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Previous: COMMERCIAL NET LEASE REALTY INC, S-3, EX-8, 2001-01-16 |
Next: COMMERCIAL NET LEASE REALTY INC, S-3, EX-23.1, 2001-01-16 |
<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>
September 30,
2000 1999 1998
---------------- -------------- ---------------
<S> <C> <C> <C>
Net Earnings $ 25,773,129 $ 35,311,517 $ 32,441,198
Fixed Charges:
Interest on Indebtedness 19,578,791 21,864,179 13,444,646
Amortization of Discount Relating to Indebtedness 68,162 55,758 15,244
Amortization of Treasury Lock Gain (356,560) (245,388) -
Amortization of Deferred Charges 535,807 723,310 710,491
---------------- -------------- ---------------
19,826,200 22,397,859 14,170,381
Net Earnings Before Fixed Charges $ 45,599,329 $ 57,709,376 $ 46,611,579
================ ============== ===============
Divided by Fixed Charges
Fixed Charges $ 19,826,200 $ 22,397,859 $ 14,170,381
Capitalized and Deferred Interest 358,942 1,111,165 1,111,615
---------------- -------------- ---------------
$ 20,185,142 $ 23,509,024 $ 15,281,996
================ ============== ===============
Ratio of Net Earnings to Fixed Charges 2.26 2.45 3.05
================ ============== ===============
Advisor Acquisition Costs $ 1,062,283 $ 9,824,172 $ 5,501,343
================ ============== ===============
Net Earnings After Advisor Acquisition Costs
and Fixed Charges (1) $ 46,661,612 $ 67,533,548 $ 52,112,922
================ ============== ===============
Ratio of Net Earnings After Advisor
Acquisition Costs to Fixed Charges (1) 2.31 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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