1. Swap Settlement Reduces National Retail Properties, Inc. 2026 Notes’ Effective Interest Rate to 3.280%

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    ORLANDO, Fla., December 15, 2016 – National Retail Properties, Inc. (NYSE: NNN) (the “Company”) reported today that it has closed on its previously announced issuance of $350,000,000 of 3.60% senior unsecured notes due 2026 (“2026 Notes”). The 2026 Notes were offered at 98.897% of the principal amount with a yield to maturity of 3.733%.

    In June 2016, the Company entered into two forward starting swaps with a total notional amount of $180,000,000 to partially hedge the risk of changes in interest-related cash outflows associated with this issuance of long-term debt. On December 7, 2016, the Company received $13,352,000 in connection with the termination and settlement of these swaps. These swap proceeds will be amortized as a reduction to interest expense using the effective interest method over the next 10 years, thereby reducing the effective yield of the 2026 Notes to 3.280%.

    Click here for the full press release.

  2. National Retail Properties, Inc. Prices Offering of $350,000,000 of 3.60% Senior Unsecured Notes Due 2026

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    ORLANDO, Fla., December 6, 2016 – National Retail Properties, Inc. (NYSE: NNN) (the “Company”) today announced that it has priced its public offering of $350,000,000 of 3.60% senior unsecured notes due 2026. The notes were offered at 98.897% of the principal amount with a yield to maturity of 3.733%. Interest on the notes will be payable semi-annually on June 15 and December 15 of each year, commencing June 15, 2017. The offering is expected to close on or about December 12, 2016, subject to customary closing conditions.

    Citigroup Global Markets Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, Wells Fargo Securities, LLC, SunTrust Robinson Humphrey, Inc., U.S. Bancorp Investments, Inc., Jefferies, LLC and RBC Capital Markets, LLC are acting as joint book-running managers for the offering. BB&T Capital Markets, a division of BB&T Securities, LLC, Morgan Stanley & Co. LLC, Capital One Securities, Inc. and Raymond James & Associates, Inc. are acting as senior co-managers for the offering.

    The Company intends to use the net proceeds from the offering to repay all of the outstanding indebtedness under its credit facility. In addition, the Company intends to use the remainder of the net proceeds from this offering to fund future property acquisitions and for general corporate purposes.

    Click here for the full press release.

  3. National Retail Properties, Inc. Declares Dividends for its 6.625% Series D Preferred, 5.70% Series E Preferred and 5.20% Series F Preferred Stocks

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    Orlando, Florida, November 15, 2016 – The Board of Directors of National Retail Properties, Inc. (NYSE: NNN), a real estate investment trust, declared a cash dividend on its 6.625% Series D Cumulative Redeemable Preferred Stock of 41.40625 cents per depositary share payable December 15, 2016, to shareholders of record on November 30, 2016. The Board also declared a cash dividend on its 5.70% Series E Cumulative Redeemable Preferred Stock of 35.625 cents per depositary share payable December 15, 2016, to shareholders of record on November 30, 2016. In addition, the Board declared the initial dividend on its 5.20% Series F Cumulative Redeemable Preferred Stock of 23.1111 cents per depositary share payable December 15, 2016 to shareholders of record on November 30, 2016.

    National Retail Properties invests primarily in high-quality retail properties subject generally to long-term, net leases. As of September 30, 2016, the company owned 2,485 properties in 48 states with a gross leasable area of approximately 26.6 million square feet with a weighted average remaining lease term of 11.5 years. For more information on the company, visit www.nnnreit.com.

  4. THIRD QUARTER 2016 OPERATING RESULTS AND 2017 GUIDANCE ANNOUNCED BY NATIONAL RETAIL PROPERTIES, INC.

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    Orlando, Florida, November 3, 2016 – National Retail Properties, Inc. (NYSE: NNN), a real estate investment trust, today announced its operating results for the quarter and nine months ended September 30, 2016.  Highlights include:

     

    Operating Results:

    • Revenues and net earnings, FFO, Core FFO and AFFO available to common stockholders and diluted per share amounts:
    Quarter Ended Nine Months Ended
    September 30, September 30,
    2016 2015 2016 2015
    (in thousands, except per share data)
    Revenues $ 134,541 $ 123,143 $ 392,448 $ 356,537
    Net earnings available to common stockholders $ 41,925 $ 46,339 $ 146,833 $ 128,789
    Net earnings per common share 0.28 0.34 1.02 0.96
    FFO available to common stockholders $ 81,226 $ 77,940 $ 241,827 $ 221,873
    FFO per common share $ 0.55 $ 0.58 $ 1.68 $ 1.66
    Core FFO available to common stockholders $ 87,204 $ 77,993 $ 251,926 $ 222,510
    Core FFO per common share $ 0.59 $ 0.58 $ 1.75 $ 1.67
    AFFO available to common stockholders $ 89,367 $ 79,516 $ 257,648 $ 226,819
    AFFO per common share $ 0.61 $ 0.59 $ 1.79 $ 1.70

