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Previous: COMMERCIAL NET LEASE REALTY INC, 8-K, EX-5, 2000-09-20 |
Next: COMMERCIAL NET LEASE REALTY INC, 8-K, EX-23.2, 2000-09-20 |
<PAGE> 1
EXHIBIT 12
CONSOLIDATED RATIOS OF EARNINGS TO FIXED CHARGES
The following table sets forth the Company's consolidated ratios of earnings to
fixed charges for the periods as shown.
<TABLE>
<CAPTION>
Six Months
2000 1999 1998
----------------------- ------------------ -------------------
<S> <C> <C> <C>
Net Earnings $ 17,217,955.50 $ 35,311,517 $ 32,441,198
Fixed Charges:
Interest on Indebtedness 12,834,185.87 21,864,179 13,444,646
Amortization of Discount Relating to
Indebtedness 44,715.00 55,758 15,244
Amortization of Treasury Lock Gain (235,031.78) (245,388) -
Amortization of Deferred Charges 403,415.97 723,310 710,491
----------------------- ------------------ -------------------
13,047,285 22,397,859 14,170,381
Net Earnings Before Fixed Charges $ 30,265,241 $ 57,709,376 $ 46,611,579
======================= ================== ===================
Divided by Fixed Charges
Fixed Charges $ 13,047,285 $ 22,397,859 $ 14,170,381
Capitalized and Deferred Interest 133,615 1,111,165 1,111,615
----------------------- ------------------ -------------------
$ 13,180,900 $ 23,509,024 $ 15,281,996
======================= ================== ===================
Ratio of Net Earnings to Fixed Charges 2.30 2.45 3.05
======================= ================== ===================
Advisor Acquisition Costs $ 765,538 $ 9,824,172 $ 5,501,343
======================= ================== ===================
Net Earnings After Advisor Acquisition Costs
and Fixed Charges (1) $ 31,030,778 $ 67,533,548 $ 52,112,922
======================= ================== ===================
Ratio of Net Earnings After Advisor
Acquisition Costs to Fixed Charges (1) 2.35 2.87 3.41
======================= ================== ===================
<CAPTION>
1997 1996 1995
------------------ ------------------- ------------------
<S> <C> <C> <C>
Net Earnings $ 30,384,643 $ 19,839,374 $ 12,707,271
Fixed Charges:
Interest on Indebtedness 11,477,929 7,206,291 3,834,388
Amortization of Discount Relating to
Indebtedness - - -
Amortization of Treasury Lock Gain - - -
Amortization of Deferred Charges 825,014 748,638 322,176
------------------ ------------------- ------------------
12,302,943 7,954,929 4,156,564
Net Earnings Before Fixed Charges $ 42,687,586 $ 27,794,303 $ 16,863,835
================== =================== ==================
Divided by Fixed Charges
Fixed Charges $ 12,302,943 $ 7,954,929 $ 4,156,564
Capitalized and Deferred Interest 133,202 - -
------------------ ------------------- ------------------
$ 12,436,145 $ 7,954,929 $ 4,156,564
================== =================== ==================
Ratio of Net Earnings to Fixed Charges 3.43 3.49 4.06
================== =================== ==================
Advisor Acquisition Costs $ - $ - $ -
================== =================== ==================
Net Earnings After Advisor Acquisition Costs
and Fixed Charges (1) $ 42,687,586 $ 27,794,303 $ 16,863,835
================== =================== ==================
Ratio of Net Earnings After Advisor
Acquisition Costs to Fixed Charges (1) 3.43 3.49 4.06
================== =================== ==================
</TABLE>
(1) The Company's revolving line of credit and notes payable covenants provide
for fixed charge coverage ratios to be calculated before Advisor Acquisiton
Costs.
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