National Retail Properties (NNN) 10-K 2009 FY Annual report

Exhibit 12

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).

	2009			2008			2007			2006			2005
Net Earnings, before Extraordinary Item	$	54,810		$	117,153		$	154,599		$	181,800		$	74,614
Fixed Charges:
Interest on Indebtedness		60,094			63,746			53,359			48,947			37,499
Amortization of Discount Relating to Indebtedness		6,006			5,670			2,724			860			104
Amortization of Interest Rate Hedges		(159	)		(162	)		(309	)		(345	)		(326	)
Amortization of Deferred Charges		3,400			3,016			2,036			1,595			1,508
		69,341			72,270			57,810			51,057			38,785
Net Earnings Before Fixed Charges	$	124,151		$	189,423		$	212,409		$	232,857		$	113,399
Divided by Fixed Charges
Fixed Charges	$	69,341		$	72,270		$	57,810		$	51,057		$	38,785
Capitalized and Deferred Interest		1,243			2,014			3,718			2,278			2,563
	$	70,584		$	74,284		$	61,528		$	53,335		$	41,348
Ratio of Net Earnings to Fixed Charges		1.76			2.55			3.45			4.37			2.74
Net Earnings Before Fixed Charges	$	124,151		$	189,423		$	212,409		$	232,857		$	113,399
Gain of Disposition of DC Office Buildings (May 2006)		—			—			—			(59,496	)		—
	$	124,151		$	189,423		$	212,409		$	173,361		$	113,399
Ratio of Net Earnings to Fixed Charges adjusted for DC Office Bldgs		1.76			2.55			3.45			3.25			2.74
Preferred Stock Dividends
Series A Preferred Stock	$	—		$	—		$	—		$	4,376		$	4,008
Series B Convertible Preferred Stock		—			—			—			419			1,675
Series C Redeemable Preferred Stock		6,785			6,785			6,785			923			—
Total Preferred Stock Dividends	$	6,785		$	6,785		$	6,785		$	5,718		$	5,683
Combined Fixed Charges and Preferred Stock Dividends	$	77,369		$	81,069		$	68,313		$	59,053		$	47,031
Ratio of Net Earnings to Combined Fixed Charges and Preferred Stock Dividends		1.60			2.34			3.11			3.94			2.41
Ratio of Net Earnings to Combined Fixed Charges and Preferred Stock Dividends adjusted for DC Office Bldgs		1.60			2.34			3.11			2.94			2.41

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