EX-12 4 dex12.htm STATEMENT OF COMPUTATION Statement of Computation

Exhibit 12

NATIONAL RETAIL PROPERTIES, INC. AND SUBSIDIARIES

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).

 

    2007     2006     2005     2004     2003  

Net Earnings, before Extraordinary Item

   $ 157,110     $ 182,505     $ 74,614     $ 64,934     $ 53,473  

Fixed Charges:

          

Interest on Indebtedness

     53,359       48,947       37,035       33,454       28,356  

Amortization of Discount Relating to Indebtedness

     163       136       104       123       146  

Amortization of Treasury Lock Gain

     (309 )     (345 )     (326 )     (457 )     (596 )

Amortization of Deferred Charges

     2,085       1,613       1,508       1,260       1,334  
                                       
    55,298       50,351       38,321       34,380       29,240  

Net Earnings Before Fixed Charges

   $ 212,408     $ 232,856     $ 112,935     $ 99,314     $ 82,713  
                                       

Divided by Fixed Charges

          

Fixed Charges

   $ 55,298     $ 50,351     $ 38,321     $ 34,380     $ 29,240  

Capitalized and Deferred Interest

     3,718       2,278       2,563       271       102  
                                       
  $ 59,016     $ 52,629     $ 40,884     $ 34,651     $ 29,342  
                                       

Ratio of Net Earnings to Fixed Charges

     3.60       4.42       2.76       2.87       2.82  
                                       

Net Earnings Before Fixed Charges

   $ 212,408     $ 232,856     $ 112,935     $ 99,314     $ 82,713  

Gain of Disposition of DC Office Buildings (May 2006)

     —         (59,496 )     —         —         —    
                                       
  $ 212,408     $ 173,360     $ 112,935     $ 99,314     $ 82,713  
                                       

Ratio of Net Earnings to Fixed Charges adjusted for DC Office Buildings

     3.60       3.29       2.76       2.87       2.82  
                                       

Preferred Stock Dividends

          

Series A Preferred Stock

   $ —       $ 4,376     $ 4,008     $ 4,008     $ 4,008  

Series B Convertible Preferred Stock

     —         419       1,675       1,675       502  

Series C Redeemable Preferred Stock

     6,785       923       —         —         —    
                                       

Total Preferred Stock Dividends

   $ 6,785     $ 5,718     $ 5,683     $ 5,683     $ 4,510  
                                       

Combined Fixed Charges and Preferred Stock Dividends

   $ 65,801     $ 58,347     $ 46,567     $ 40,334     $ 33,852  
                                       

Ratio of Net Earnings to Combined Fixed Charges and Preferred Stock Dividends

     3.23       3.99       2.43       2.46       2.44  
                                       

Ratio of Net Earnings to Combined Fixed Charges and Preferred Stock Dividends adjusted for DC Office Buildings

     3.23       2.97       2.43       2.46       2.44