National Retail Properties (NNN) 8-K Other Events

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.

		YTD June 2006			2005			YTD June 2005			2004			2003			2002			2001
Net Earnings, before Extraordinary Item	$	103,648,964		$	74,615,024		$	42,892,181		$	64,933,739		$	53,472,592		$	48,058,349		$	28,963,548
Fixed Charges:
Interest on Indebtedness		25,355,895			37,034,923			17,345,681			33,453,678			28,356,201			27,239,152			25,522,640
Amortization of Discount Relating to Indebtedness		65,976			104,463			49,795			122,859			146,195			127,375			107,201
Amortization of Treasury Lock Gain		(170,091	)		(325,945	)		(160,514	)		(456,669	)		(596,741	)		(554,527	)		(515,299	)
Amortization of Deferred Charges		805,433			1,507,466			576,641			1,260,198			1,334,224			963,438			817,170
		26,057,213			38,320,906			17,811,603			34,380,066			29,239,879			27,775,438			25,931,712
Net Earnings Before Fixed Charges	$	129,706,177		$	112,935,930		$	60,703,784		$	99,313,805		$	82,712,471		$	75,833,787		$	54,895,260
Divided by Fixed Charges
Fixed Charges	$	26,057,213		$	38,320,906		$	17,811,603		$	34,380,066		$	29,239,879		$	27,775,438		$	25,931,712
Capitalized and Deferred Interest		1,032,045			2,563,035			443,386			270,879			102,544			(599,902	)		451,624
	$	27,089,258		$	40,883,941		$	18,254,989		$	34,650,945		$	29,342,423		$	27,175,536		$	26,383,336
Ratio of Net Earnings to Fixed Charges		4.79			2.76			3.33			2.87			2.82			2.79			2.08
Net Earnings Before Fixed Charges	$	129,706,177		$	112,935,930		$	60,703,784		$	99,313,805		$	82,712,471		$	75,833,787		$	54,895,260
Gain of Disposition of DC Office Buildings (May 2006)		(59,495,663	)		—			—			—			—			—			—
		70,210,514			112,935,930			60,703,784			99,313,805			82,712,471			75,833,787			54,895,260
Ratio of Net Earnings to Fixed Charges adjusted for DC Office Bldgs		2.59			2.76			3.33			2.87			2.82			2.79			2.08
Preferred Stock Dividends
Series A Preferred Stock	$	2,004,288		$	4,008,575		$	2,004,288		$	4,008,378		$	4,007,532		$	4,009,554			—
Series B Convertible Preferred Stock		418,750			1,675,000			837,500			1,675,000			502,500			—			—
Total Preferred Stock Dividends	$	2,423,038		$	5,683,575		$	2,841,788		$	5,683,378		$	4,510,032		$	4,009,554			—
Combined Fixed Charges and Preferred Stock Dividends	$	29,512,296		$	46,567,517		$	21,096,777		$	40,334,323		$	33,852,455		$	31,185,090		$	26,383,336
Ratio of Net Earnings to Combined Fixed Charges and Preferred Stock Dividends		4.39			2.43			2.88			2.46			2.44			2.43			2.08
Ratio of Net Earnings to Combined Fixed Charges and Preferred Stock Dividends adjusted for DC Office Bldgs		2.38			2.43			2.88			2.46			2.44			2.43			2.08