Archive: 2019

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

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    Orlando, Florida, October 15, 2019 – The Board of Directors of National Retail Properties, Inc. (NYSE: NNN), a real estate investment trust, declared a quarterly dividend of 51.5 cents per share payable November 15, 2019 to common shareholders of record on October 31, 2019.   National Retail Properties has increased its annual dividend paid every year for 30 consecutive years.  NNN is one of only three publicly traded REITs and 86 publicly traded companies in America to have increased annual dividends for 30 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, 2019, the company owned 3,043 properties in 48 states with a gross leasable area of approximately 32.1 million square feet and with a weighted average remaining lease term of 11.4 years.  For more information on the company, visit www.nnnreit.com.

  2. National Retail Properties, Inc. Announces Redemption of All Outstanding Depositary Shares Representing Interests in its 5.700% Series E Cumulative Redeemable Preferred Stock

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    ORLANDO, Fla., September 5, 2019 – National Retail Properties, Inc. (NYSE: NNN) (the  Company”) today called for redemption of all outstanding shares of its 5.700% Series E Cumulative Redeemable Preferred Stock (the “Series E Preferred Shares”) represented by depositary shares, each representing a 1/100th interest in a Series E Preferred Share (the “Depositary Shares,” CUSIP: 637417809; NYSE: NNNPRE). The Depositary Shares will be redeemed on October 5, 2019 at $25.00 per Depositary Share, plus all accrued and unpaid dividends up to (but not including) the redemption date, for an aggregate redemption price of $25.079167 per Depositary Share. On the redemption date, dividends on the Depositary Shares representing interests in Series E Preferred Shares will cease to accrue.

    The redemptions will be made in accordance with The Depositary Trust Company’s procedures. The Depositary Shares shall be surrendered for payment of the redemption price to American Stock Transfer and Trust Company, LLC, the redemption and paying agent.

    National Retail Properties, Inc. invests primarily in high-quality retail properties subject generally to long-term, net leases. As of June 30, 2019, the Company owned 3,043 properties in 48 states with an aggregate gross leasable area of approximately 32.1 million square feet and with a weighted average remaining lease term of 11.4 years. For more information on the company, visit www.nnnreit.com.

  3. National Retail Properties, Inc. Prices Offering of Common Stock

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    ORLANDO, Fla., September 4, 2019 – National Retail Properties, Inc. (NYSE: NNN) (the “Company”) today announced that it has priced an underwritten public offering of 7,000,000 shares of common stock at a price of $56.50 per share. As part of the offering, the Company granted the underwriters a 30-day option to purchase up to 1,050,000 additional shares of common stock. The offering is expected to close on September 9, 2019, subject to the satisfaction of customary closing conditions.

    BofA Merrill Lynch, Wells Fargo Securities and Morgan Stanley acted as joint book-running managers and representatives of the underwriters for the offering. Citigroup, Jefferies, RBC Capital Markets, Raymond James and Stifel acted as joint book-running managers for the offering. BB&T Capital Markets, BTIG, LLC, Capital One Securities, SunTrust Robinson Humphrey and TD Securities acted as senior co-managers for the offering. Finally, B. Riley FBR, Baird, Janney Montgomery Scott and Ladenburg Thalmann acted as co-managers for the offering.

    The Company intends to use the net proceeds from this offering to redeem all of its 11,500,000 outstanding depositary shares, each representing a 1/100th interest in a share of it 5.700% Series E Cumulative Redeemable Preferred Stock, par value $0.01 per share (the “Depositary Shares”), and the Series E Cumulative Redeemable Preferred Stock underlying the Depositary Shares (the “Series E Preferred Stock”). This press release does not constitute a notice of redemption of such Depositary Shares or Series E Preferred Stock. In addition, the Company intends to use the remainder of the net proceeds from this offering, if any, to repay outstanding indebtedness under its credit facility, to fund future property acquisitions, and for general corporate purposes.

    The offering is being made only by means of a prospectus supplement and accompanying prospectus, which are part of an effective shelf registration statement the Company filed with the Securities and Exchange Commission (“SEC”).  You may obtain copies of these documents for free by visiting EDGAR on the SEC’s website at www.sec.gov. Alternatively, copies of these documents, when available, may be obtained by contacting BofA Merrill Lynch, NC1-004-03-43, 200 North College Street, 3rd floor, Charlotte, NC 28255-0001, Attention: Prospectus Department, or by email at dg.prospectus_requests@baml.com; Wells Fargo Securities, LLC, Attn: Equity Syndicate Department, 375 Park Avenue, New York, NY 10152, by calling (800) 326-5897, or by email at cmclientsupport@wellsfargo.com; or Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014.

