EX-12 2 dex12.htm STATEMENT OF COMPUTATION OF RATIOS OF EARNINGS Statement of Computation of Ratios of Earnings

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).

 

     2008     2007     2006     2005     2004  

Net Earnings, before Extraordinary Item

    $ 123,082     $ 157,110     $ 182,505     $ 74,614     $ 64,934  

Fixed Charges:

           

Interest on Indebtedness

      63,746       53,359       48,947       37,035       33,454  

Amortization of Discount Relating to Indebtedness

      189       163       136       104       123  

Amortization of Interest Rate Hedges

      (162 )     (309 )     (345 )     (326 )     (457 )

Amortization of Deferred Charges

      3,070       2,085       1,613       1,508       1,260  
                                        
     66,843       55,298       50,351       38,321       34,380  

Net Earnings Before Fixed Charges

    $ 189,925     $ 212,408     $ 232,856     $ 112,935     $ 99,314  
                                        

Divided by Fixed Charges

           

Fixed Charges

    $ 66,843     $ 55,298     $ 50,351     $ 38,321     $ 34,380  

Capitalized and Deferred Interest

      2,014       3,718       2,278       2,563       271  
                                        
   $ 68,857     $ 59,016     $ 52,629     $ 40,884     $ 34,651  
                                        

Ratio of Net Earnings to Fixed Charges

      2.76       3.60       4.42       2.76       2.87  
                                        

Net Earnings Before Fixed Charges

    $ 189,925     $ 212,408     $ 232,856     $ 112,935     $ 99,314  

Gain of Disposition of DC Office Buildings (May 2006)

      —         —         (59,496 )     —         —    
                                        
   $ 189,925     $ 212,408     $ 173,360     $ 112,935     $ 99,314  
                                        

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

      2.76       3.60       3.29       2.76       2.87  
                                        

Preferred Stock Dividends:

           

Series A Preferred Stock

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

Series B Convertible Preferred Stock

      —         —         419       1,675       1,675  

Series C Redeemable Preferred Stock

      6,785       6,785       923       —         —    
                                        

Total Preferred Stock Dividends

    $ 6,785     $ 6,785     $ 5,718     $ 5,683     $ 5,683  
                                        

Combined Fixed Charges and Preferred Stock Dividends

    $ 75,642     $ 65,801     $ 58,347     $ 46,567     $ 40,334  
                                        

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

      2.51       3.23       3.99       2.43       2.46  
                                        

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

      2.51       3.23       2.97       2.43       2.46