Your Elements version is too old. You need the Camera Raw plug-in version 9.0 or newer to open D7200 raw files; however, PSE12 can only be updated to CR 8.5.
The choices are to upgrade to PSE14 or use the free DNG Converter 9.0 or newer to create DNGs from your NEFs and those DNGs will open in the older software. The DNGC can be found, here: http://www.adobe.com/downloads/updates/
I am having the same issues, I have a Canon 7d2 and wanted to open some raw files, have PSE 12, and have updated to the raw 8.5 converter and still no luck. any suggestions?
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Same answer as above: your Elements 12 only supports up to ACR 8.5 but the 7D2 needs ACR 8.7.
oH yes, I see that now after I reread the comment. I guess ill update my pse to 14 thanks.