EX-12 9 w06705exv12.htm EXHIBIT 12 exv12
 

COMMERCIAL NET LEASE REALTY, INC. AND SUBSIDIARIES
EXHIBIT 12
CONSOLIDATED RATIOS OF EARNINGS TO FIXED CHARGES

     The following table sets forth the Company’s consolidated ratios of earnings to fixed charges for the periods as shown.

                                         
    2004     2003     2002     2001     2000  
Net Earnings
   $ 64,933,739     $ 53,472,592     $ 48,058,349     $ 28,963,548     $ 38,250,664  
 
                                        
Fixed Charges:
                                        
Interest on Indebtedness
     33,453,678       28,356,201       27,239,152       25,522,640       27,213,199  
Amortization of Discount Relating to Indebtedness
     122,859       146,195       127,375       107,201       93,600  
Amortization of Treasury Lock Gain
     (456,669 )     (596,741 )     (554,527 )     (515,299 )     (478,846 )
Amortization of Deferred Charges
     1,260,198       1,334,224       963,438       817,170       812,529  
 
                              
 
     34,380,066       29,239,879       27,775,438       25,931,712       27,640,482  
 
                                        
Net Earnings Before Fixed Charges
   $ 99,313,805     $ 82,712,471     $ 75,833,787     $ 54,895,260     $ 65,891,146  
 
                              
 
                                        
Divided by Fixed Charges
                                        
Fixed Charges
   $ 34,380,066     $ 29,239,879     $ 27,775,438     $ 25,931,712     $ 27,640,482  
Capitalized and Deferred Interest
     270,879       102,544       (599,902 )     451,624       646,897  
 
                              
 
   $ 34,650,945     $ 29,342,423     $ 27,175,536     $ 26,383,336     $ 28,287,379  
 
                              
 
                                        
Ratio of Net Earnings to Fixed Charges
     2.87       2.82       2.79       2.08       2.33  
 
                              
 
                                        
Preferred Stock Dividends
                                        
Series A Preferred Stock
   $ 4,008,378     $ 4,007,532     $ 4,009,554     $ -     $ -  
Series B Convertible Preferred Stock
     1,675,000       502,500       -       -       -  
 
                              
Total Preferred Stock Dividends
   $ 5,683,378       4,510,032       4,009,554     $ -     $ -  
 
                              
Combined Fixed Charges and Preferred Stock Dividends
   $ 40,334,323     $ 33,852,455     $ 31,185,090     $ 26,383,336     $ 28,287,379  
 
                              
Ratio of Net Earnings to Combined Fixed Charges and Preferred Stock Dividends
     2.46       2.44       2.43       2.08       2.33  
 
                              
Advisor Acquisition Costs
   $ -     $ -     $ -     $ 12,581,769     $ 1,521,063  
 
                              
Net Earnings After Advisor Acquisition Costs and Fixed Charges(1)
   $ 99,313,805     $ 82,712,471     $ 75,833,787     $ 67,477,029     $ 67,412,209  
 
                              
Ratio of Net Earnings After Advisor Acquisition Costs to Fixed Charges(1)
     2.87       2.82       2.79       2.56       2.38  
 
                              

(1) The Company’s revolving credit facility and notes payable covenants provide for fixed charge coverage ratios to be calculated before Advisor Acquisiton Costs.