$

193,264

 

Divided by fixed charges

 

$

181,453

 

$

123,040

 

$

108,739

 

$

93,247

 

$

85,533

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings from continuing operations to fixed charges

 

2.0

 

2.1

 

2.3

 

2.2

 

2.3

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings from continuing operations to combined fixed charges and preferred stock dividends

 

1.6

 

1.6

 

1.9

 

1.7

 

1.8

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred stock dividends

 

$41,930

 

$40,918

 

$24,253

 

$24,253

 

$24,253