EX-12 2 nnn-20161231xexhibit12.htm EXHIBIT 12 Exhibit
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).

 
 
2016
 
2015
 
2014
 
2013
 
2012
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Pretax income from continuing operations before income from equity investees
 
$
239,506

 
$
208,386

 
$
191,289

 
$
155,631

 
$
117,333

 
 
 
 
 
 
 
 
 
 
 
Add:
 
 
 
 
 
 
 
 
 
 
Fixed charges (excluding capitalized interest)
 
96,168

 
89,973

 
85,514

 
85,912

 
83,937

Distributed income from equity investees
 
—

 
—

 
—

 
—

 
8,239

 
 
 
 
 
 
 
 
 
 
 
Pretax earnings from operations, as adjusted
 
$
335,674

 
$
298,359

 
$
276,803

 
$
241,543

 
$
209,509

 
 
 
 
 
 
 
 
 
 
 
Fixed Charges:
 
 
 
 
 
 
 
 
 
 
Interest on indebtedness
 
$
89,057

 
$
84,080

 
$
80,370

 
$
79,175

 
$
76,153

Capitalized interest
 
1,738

 
2,383

 
1,628

 
1,369

 
1,540

Amortization of net discount relating to indebtedness
 
1,246

 
1,100

 
1,238

 
3,188

 
4,975

Amortization of interest rate hedges
 
2,802

 
1,902

 
1,129

 
438

 
231

Amortization of deferred charges
 
3,063

 
2,891

 
2,777

 
3,111

 
2,578

 
 
 
 
 
 
 
 
 
 
 
Fixed charges
 
$
97,906

 
$
92,356

 
$
87,142

 
$
87,281

 
$
85,477

 
 
 
 
 
 
 
 
 
 
 
Ratio of net earnings to fixed charges
 
3.43

 
3.23

 
3.18

 
2.77

 
2.45

 
 
 
 
 
 
 
 
 
 
 
Fixed charges
 
$
97,906

 
$
92,356

 
$
87,142

 
$
87,281

 
$
85,477

Preferred stock dividends
 
38,623

 
35,434

 
35,434

 
27,923

 
17,428

 
 
 
 
 
 
 
 
 
 
 
Combined fixed charges and preferred stock dividends
 
$
136,529

 
$
127,790

 
$
122,576

 
$
115,204

 
$
102,905

 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to combined fixed charges and preferred stock dividends
 
2.46

 
2.33

 
2.26

 
2.10

 
2.04