EX-12 4 exhibit121.htm EXHIBIT 12.1  

 

EXHIBIT 12.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

COMPUTATION OF RATIOS FOR VORNADO REALTY TRUST

(UNAUDITED)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

       Our consolidated ratios of earnings to fixed charges and earnings to combined fixed charges and preference dividends for each of the fiscal years ended December 31, 2016, 2015, 2014, 2013, and 2012 are as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Year Ended December 31,

(Amounts in thousands)

2016

 

2015

 

2014

 

2013

 

2012

Income (loss) from continuing operations before income taxes and

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

income from partially owned entities

$

1,147,311

 

$

735,103

 

$

492,492

 

$

328,810

 

$

(29,300)

Fixed charges

 

450,973

 

 

450,450

 

 

487,696

 

 

481,216

 

 

467,183

Income distributions from partially owned entities

 

217,468

 

 

65,018

 

 

96,286

 

 

54,030

 

 

226,172

Capitalized interest and debt expense

 

(34,097)

 

 

(59,305)

 

 

(62,786)

 

 

(42,303)

 

 

(16,801)

Preferred unit distributions

 

(194)

 

 

(158)

 

 

(50)

 

 

(1,158)

 

 

(9,936)

Earnings - Numerator

$

1,781,461

 

$

1,191,108

 

$

1,013,638

 

$

820,595

 

$

637,318

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and debt expense

$

402,674

 

$

378,025

 

$

412,755

 

$

425,782

 

$

431,235

Capitalized interest and debt expense

 

34,097

 

 

59,305

 

 

62,786

 

 

42,303

 

 

16,801

1/3 of rental expense – interest factor

 

14,008

 

 

12,962

 

 

12,105

 

 

11,973

 

 

9,211

Preferred unit distributions

 

194

 

 

158

 

 

50

 

 

1,158

 

 

9,936

Fixed charges - Denominator

 

450,973

 

 

450,450

 

 

487,696

 

 

481,216

 

 

467,183

Preferred share dividends

 

75,903

 

 

80,578

 

 

81,464

 

 

82,807

 

 

76,937

Combined fixed charges and preference dividends - Denominator

$

526,876

 

$

531,028

 

$

569,160

 

$

564,023

 

$

544,120

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

$

3.95

 

$

2.64

 

$

2.08

 

$

1.71

 

$

1.36

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to combined fixed charges and preference

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

dividends

$

3.38

 

$

2.24

 

$

1.78

 

$

1.45

 

$

1.17

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

       Earnings equals (i) income from continuing operations before income taxes and income from partially owned entities, plus, (ii) fixed charges, (iii) income distributions from partially owned entities, minus (iv) capitalized interest and debt expense and (v) preferred unit distributions of the Operating Partnership.  Fixed charges equals (i) interest and debt expense, plus (ii) capitalized interest and debt expense, (iii) the portion of operating lease rental expense that is representative of the interest factor, which is one-third of operating lease rentals and (iv) preferred unit distributions of the Operating Partnership. Combined fixed charges and preference dividends equals fixed charges plus preferred share dividends.