National Retail Properties (NNN) 10-K 2011 FY Annual report

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).

	2011		2010			2009			2008			2007
Pretax income from continuing operations before income from equity investees	$	91,389	$	71,249		$	54,659		$	89,966		$	68,350
Add:
Fixed charges (excluding capitalized interest)	80,357		72,427			69,341			72,270			57,810
Distributed income from equity investees	593		578			607			438			—
Pretax earnings from operations, as adjusted	$	172,339	$	144,254		$	124,607		$	162,674		$	126,160
Fixed Charges:
Interest on indebtedness	$	70,022	$	61,639		$	60,094		$	63,746		$	53,359
Capitalized interest	1,213		617			1,243			2,014			3,718
Amortization of discount relating to indebtedness	6,191		6,360			6,006			5,670			2,724
Amortization of interest rate hedges	9		(165		)	(159		)	(162		)	(309		)
Amortization of deferred charges	4,135		4,593			3,400			3,016			2,036
Fixed charges	$	81,570	$	73,044		$	70,584		$	74,284		$	61,528
Ratio of net earnings to fixed charges	2.11		1.97			1.77			2.19			2.05
Fixed charges	$	81,570	$	73,044		$	70,584		$	74,284		$	61,528
Preferred stock dividends	6,785		6,785			6,785			6,785			6,785
Combined fixed charges and preferred stock dividends	$	88,355	$	79,829		$	77,369		$	81,069		$	68,313
Ratio of earnings to combined fixed charges and preferred stock dividends	1.95		1.81			1.61			2.01			1.85