Exhibit 12.1

NATIONAL RETAIL PROPERTIES, INC. AND SUBSIDIARIES

EXHIBIT 12

COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

(dollars in thousands)

	Six Months Ended June 30, 2017			2016		2015		2014		2013		2012
Pretax income from continuing operations before income from equity investees	$	132,057		$	239,506	$	208,386	$	191,289	$	155,631	$	117,333
Add:
Fixed charges (excluding capitalized interest)		53,799			96,168		89,973		85,514		85,912		83,937
Distributed income from equity investees		—			—		—		—		—		8,239
Pretax earnings from operations, as adjusted	$	185,856		$	335,674	$	298,359	$	276,803	$	241,543	$	209,509
Fixed Charges:
Interest on indebtedness	$	50,343		$	89,057	$	84,080	$	80,370	$	79,175	$	76,153
Capitalized interest		1,113			1,738		2,383		1,628		1,369		1,540
Amortization of net discount relating to indebtedness		836			1,246		1,100		1,238		3,188		4,975
Amortization of interest rate hedges		902			2,802		1,902		1,129		438		231
Amortization of deferred charges		1,718			3,063		2,891		2,777		3,111		2,578
Fixed charges	$	54,912		$	97,906	$	92,356	$	87,142	$	87,281	$	85,477
Ratio of net earnings to fixed charges		3.38	(A)		3.43		3.23		3.18		2.77		2.45
Fixed charges	$	54,912		$	97,906	$	92,356	$	87,142	$	87,281	$	85,477
Preferred stock dividends		20,762			38,623		35,434		35,434		27,923		17,428
Combined fixed charges and preferred stock dividends	$	75,674		$	136,529	$	127,790	$	122,576	$	115,204	$	102,905
Ratio of earnings to combined fixed charges and preferred stock dividends		2.46	(A)		2.46		2.33		2.26		2.10		2.04

^(A)  Excluding the effect of $7.4 million in retirement severance costs, ratio of earnings to fixed charges and ratio of earnings to combined fixed charges and preferred stock dividends would have been 3.52x and 2.55x, respectively. Retirement severance costs relate primarily to Craig Macnab’s retirement as the registrant’s chief executive officer on April 28, 2017.