EX-12 3 dex12.htm STATEMENT OF COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES Statement of Computation of Ratios of Earnings to Fixed Charges

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).

 

    2006     2005     2004     2003     2002  

Net Earnings, before Extraordinary Item

   $ 182,505     $ 74,614     $ 64,934     $ 53,473     $ 48,058  

Fixed Charges:

          

Interest on Indebtedness

     48,947       37,035       33,454       28,356       27,239  

Amortization of Discount Relating to Indebtedness

     136       104       123       146       127  

Amortization of Treasury Lock Gain

     (345 )     (326 )     (457 )     (596 )     (554 )

Amortization of Deferred Charges

     1,613       1,508       1,260       1,334       963  
                                       
    50,351       38,321       34,380       29,240       27,775  

Net Earnings Before Fixed Charges

   $ 232,856     $ 112,935     $ 99,314     $ 82,713     $ 75,833  
                                       

Divided by Fixed Charges

          

Fixed Charges

   $ 50,351     $ 38,321     $ 34,380     $ 29,240     $ 27,775  

Capitalized and Deferred Interest

     2,278       2,563       271       102       (600 )
                                       
  $ 52,629     $ 40,884     $ 34,651     $ 29,342     $ 27,175  
                                       

Ratio of Net Earnings to Fixed Charges

     4.42       2.76       2.87       2.82       2.79  
                                       

Net Earnings Before Fixed Charges

   $ 232,856     $ 112,935     $ 99,314     $ 82,713     $ 75,833  

Gain of Disposition of DC Office Buildings (May 2006)

     (59,496 )     —         —         —         —    
                                       
  $ 173,360     $ 112,935     $ 99,314     $ 82,713     $ 75,833  
                                       

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

     3.29       2.76       2.87       2.82       2.79  
                                       

Preferred Stock Dividends

          

Series A Preferred Stock

   $ 4,376     $ 4,008     $ 4,008     $ 4,008     $ 4,010  

Series B Convertible Preferred Stock

     419       1,675       1,675       502       —    

Series C Redeemable Preferred Stock

     923       —         —         —         —    
                                       

Total Preferred Stock Dividends

   $ 5,718     $ 5,683     $ 5,683     $ 4,510     $ 4,010  
                                       

Combined Fixed Charges and Preferred Stock Dividends

   $ 58,347     $ 46,567     $ 40,334     $ 33,852     $ 31,185  
                                       

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

     3.99       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

     2.97       2.43       2.46       2.44       2.43