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 (dollars in thousands).

	March 31, 2011			2010			March 31, 2010			2009			2008			2007			2006
Net Earnings, before Extraordinary Item	$	20,820		$	72,997		$	16,365		$	54,810		$	117,153		$	154,599		$	181,800
Fixed Charges:
Interest on Indebtedness		16,392			61,639			15,422			60,094			63,746			53,359			48,947
Amortization of Discount Relating to Indebtedness		1,654			6,360			1,552			6,006			5,670			2,724			860
Amortization of Interest Rate Hedges		(43	)		(165	)		(42	)		(159	)		(162	)		(309	)		(345	)
Amortization of Deferred Charges		1,174			4,593			1,131			3,400			3,016			2,036			1,595
		19,177			72,427			18,063			69,341			72,270			57,810			51,057
Net Earnings Before Fixed Charges	$	39,997		$	145,424		$	34,428		$	124,151		$	189,423		$	212,409		$	232,857
Divided by Fixed Charges
Fixed Charges	$	19,177		$	72,427		$	18,063		$	69,341		$	72,270		$	57,810		$	51,057
Capitalized and Deferred Interest		322			617			53			1,243			2,014			3,718			2,278
	$	19,499		$	73,044		$	18,116		$	70,584		$	74,284		$	61,528		$	53,335
Ratio of Net Earnings to Fixed Charges		2.05			1.99			1.90			1.76			2.55			3.45			4.37
Net Earnings Before Fixed Charges	$	39,997		$	145,424		$	34,428		$	124,151		$	189,423		$	212,409		$	232,857
Gain on Disposition of DC Office Buildings (May 2006)		—			—			—			—			—			—			(59,496	)
	$	39,997		$	145,424		$	34,428		$	124,151		$	189,423		$	212,409		$	173,361
Ratio of Net Earnings to Fixed Charges adjusted for DC Office Bldgs		2.05			1.99			1.90			1.76			2.55			3.45			3.25
Preferred Stock Dividends
Series A Preferred Stock	$	—		$	—		$	—		$	—		$	—		$	—		$	4,376
Series B Convertible Preferred Stock		—			—			—			—			—			—			419
Series C Redeemable Preferred Stock		1,696			6,785			1,696			6,785			6,785			6,785			923
Total Preferred Stock Dividends	$	1,696		$	6,785		$	1,696		$	6,785		$	6,785		$	6,785		$	5,718
Combined Fixed Charges and Preferred Stock Dividends	$	21,195		$	79,829		$	19,812		$	77,369		$	81,069		$	68,313		$	59,053
Ratio of Net Earnings to Combined Fixed Charges and Preferred Stock Dividends		1.89			1.82			1.74			1.60			2.34			3.11			3.94
Ratio of Net Earnings to Combined Fixed Charges and Preferred Stock Dividends adjusted for DC Office Bldgs		1.89			1.82			1.74			1.60			2.34			3.11			2.94