National Retail Properties (NYSE: NNN), a real estate investment trust, invests in single-tenant retail properties generally subject to long-term, net leases.
As one of only 104 out of the more than 10,000 publicly-traded companies that have increased annual dividends for 23 or more consecutive years, we are a powerful partner for our retail customers and a proven investment for our shareholders. The average annual total return to shareholders has been 13.3% over the past 20 years.
We own a diversified portfolio of 1,636 freestanding retail properties in 47 states with a total gross leasable area of approximately 19.3 million square feet. These properties are leased to more than 300 tenants in 36 industry classifications.
A net lease generally places substantial financial and operating responsibilities of property ownership, maintenance and use on the tenant rather than the landlord. Our leases typically provide for attractive initial yields and potential growth in cash flow through a combination of base rents and periodic increases in these base rents and/or percentage rents based upon tenant sales.