EX-12.1 5 a2218809zex-12_1.htm EX-12.1

Exhibit 12.1

W. P. CAREY INC.

RATIO OF EARNINGS TO FIXED CHARGES CALCULATION

 
   Years Ended December 31,  
 
   2013   2012   2011   2010   2009  

Earnings:

                                

Add:

                                

Income from continuing operations before income taxes

   $ 95,237   $ 94,287   $ 190,254   $ 109,757   $ 81,010  

Fixed charges

     110,204     52,213     23,648     17,437     16,661  

Distributions received from equity investments in real estate and the Managed REITs in excess of equity income

     58,018     46,294     20,807     18,758     39,102  

Less:

                                

Income from equity investment in real estate and the Managed REITs

     (52,731 )   (62,392 )   (51,228 )   (30,992 )   (13,424 )

Noncontrolling interests in pre-tax income or loss of subsidiaries that have not incurred fixed charges

     (3,457 )   (1,319 )   (2,734 )   (1,722 )   (2,258 )
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total

 $ 207,271   $ 129,083   $ 180,747   $ 113,288   $ 121,091  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                       

Fixed Charges:

                                

Interest expense

 $ 108,193   $ 50,709   $ 22,366   $ 16,233   $ 15,415  

Estimated interest component of rent expense

     2,011     1,504     1,282     1,204     1,246  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total

 $ 110,204   $ 52,213   $ 23,648   $ 17,437   $ 16,661  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                       

Ratio of Earnings to Fixed Charges

     1.88     2.47     7.64     6.49     7.27