National Retail Properties

Powerful Partner. Proven Investment.

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Income Statement ($000)
	2013 Q1	2012 Q1	Y-Y Ch (%)	2012 Q4	Q-Q Ch (%)^†
Rental Revenue	91,009	76,568	18.86	87,862	14.33
Partnership Income	0	150	NM	0	0.00
Total Revenue	92,899	90,418	2.74	89,217	16.51
Rental Operating Expense	3,954	4,612	(14.27)	4,632	(58.55)
Expenses	59,612	61,039	(2.34)	55,622	28.69
Net Income	33,903	29,824	13.68	40,647	(66.37)
Rental NOI	87,055	71,956	20.98	83,230	18.38
Diluted EPS before Extraordinary Items ($)	0.25	0.22	13.64	0.26	(15.38)
Diluted EPS after Extraordinary Items ($)	0.25	0.23	8.70	0.32	(87.50)
Dividends Declared per Common Share ($)	0.3950	0.3850	2.60	0.3950	0.00
Avg Diluted Shares Out (actual)	115,850,253	106,211,366	9.08	112,013,000	13.70

EBITDA
	2013 Q1	2012 Q1	Y-Y Ch (bp)	2012 Q4	Q-Q Ch (bp)
Recurring EBITDA/ Interest Expense (x)	3.70	3.42	28 (100bp)	3.67	2 (100bp)
Recurring EBITDA/ Interest & Preferred Dividends (x)	3.03	3.10	(7) (100bp)	2.98	5 (100bp)

^† Q-Q Ch(%)= most recent quarter minus prior quarter annualized e.g. [(Q4-Q3)/Q3]*4

* Percentages presented for individual quarters are annualized by taking the quarter amount and multiplying by four.