National Retail Properties (NNN) S-3ASR Automatic shelf registration

EXHIBIT 12.1

NATIONAL RETAIL PROPERTIES, 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 (dollars in thousands).

	2008			2007			2006			2005			2004
Net Earnings, before Extraordinary Item	$	123,082		$	157,110		$	182,505		$	74,614		$	64,934
Fixed Charges:
Interest on Indebtedness		63,746			53,359			48,947			37,035			33,454
Amortization of Discount Relating to Indebtedness		189			163			136			104			123
Amortization of Interest Rate Hedges		(162	)		(309	)		(345	)		(326	)		(457	)
Amortization of Deferred Charges		3,070			2,085			1,613			1,508			1,260
		66,843			55,298			50,351			38,321			34,380
Net Earnings Before Fixed Charges	$	189,925		$	212,408		$	232,856		$	112,935		$	99,314
Divided by Fixed Charges
Fixed Charges	$	66,843		$	55,298		$	50,351		$	38,321		$	34,380
Capitalized and Deferred Interest		2,014			3,718			2,278			2,563			271
	$	68,857		$	59,016		$	52,629		$	40,884		$	34,651
Ratio of Net Earnings to Fixed Charges		2.76			3.60			4.42			2.76			2.87
Net Earnings Before Fixed Charges	$	189,925		$	212,408		$	232,856		$	112,935		$	99,314
Gain of Disposition of DC Office Buildings (May 2006)		—			—			(59,496	)		—			—
	$	189,925		$	212,408		$	173,360		$	112,935		$	99,314
Ratio of Net Earnings to Fixed Charges adjusted for DC Office Bldgs		2.76			3.60			3.29			2.76			2.87
Preferred Stock Dividends
Series A Preferred Stock	$	—		$	—		$	4,376		$	4,008		$	4,008
Series B Convertible Preferred Stock		—			—			419			1,675			1,675
Series C Redeemable Preferred Stock		6,785			6,785			923			—			—
Total Preferred Stock Dividends	$	6,785		$	6,785		$	5,718		$	5,683		$	5,683
Combined Fixed Charges and Preferred Stock Dividends	$	75,642		$	65,801		$	58,347		$	46,567		$	40,334
Ratio of Net Earnings to Combined Fixed Charges and Preferred Stock Dividends		2.51			3.23			3.99			2.43			2.46
Ratio of Net Earnings to Combined Fixed Charges and Preferred Stock Dividends adjusted for DC Office Bldgs		2.51			3.23			2.97			2.43			2.46