NATIONAL RETAIL PROPERTIES, INC. AND SUBSIDIARIES

EXHIBIT 12.1

CONSOLIDATED RATIOS OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

The following table sets forth the Company’s consolidated ratios of earnings to fixed charges for the periods as shown (dollars in thousands).

	2014		2013		2012		2011		2010
Pretax income from continuing operations before income from equity investees	$	191,289	$	155,631	$	117,333	$	91,389	$	71,249
Add:
Fixed charges (excluding capitalized interest)		85,514		85,912		83,937		80,357		72,427
Distributed income from equity investees		—		—		8,239		593		578
Pretax earnings from operations, as adjusted	$	276,803	$	241,543	$	209,509	$	172,339	$	144,254
Fixed Charges:
Interest on indebtedness	$	80,370	$	79,175	$	76,153	$	70,022	$	61,639
Capitalized interest		1,628		1,369		1,540		1,213		617
Amortization of discount relating to indebtedness		1,238		3,188		4,975		6,191		6,360
Amortization of interest rate hedges		1,129		438		231		9		(165	)
Amortization of deferred charges		2,777		3,111		2,578		4,135		4,593
Fixed charges	$	87,142	$	87,281	$	85,477	$	81,570	$	73,044
Ratio of net earnings to fixed charges		3.18		2.77		2.45		2.11		1.97
Fixed charges	$	87,142	$	87,281	$	85,477	$	81,570	$	73,044
Preferred stock dividends		35,434		27,923		17,428		6,785		6,785
Combined fixed charges and preferred stock dividends	$	122,576	$	115,204	$	102,905	$	88,355	$	79,829
Ratio of earnings to combined fixed charges and preferred stock dividends		2.26		2.10		2.04		1.95		1.81