EX-12 2 nnn-20111231xexhibit12.htm STATEMENT OF COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES NNN - 2011.12.31 - Exhibit 12
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