     

     

    Third Quarter 2016 Highlights:

    • Core FFO per share increased 1.7% over prior year results
    • AFFO per share increased 3.4% over prior year results
    • Portfolio occupancy was 99.0% at September 30, 2016 as compared to 99.1% at June 30, 2016 and March 31, 2016
    • Invested $127.8 million in property investments, including the acquisition of 38 properties with an aggregate 350,000 square feet of gross leasable area at an initial cash yield of 7.1%
    • Sold seven properties for $10.6 million producing $4.5 million of gains on sales
    • Raised $56.8 million net proceeds from the issuance of 1,117,897 common shares
    • In October 2016, the company raised $334.3 million in net proceeds from the issuance of 13,800,000 depositary shares representing interests in its 5.20% Series F preferred stock
    • Core FFO per share increased 4.8% over prior year results
    • AFFO per share increased 5.3% over prior year results
    • Invested $596.5 million in 249 properties with an aggregate 2,036,000 square feet of gross leasable area at an initial cash yield of 6.9%
    • Sold 24 properties for $83.1 million producing $22.6 million of gains on sales
    • Raised $273.1 million in net proceeds from the issuance of 5,880,862 common shares

     

    The company also announced 2017 FFO guidance of $2.42 to $2.48 per share and estimated 2017 AFFO to be $2.46 to $2.52 per share. This FFO guidance equates to net earnings before any gains or losses from the sale of real estate, impairment charges or severance charges of $1.37 to $1.43 per share plus $1.05 per share of expected real estate related depreciation and amortization. The guidance is based on current plans, assumptions, and estimates and is subject to the risks and uncertainties more fully described in this press release and the company’s reports filed with the Securities and Exchange Commission.

    Craig Macnab, Chief Executive Officer, commented: “Strong acquisition activity in 2016 will support continued growth in per share results in 2016 and 2017. Our recent issuance of 5.20% preferred shares marks the second lowest preferred dividend rate in the REIT industry and is consistent with our long-term conservative positioning of our balance sheet.”

    Click here for the full press release.

     

     

  5. Common Dividend Declared by National Retail Properties, Inc.

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    — 2016’s 4% Increase Marks 27th Consecutive Annual Dividend Increase —
    Orlando, Florida, October 14, 2016 – The Board of Directors of National Retail Properties, Inc. (NYSE: NNN), a real estate investment trust, declared a quarterly dividend of 45.5 cents per share payable November 15, 2016 to common shareholders of record on October 31, 2016. This brings the total 2016 dividend to $1.78 per share which represents a 4% increase and marks the 27th consecutive annual dividend increase for NNN. National Retail Properties is one of only four publicly traded REITs and 96 publicly traded companies in America to have increased annual dividends for 27 or more consecutive years.

    National Retail Properties invests primarily in high-quality retail properties subject generally to long-term, net leases. As of June 30, 2016, the company owned 2,452 properties in 48 states with a gross leasable area of approximately 26.3 million square feet and a weighted average remaining lease term of 11.4 years. For more information on the company, visit www.nnnreit.com.

     

  6. National Retail Properties, Inc. Closes Offering of Depositary Shares Representing Series F Cumulative Redeemable Preferred Stock

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    Orlando, Florida, October 11, 2016 – National Retail Properties, Inc. (NYSE: NNN) (the “Company”) today announced that it has closed an underwritten public offering of 13,800,000 depositary shares, each representing a 1/100th interest in a share of its 5.20% Series F Cumulative Redeemable Preferred Stock, at a price of $25.00 per depositary share, which reflects the full exercise of the underwriters’ option to purchase 1,800,000 additional depositary shares. The Company estimates that the net proceeds from the offering will be approximately $334.3 million, after deducting the underwriting discount and estimated offering expenses. The Company intends to use the net proceeds from the offering to repay all of the outstanding indebtedness under its credit facility. The Company intends to use the remainder of the net proceeds, if any, to fund future property acquisitions and for general corporate purposes.

    Click here to read the full press release.

     

  7. National Retail Properties, Inc. Prices Depositary Shares Representing Series F Cumulative Redeemable Preferred Stock

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    Orlando, Florida, October 4, 2016 – National Retail Properties, Inc. (NYSE: NNN) (the “Company”) today announced that it has priced an underwritten public offering of 12,000,000 depositary shares, each representing a 1/100th interest in a share of its 5.20% Series F Cumulative Redeemable Preferred Stock, at a price of $25.00 per depositary share. As part of the offering, the Company granted the underwriters a 30-day option to purchase an additional 1,800,000 depositary shares to cover over-allotments, if any. The offering is expected to close on or about October 11, 2016, subject to customary closing conditions. The Company intends to apply to list the depositary shares on the New York Stock Exchange under the symbol “NNNPRF”. If its application is approved, the Company expects trading of the depositary shares on the New York Stock Exchange to commence within the 30-day period after the initial delivery of the depositary shares.

