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).

	Six Months						Six Months
	2007			2006			2006			2005			2004			2003			2002
Net Earnings, before Extraordinary Item	$	75,359		$	182,505		$	103,649		$	74,614		$	64,934		$	53,473		$	48,058
Fixed Charges:
Interest on Indebtedness		25,062			48,947			25,356			37,035			33,454			28,356			27,239
Amortization of Discount Relating to Indebtedness		73			136			66			104			123			146			127
Amortization of Treasury Lock Gain		(180	)		(345	)		(170	)		(326	)		(457	)		(596	)		(554	)
Amortization of Deferred Charges		965			1,613			805			1,508			1,260			1,334			963
		25,920			50,351			26,057			38,321			34,380			29,240			27,775
Net Earnings Before Fixed Charges	$	101,279		$	232,856		$	129,706		$	112,935		$	99,314		$	82,713		$	75,833
Divided by Fixed Charges
Fixed Charges	$	25,920		$	50,351		$	26,057		$	38,321		$	34,380		$	29,240		$	27,775
Capitalized and Deferred Interest		1,444			2,278			1,032			2,563			271			102			(600	)
	$	27,364		$	52,629		$	27,089		$	40,884		$	34,651		$	29,342		$	27,175
Ratio of Net Earnings to Fixed Charges		3.70			4.42			4.79			2.76			2.87			2.82			2.79
Net Earnings Before Fixed Charges	$	101,279		$	232,856		$	129,706		$	112,935		$	99,314		$	82,713		$	75,833
Gain of Disposition of DC Office Buildings (May 2006)		—			(59,496	)		(59,496	)		—			—			—			—
	$	101,279		$	173,360		$	70,210		$	112,935		$	99,314		$	82,713		$	75,833
Ratio of Net Earnings to Fixed Charges adjusted for DC Office Bldgs		3.70			3.29			2.59			2.76			2.87			2.82			2.79
Preferred Stock Dividends
Series A Preferred Stock	$	—		$	4,376		$	2,004		$	4,008		$	4,008		$	4,008		$	4,010
Series B Convertible Preferred Stock		—			419			419			1,675			1,675			502			—
Series C Redeemable Preferred Stock		3,393			923			—			—			—			—			—
Total Preferred Stock Dividends	$	3,393		$	5,718		$	2,423		$	5,683		$	5,683		$	4,510		$	4,010
Combined Fixed Charges and Preferred Stock Dividends	$	30,757		$	58,347		$	29,512		$	46,567		$	40,334		$	33,852		$	31,185
Ratio of Net Earnings to Combined Fixed Charges and Preferred Stock Dividends		3.29			3.99			4.39			2.43			2.46			2.44			2.43
Ratio of Net Earnings to Combined Fixed Charges and Preferred Stock Dividends adjusted for DC Office Bldgs		3.29			2.97			2.38			2.43			2.46			2.44			2.43