EX-12.1 2 a18-1096_1ex12d1.htm EX-12.1

Exhibit 12.1

 

REALTY INCOME CORPORATION

STATEMENTS RE COMPUTATION OF RATIOS

( dollars in thousands )

 

 

 

Years ended December 31,

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2017

 

2016

 

2015

 

2014

 

2013

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

Interest

 

$

235,555

 

$

208,328

 

$

221,484

 

$

205,486

 

$

172,078

 

Amortization of fees

 

11,858

 

11,646

 

11,595

 

10,880

 

9,364

 

Interest capitalized

 

461

 

469

 

594

 

444

 

537

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges

 

$

247,874

 

$

220,443

 

$

233,673

 

$

216,810

 

$

181,979

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations

 

$319,318

 

$316,477

 

$284,855

 

$269,140

 

$180,613

 

Plus fixed charges

 

247,874

 

220,443

 

233,673

 

216,810

 

181,979

 

Less interest capitalized

 

(461)

 

(469)

 

(594)

 

(444)

 

(537)

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings from continuing operations before fixed charges

 

$

566,731

 

$

536,451

 

$

517,934

 

$

485,506

 

$

362,055

 

Divided by fixed charges

 

$

247,874

 

$

220,443

 

$

233,673

 

$

216,810

 

$

181,979

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings from continuing operations to fixed charges

 

2.3

 

2.4

 

2.2

 

2.2

 

2.0

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

2.3

 

2.2

 

2.0

 

1.9

 

1.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred stock dividends

 

$3,911

 

$27,080

 

$27,080

 

$37,062

 

$41,930