EX-12 2 nnn-20121231xexhibit12.htm EXHIBIT 12 NNN - 2012.12.31 - 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).

 
 
2012
 
2011
 
2010
 
2009
 
2008
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Pretax income from continuing operations before income from equity investees
 
$
117,333

 
$
91,389

 
$
71,249

 
$
54,659

 
$
89,966

 
 
 
 
 
 
 
 
 
 
 
Add:
 
 
 
 
 
 
 
 
 
 
Fixed charges (excluding capitalized interest)
 
83,937

 
80,357

 
72,427

 
69,341

 
72,270

Distributed income from equity investees
 
8,239

 
593

 
578

 
607

 
438

 
 
 
 
 
 
 
 
 
 
 
Pretax earnings from operations, as adjusted
 
$
209,509

 
$
172,339

 
$
144,254

 
$
124,607

 
$
162,674

 
 
 
 
 
 
 
 
 
 
 
Fixed Charges:
 
 
 
 
 
 
 
 
 
 
Interest on indebtedness
 
$
76,153

 
$
70,022

 
$
61,639

 
$
60,094

 
$
63,746

Capitalized interest
 
1,540

 
1,213

 
617

 
1,243

 
2,014

Amortization of discount relating to indebtedness
 
4,975

 
6,191

 
6,360

 
6,006

 
5,670

Amortization of interest rate hedges
 
231

 
9

 
(165
)
 
(159
)
 
(162
)
Amortization of deferred charges
 
2,578

 
4,135

 
4,593

 
3,400

 
3,016

 
 
 
 
 
 
 
 
 
 
 
Fixed charges
 
$
85,477

 
$
81,570

 
$
73,044

 
$
70,584

 
$
74,284

 
 
 
 
 
 
 
 
 
 
 
Ratio of net earnings to fixed charges
 
2.45

 
2.11

 
1.97

 
1.77

 
2.19

 
 
 
 
 
 
 
 
 
 
 
Fixed charges
 
$
85,477

 
$
81,570

 
$
73,044

 
$
70,584

 
$
74,284

Preferred stock dividends
 
17,428

 
6,785

 
6,785

 
6,785

 
6,785

 
 
 
 
 
 
 
 
 
 
 
Combined fixed charges and preferred stock dividends
 
$
102,905

 
$
88,355

 
$
79,829

 
$
77,369

 
$
81,069

 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to combined fixed charges and preferred stock dividends
 
2.04

 
1.95

 
1.81

 
1.61

 
2.01