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)

	Nine Months Ended September 30,
	2016		2015		2014		2013		2012		2011
Pretax income from continuing operations before income from equity investees	$	173,437	$	208,386	$	191,289	$	155,631	$	117,333	$	91,389
Add:
Fixed charges (excluding capitalized interest)		71,784		89,973		85,514		85,912		83,937		80,357
Distributed income from equity investees		—		—		—		—		8,239		593
Pretax earnings from operations, as adjusted	$	245,221	$	298,359	$	276,803	$	241,543	$	209,509	$	172,339
Fixed Charges:
Interest on indebtedness	$	66,502	$	84,080	$	80,370	$	79,175	$	76,153	$	70,022
Capitalized interest		1,243		2,383		1,628		1,369		1,540		1,213
Amortization of net discount relating to indebtedness		903		1,100		1,238		3,188		4,975		6,191
Amortization of interest rate hedges		2,122		1,902		1,129		438		231		9
Amortization of deferred charges		2,257		2,891		2,777		3,111		2,578		4,135
Fixed charges	$	73,027	$	92,356	$	87,142	$	87,281	$	85,477	$	81,570
Ratio of net earnings to fixed charges		3.36		3.23		3.18		2.77		2.45		2.11
Fixed charges	$	73,027	$	92,356	$	87,142	$	87,281	$	85,477	$	81,570
Preferred stock dividends		26,576		35,434		35,434		27,923		17,428		6,785
Combined fixed charges and preferred stock dividends	$	99,603	$	127,790	$	122,576	$	115,204	$	102,905	$	88,355
Ratio of earnings to combined fixed charges and preferred stock dividends		2.46		2.33		2.26		2.10		2.04		1.95