National Retail Properties (NNN) 8-K Other Events

Exhibit 12.1

NATIONAL RETAIL PROPERTIES, INC. AND SUBSIDIARIES

COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES

AND PREFERRED STOCK DIVIDENDS

(dollars in thousands)

	For the Quarters Ended March 31,				For the Years Ended December 31,
	2014		2013		2013		2012		2011		2010			2009
Pretax income from continuing operations before income from equity investees	$	43,982	$	33,286	$	155,631	$	117,333	$	91,389	$	71,249		$	54,659
Add:
Fixed charges (excluding capitalized interest)		20,292		20,881		85,912		83,937		80,357		72,427			69,341
Distributed income from equity investees		—		—		—		8,239		593		578			607
Pretax earnings from operations, as adjusted	$	64,274	$	54,167	$	241,543	$	209,509	$	172,339	$	144,254		$	124,607
Fixed Charges:
Interest on indebtedness	$	19,199	$	19,681	$	79,175	$	76,153	$	70,022	$	61,639		$	60,094
Capitalized interest		434		219		1,369		1,540		1,213		617			1,243
Amortization of discount relating to indebtedness		303		235		3,188		4,975		6,191		6,360			6,006
Amortization of interest rate hedges		135		60		438		231		9		(165	)		(159	)
Amortization of deferred charges		655		905		3,111		2,578		4,135		4,593			3,400
Fixed charges	$	20,726	$	21,100	$	87,281	$	85,477	$	81,570	$	73,044		$	70,584
Ratio of net earnings to fixed charges		3.10		2.57		2.77		2.45		2.11		1.97			1.77
Fixed charges	$	20,726	$	21,100	$	87,281	$	85,477	$	81,570	$	73,044		$	70,584
Preferred stock dividends		8,859		4,762		27,923		17,428		6,785		6,785			6,785
Combined fixed charges and preferred stock dividends	$	29,585	$	25,862	$	115,204	$	102,905	$	88,355	$	79,829		$	77,369
Ratio of earnings to combined fixed charges and preferred stock dividends		2.17		2.09		2.10		2.04		1.95		1.81			1.61