National Retail Properties (NNN) 8-K Financial Statements and Exhibits

Exhibit 12.1

COMMERCIAL NET LEASE REALTY, INC. AND SUBSIDIARIES
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.

	For the Nine Months Ended 9/2/2005			For the Years Ended December 31,
	2005			2004			2003			2002			2001			2000
Net Earnings, before extraordinary item	$	59,422,638		$	64,933,739		$	53,472,592		$	48,058,349		$	28,963,548		$	38,250,664
Fixed Charges:
Interest on Indebtedness		26,045,068			33,453,678			28,356,201			27,239,152			25,522,640			27,213,199
Amortization of Discount Relating to Indebtedness		75,356			122,859			146,195			127,375			107,201			93,600
Amortization of Treasury Lock Gain		(243,126	)		(456,669	)		(596,741	)		(554,527	)		(515,299	)		(478,846	)
Amortization of Deferred Charges		816,029			1,260,198			1,334,224			963,438			817,170			812,529
		26,693,327			34,380,066			29,239,879			27,775,438			25,931,712			27,640,482
Net Earnings Before Fixed Charges	$	86,115,965		$	99,313,805		$	82,712,471		$	75,833,787		$	54,895,260		$	65,891,146
Divided by Fixed Charges
Fixed Charges	$	26,693,327		$	34,380,066		$	29,239,879		$	27,775,438		$	25,931,712		$	27,640,482
Capitalized and Deferred Interest		2,099,156			270,879			102,544			(599,902	)		451,624			646,897
	$	28,792,483		$	34,650,945		$	29,342,423		$	27,175,536		$	26,383,336		$	28,287,379
Ratio of Net Earnings to Fixed Charges		2.99			2.87			2.82			2.79			2.08			2.33
Preferred Stock Dividends
Series A Preferred Stock	$	3,006,432		$	4,008,378		$	4,007,532		$	4,009,554		$	—		$	—
Series B Convertible Preferred Stock		1,256,250			1,675,000			502,500			—			—			—
Total Preferred Stock Dividends	$	4,262,682		$	5,683,378		$	4,510,032		$	4,009,554		$	—		$	—
Combined Fixed Charges and Preferred Stock Dividends	$	33,055,165		$	40,334,323		$	33,852,455		$	31,185,090		$	26,383,336		$	28,287,379
Ratio of Net Earnings to Combined Fixed Charges and Preferred Stock Dividends		2.61			2.46			2.44			2.43			2.08			2.33
Advisor Acquisition Costs	$	—		$	—		$	—		$	—		$	12,581,769		$	1,521,063
Net Earnings Before Extraordinary Gain and After Advisor Acquisition Costs and Fixed Charges (1)	$	86,115,965		$	99,313,805		$	82,712,471		$	75,833,787		$	67,477,029		$	67,412,209
Ratio of Net Earnings Before Extraordinary Gain and After Advisor Acquisition Costs to Fixed Charges (1)		2.99			2.87			2.82			2.79			2.56			2.38

(1) The Company’s revolving credit facility and notes payable covenants provide for fixed charge coverage ratios to be calculated before Advisor Acquisiton Costs.

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