EX-12.1 4 w51486s4ex12-1.txt RATIO OF EARNINGS 1 EXHIBIT 12.1 CONSOLIDATED RATIOS OF EARNINGS TO FIXED CHARGES The following table sets forth CNLR's consolidated ratios of earnings to fixed charges for the periods as shown.
Pro Forma Three Months Three Months Pro Forma 2001 2001 2000 2000 ------------ ------------ ------------ ------------ Net Earnings $ 13,837,000 $ 11,593,619 $ 48,114,294 $ 38,250,664 Fixed Charges: Interest on Indebtedness 8,144,890 6,267,638 34,472,092 26,436,979 Amortization of Discount Relating to Indebtedness 26,090 26,090 91,211 91,211 Amortization of Treasury Lock Gain (126,069) (126,069) (478,846) (478,846) Amortization of Deferred Charges 247,897 197,897 1,004,388 804,388 Preferred Distributions 1,125,000 -- 4,500,000 -- ------------ ------------ ------------ ------------ 9,417,808 6,365,556 39,588,845 26,853,732 Net Earnings Before Fixed Charges $ 23,254,808 $ 17,959,175 $ 87,703,139 $ 65,104,396 ============ ============ ============ ============ Divided by Fixed Charges Fixed Charges $ 9,417,808 $ 6,365,556 $ 39,588,845 $ 26,853,732 Capitalized and Deferred Interest 223,528 223,528 646,897 646,897 ------------ ------------ ------------ ------------ $ 9,641,336 $ 6,589,084 $ 40,235,742 $ 27,500,629 ============ ============ ============ ============ Ratio of Net Earnings to Fixed Charges 2.41 2.73 2.18 2.37 ============ ============ ============ ============ Advisor acquisition Costs $ 333,556 $ 333,556 $ 1,521,063 $ 1,521,063 ============ ============ ============ ============ Net Earnings After Advisor acquisition Costs and Fixed Charges (1) $ 23,588,363 $ 18,292,730 $ 89,224,202 $ 66,625,459 ============ ============ ============ ============ Ratio of Net Earnings After Advisor acquisition Costs to Fixed Charges (1) 2.45 2.78 2.22 2.42 ============ ============ ============ ============
1999 1998 1997 1996 ------------ ----------- ----------- ----------- Net Earnings $ 35,311,517 $32,441,198 $30,384,643 $19,839,374 Fixed Charges: Interest on Indebtedness 21,864,179 13,444,646 11,477,929 7,206,291 Amortization of Discount Relating to Indebtedness 55,758 15,244 -- -- Amortization of Treasury Lock Gain (245,388) -- -- -- Amortization of Deferred Charges 723,310 710,491 825,014 748,638 Preferred Distributions -- -- -- -- ------------ ----------- ----------- ----------- 22,397,859 14,170,381 12,302,943 7,954,929 Net Earnings Before Fixed Charges $ 57,709,376 $46,611,579 $42,687,586 $27,794,303 ============ =========== =========== =========== Divided by Fixed Charges Fixed Charges $ 22,397,859 $14,170,381 $12,302,943 $ 7,954,929 Capitalized and Deferred Interest 1,111,165 1,111,615 133,202 -- ------------ ----------- ----------- ----------- $ 23,509,024 $15,281,996 $12,436,145 $ 7,954,929 ============ =========== =========== =========== Ratio of Net Earnings to Fixed Charges 2.45 3.05 3.43 3.49 ============ =========== =========== =========== Advisor Acquisition Costs $ 9,824,172 $ 5,501,343 $ -- $ -- ============ =========== =========== =========== Net Earnings After Advisor acquisition Costs and Fixed Charges (1) $ 67,533,548 $52,112,922 $42,687,586 $27,794,303 ============ =========== =========== =========== Ratio of Net Earnings After Advisor acquisition Costs to Fixed Charges (1) 2.87 3.41 3.43 3.49 ============ =========== =========== ===========
(1) CNLR's revolving line of credit and notes payable covenants provide for fixed charge coverage ratios to be calculated before Advisor acquisition Costs.