National Retail Properties (NNN) 8-K Other Events

Exhibit 12.1

NATIONAL RETAIL PROPERTIES, INC. AND SUBSIDIARIES

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

(dollars in thousands)

	Six Months Ended					Years Ended December 31,
	June 30, 2012		June 30, 2011			2011		2010			2009			2008			2007
Pretax income from continuing operations before income from equity investees	$	60,413	$	41,096		$	91,389	$	71,249		$	54,659		$	89,966		$	68,350
Add:
Fixed charges (excluding capitalized interest)		41,401		38,330			80,357		72,427			69,341			72,270			57,810
Distributed income from equity investees		362		285			593		578			607			438			—
Pretax earnings from operations, as adjusted	$	102,176	$	79,711		$	172,339	$	144,254		$	124,607		$	162,674		$	126,160
Fixed Charges:
Interest on indebtedness	$	37,256	$	32,603		$	70,022	$	61,639		$	60,094		$	63,746		$	53,359
Capitalized interest		868		569			1,213		617			1,243			2,014			3,718
Amortization of discount relating to indebtedness		2,378		3,335			6,191		6,360			6,006			5,670			2,724
Amortization of interest rate hedges		113		(85	)		9		(165	)		(159	)		(162	)		(309	)
Amortization of deferred charges		1,654		2,477			4,135		4,593			3,400			3,016			2,036
Fixed charges	$	42,269	$	38,899		$	81,570	$	73,044		$	70,584		$	74,284		$	61,528
Ratio of earnings to fixed charges		2.42		2.05			2.11		1.97			1.77			2.19			2.05
Fixed charges	$	42,269	$	38,899		$	81,570	$	73,044		$	70,584		$	74,284		$	61,528
Preferred stock dividends		7,905		3,392			6,785		6,785			6,785			6,785			6,785
Combined fixed charges and preferred stock dividends	$	50,174	$	42,291		$	88,355	$	79,829		$	77,369		$	81,069		$	68,313
Ratio of earnings to combined fixed charges and preferred stock dividends		2.04		1.88			1.95		1.81			1.61			2.01			1.85