EX-12 2 nnn-20151231xexhibit12.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).

 
 
2015
 
2014
 
2013
 
2012
 
2011
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Pretax income from continuing operations before income from equity investees
 
$
208,386

 
$
191,289

 
$
155,631

 
$
117,333

 
$
91,389

 
 
 
 
 
 
 
 
 
 
 
Add:
 
 
 
 
 
 
 
 
 
 
Fixed charges (excluding capitalized interest)
 
89,973

 
85,514

 
85,912

 
83,937

 
80,357

Distributed income from equity investees
 
—

 
—

 
—

 
8,239

 
593

 
 
 
 
 
 
 
 
 
 
 
Pretax earnings from operations, as adjusted
 
$
298,359

 
$
276,803

 
$
241,543

 
$
209,509

 
$
172,339

 
 
 
 
 
 
 
 
 
 
 
Fixed Charges:
 
 
 
 
 
 
 
 
 
 
Interest on indebtedness
 
$
84,080

 
$
80,370

 
$
79,175

 
$
76,153

 
$
70,022

Capitalized interest
 
2,383

 
1,628

 
1,369

 
1,540

 
1,213

Amortization of net discount relating to indebtedness
 
1,100

 
1,238

 
3,188

 
4,975

 
6,191

Amortization of interest rate hedges
 
1,902

 
1,129

 
438

 
231

 
9

Amortization of deferred charges
 
2,891

 
2,777

 
3,111

 
2,578

 
4,135

 
 
 
 
 
 
 
 
 
 
 
Fixed charges
 
$
92,356

 
$
87,142

 
$
87,281

 
$
85,477

 
$
81,570

 
 
 
 
 
 
 
 
 
 
 
Ratio of net earnings to fixed charges
 
3.23

 
3.18

 
2.77

 
2.45

 
2.11

 
 
 
 
 
 
 
 
 
 
 
Fixed charges
 
$
92,356

 
$
87,142

 
$
87,281

 
$
85,477

 
$
81,570

Preferred stock dividends
 
35,434

 
35,434

 
27,923

 
17,428

 
6,785

 
 
 
 
 
 
 
 
 
 
 
Combined fixed charges and preferred stock dividends
 
$
127,790

 
$
122,576

 
$
115,204

 
$
102,905

 
$
88,355

 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to combined fixed charges and preferred stock dividends
 
2.33

 
2.26

 
2.10

 
2.04

 
1.95