EX-12.1 5 a15-23382_1ex12d1.htm EX-12.1

Exhibit 12.1

 

REALTY INCOME CORPORATION

STATEMENTS RE COMPUTATION OF RATIOS

( dollars in thousands )

 

 

 

Years ended December 31,

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2015

 

2014

 

2013

 

2012

 

2011

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

Interest

 

$

221,484

 

$

205,486

 

$

172,078

 

$

116,294

 

$

103,821

 

Amortization of fees

 

11,595

 

10,880

 

9,364

 

6,849

 

5,265

 

Interest capitalized

 

594

 

444

 

537

 

498

 

438

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges

 

$

233,673

 

$

216,810

 

$

181,979

 

$

123,641

 

$

109,524

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations

 

$

284,855

 

$

269,140

 

$

180,613

 

$

141,895

 

$

140,659

 

Plus fixed charges

 

233,673

 

216,810

 

181,979

 

123,641

 

109,524

 

Less interest capitalized

 

(594)

 

(444)

 

(537)

 

(498)

 

(438)

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings from continuing operations before fixed charges

 

$

517,934

 

$

485,506

 

$

362,055

 

$

265,038

 

$

249,745

 

Divided by fixed charges

 

$

233,673

 

$

216,810

 

$

181,979

 

$

123,641

 

$

109,524

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings from continuing operations to fixed charges

 

2.2

 

2.2

 

2.0

 

2.1

 

2.3

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

2.0

 

1.9

 

1.6

 

1.6

 

1.9

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred stock dividends

 

$27,080

 

$37,062

 

$41,930

 

$40,918

 

$24,253