EX-12.1 4 a14-25802_1ex12d1.htm EX-12.1

Exhibit 12.1

 

REALTY INCOME CORPORATION

STATEMENTS RE COMPUTATION OF RATIOS

( dollars in thousands )

 

 

 

 

Years ended December 31,

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2014

 

2013

 

2012

 

2011

 

2010

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

Interest

 

$

205,486

 

$

172,078

 

$

116,294

 

$

103,821

 

$

89,906

 

Amortization of fees

 

10,880

 

9,364

 

6,849

 

5,265

 

3,888

 

Interest capitalized

 

444

 

537

 

498

 

438

 

10

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges

 

$

216,810

 

$

181,979

 

$

123,641

 

$

109,524

 

$

93,804

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations

 

$

269,140

 

$

180,613

 

$

141,895

 

$

140,659

 

$

112,326

 

Plus fixed charges

 

216,810

 

181,979

 

123,641

 

109,524

 

93,804

 

Less interest capitalized

 

(444)

 

(537)

 

(498)

 

(438)

 

(10

)

 

 

 

 

 

 

 

 

 

 

 

 

Earnings from continuing operations before fixed charges

 

$

485,506

 

$

362,055

 

$

265,038

 

$

249,745

 

$

206,120

 

Divided by fixed charges

 

$

216,810

 

$

181,979

 

$

123,641

 

$

109,524

 

$

93,804

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings from continuing operations to fixed charges

 

2.2

 

2.0

 

2.1

 

2.3

 

2.2

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

1.9

 

1.6

 

1.6

 

1.9

 

1.7

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred stock dividends

 

$37,062

 

$41,930

 

$40,918

 

$24,253

 

$24,253