    Merrill Lynch, Pierce, Fenner & Smith Incorporated, Morgan Stanley & Co. LLC and Wells Fargo Securities, LLC acted as joint book-running managers for the offering. Citigroup Global Markets Inc., Raymond James & Associates, Inc., RBC Capital Markets, LLC and Stifel, Nicolaus & Company, Incorporated acted as senior co-managers for the offering. Finally, BB&T Capital Markets, a division of BB&T Securities, LLC, Capital One Securities, Inc., PNC Capital Markets LLC and U.S. Bancorp Investments, Inc. acted as co-managers for the offering.

    Click here to read the full press release.

     

  8. Craig Macnab to Retire as CEO of National Retail Properties, Inc.; Julian E. (“Jay”) Whitehurst Named as Successor

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    Orlando, Florida, September 29, 2016 – National Retail Properties, Inc. (NYSE: NNN) (the “Company”) today announced that Craig Macnab, Chief Executive Officer and Chairman of the Board, will retire as CEO and step down as Chairman and a member of the Board of Directors effective April 28, 2017. Julian E. (“Jay”) Whitehurst, currently President and Chief Operating Officer, will assume the role of President and CEO as of April 28, 2017.

    Mr. Macnab has been the Company’s Chief Executive Officer since February 2004, and the Chairman of its Board of Directors since February 2008.

    Mr. Macnab commented: “National Retail Properties has a compelling business model, a great retail real estate portfolio that is conservatively financed, a wonderful culture and an exceptional team. Jay is the right person to succeed me and I look forward to watching Jay and his colleagues take NNN to the next level.”

    As a part of the Board’s succession planning activities and upon Mr. Macnab’s recommendation, the Company’s Board of Directors has unanimously appointed Mr. Whitehurst President and CEO effective April 28, 2017. Mr. Whitehurst joined the Company in February 2003, was appointed Chief Operating Officer in June 2004 and has served as President since May 2006.

    Mr. Whitehurst commented, “I want to thank Craig and our Board of Directors for the opportunity to serve as the next CEO of National Retail Properties upon Craig’s retirement. We will certainly miss Craig when he steps down next spring, but our experienced management team and talented associates will continue his mission to deliver outstanding results and create shareholder value.”

    The Board has appointed Robert Legler, the Board’s lead independent Director, as Chairman of the Board effective upon Mr. Macnab’s retirement. Said Mr. Legler, “On behalf of National Retail Properties’ entire Board of Directors, I would like to recognize Craig’s exceptional leadership. He has been seen as a leader among his peers in the REIT industry for many years, and the Company’s operating performance has benefited from his guidance and execution. During Craig’s tenure, total assets have grown from $1.2 billion to more than $6 billion and most importantly the Company has produced average annual total shareholder returns over 14%. Strong leaders require strong successors, and consummating our thorough executive succession plan, the Board is pleased to appoint Jay Whitehurst to the role of President and CEO. Jay’s experience and talents equip him well for the opportunities ahead, and we are confident that he will build upon the solid foundation that Craig has established.”

    National Retail Properties invests primarily in high-quality retail properties subject generally to long-term, net leases. As of June 30, 2016, the company owned 2,452 properties in 48 states with a gross leasable area of approximately 26.3 million square feet with a weighted average remaining lease term of 11.4 years.

  9. Pamela K. M. Beall and Steven D. Cosler Appointed to Board of Directors of National Retail Properties, Inc.

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    Orlando, Florida, August 19, 2016 – National Retail Properties, Inc. (NYSE: NNN), a real estate investment trust, today announced that Pamela K. M. Beall and Steven D. Cosler were appointed to the Board of Directors.

    “We are excited to add Pam and Steve to our Board. Pam’s financial expertise and Steve’s extensive management experience will make each of them an excellent addition. They both bring a broad depth of business skill and prior board experience that will complement our other directors,” said Craig Macnab, Chairman and Chief Executive Officer.

    Click here to read the full press release.

  10. National Retail Properties, Inc. Declares Dividends For Its 6.625% Series D Preferred And 5.70% Series E Preferred Stocks

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    Orlando, Florida, August 15, 2016 – The Board of Directors of National Retail Properties, Inc. (NYSE: NNN), a real estate investment trust, declared a cash dividend on its 6.625% Series D Cumulative Redeemable Preferred Stock of 41.40625 cents per depositary share payable September 15, 2016, to shareholders of record on August 31, 2016. The Board also declared a cash dividend on its 5.70% Series E Cumulative Redeemable Preferred Stock of 35.625 cents per depositary share payable September 15, 2016, to shareholders of record on August 31, 2016.

    National Retail Properties invests primarily in high-quality retail properties subject generally to long-term, net leases. As of June 30, 2016, the company owned 2,452 properties in 48 states with a gross leasable area of approximately 26.3 million square feet with a weighted average remaining lease term of 11.4 years. For more information on the company, visit www.nnnreit.com.

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