EX-12 2 nnn-20141231xexhibit12.htm EXHIBIT 12 NNN - 2014.12.31 - 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).

 
 
2014
 
2013
 
2012
 
2011
 
2010
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Pretax income from continuing operations before income from equity investees
 
$
191,289

 
$
155,631

 
$
117,333

 
$
91,389

 
$
71,249

 
 
 
 
 
 
 
 
 
 
 
Add:
 
 
 
 
 
 
 
 
 
 
Fixed charges (excluding capitalized interest)
 
85,514

 
85,912

 
83,937

 
80,357

 
72,427

Distributed income from equity investees
 
—

 
—

 
8,239

 
593

 
578

 
 
 
 
 
 
 
 
 
 
 
Pretax earnings from operations, as adjusted
 
$
276,803

 
$
241,543

 
$
209,509

 
$
172,339

 
$
144,254

 
 
 
 
 
 
 
 
 
 
 
Fixed Charges:
 
 
 
 
 
 
 
 
 
 
Interest on indebtedness
 
$
80,370

 
$
79,175

 
$
76,153

 
$
70,022

 
$
61,639

Capitalized interest
 
1,628

 
1,369

 
1,540

 
1,213

 
617

Amortization of discount relating to indebtedness
 
1,238

 
3,188

 
4,975

 
6,191

 
6,360

Amortization of interest rate hedges
 
1,129

 
438

 
231

 
9

 
(165
)
Amortization of deferred charges
 
2,777

 
3,111

 
2,578

 
4,135

 
4,593

 
 
 
 
 
 
 
 
 
 
 
Fixed charges
 
$
87,142

 
$
87,281

 
$
85,477

 
$
81,570

 
$
73,044

 
 
 
 
 
 
 
 
 
 
 
Ratio of net earnings to fixed charges
 
3.18

 
2.77

 
2.45

 
2.11

 
1.97

 
 
 
 
 
 
 
 
 
 
 
Fixed charges
 
$
87,142

 
$
87,281

 
$
85,477

 
$
81,570

 
$
73,044

Preferred stock dividends
 
35,434

 
27,923

 
17,428

 
6,785

 
6,785

 
 
 
 
 
 
 
 
 
 
 
Combined fixed charges and preferred stock dividends
 
$
122,576

 
$
115,204

 
$
102,905

 
$
88,355

 
$
79,829

 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to combined fixed charges and preferred stock dividends
 
2.26

 
2.10

 
2.04

 
1.95

 
1.81