    This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction.

    National Retail Properties, Inc. invests primarily in high-quality retail properties subject generally to long-term, net leases. As of June 30, 2019, the Company owned 3,043 properties in 48 states with an aggregate gross leasable area of approximately 32.1 million square feet and with a weighted average remaining lease term of 11.4 years.

    Statements in this press release that are not strictly historical are “forward-looking” statements. These statements generally are characterized by the use of terms such as “believe,” “expect,” “intend,” “may,” “estimated,” or other similar words or expressions. Forward-looking statements involve known and unknown risks, which may cause the Company’s actual future results to differ materially from expected results. For example, the fact that this offering has priced may imply that this offering will close, but the closing is subject to conditions customary in transactions of this type and may be delayed or may not occur at all. No assurance can be given that the offering discussed above will be consummated, or at all or that the net proceeds of the offering will be used as indicated. Consummation of this offering, and the application of the net proceeds of the offering are subject to numerous possible events, factors and conditions, many of which are beyond the control of the Company or of which are unknown to it. These risks include, among others, general economic conditions, local real estate conditions, changes in interest rates, increases in operating costs, the preferences and financial condition of the Company’s tenants, the availability of capital and risks related to the Company’s status as a REIT. Additional information concerning these and other factors that could cause actual results to differ materially from these forward-looking statements is contained from time to time in the Company’s SEC filings, including, but not limited to, the Company’s most recent Annual Report on Form 10-K for the year ended December 31, 2018. Copies of each filing may be obtained from the Company or the SEC. Such forward-looking statements should be regarded solely as reflections of the Company’s current operating plans and estimates. Actual operating results may differ materially from what is expressed or forecast in this press release. The Company undertakes no obligation to publicly release the results of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date these statements were made.

  4. National Retail Properties, Inc. Announces Offering of Common Stock

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    ORLANDO, Fla., September 4, 2019 – National Retail Properties, Inc. (NYSE: NNN) (the “Company”) today announced that it has commenced an underwritten public offering of 6,000,000 shares of common stock. As part of the offering, the Company also expects to grant the underwriters a 30-day option to purchase up to 900,000 additional shares of common stock.

    BofA Merrill Lynch, Wells Fargo Securities and Morgan Stanley will act as joint book-running managers and representatives of the underwriters for the offering. Citigroup, Jefferies, RBC Capital Markets, Raymond James and Stifel will act as joint book-running managers for the offering.

    The Company intends to use the net proceeds from this offering to redeem all of its 11,500,000 outstanding depositary shares, each representing a 1/100th interest in a share of it 5.700% Series E Cumulative Redeemable Preferred Stock, par value $0.01 per share (the “Depositary Shares”), and the Series E Cumulative Redeemable Preferred Stock underlying the Depositary Shares (the “Series E Preferred Stock”). This press release does not constitute a notice of redemption of such Depositary Shares or Series E Preferred Stock. In addition, the Company intends to use the remainder of the net proceeds from this offering, if any, to repay outstanding indebtedness under its credit facility, to fund future property acquisitions, and for general corporate purposes.

    The offering is being made only by means of a prospectus supplement and accompanying prospectus, which are part of an effective shelf registration statement the Company filed with the Securities and Exchange Commission (“SEC”).  You may obtain copies of these documents for free by visiting EDGAR on the SEC’s website at www.sec.gov. Alternatively, copies of these documents, when available, may be obtained by contacting BofA Merrill Lynch, NC1-004-03-43, 200 North College Street, 3rd floor, Charlotte, NC 28255-0001, Attn: Prospectus Department; or by email at dg.prospectus_requests@baml.com; Wells Fargo Securities, LLC, Attention: Equity Syndicate Department, 375 Park Avenue, New York, NY 10152, by calling (800) 326-5897, or by email at cmclientsupport@wellsfargo.com; or Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014.

    This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction.

    National Retail Properties, Inc. invests primarily in high-quality retail properties subject generally to long-term, net leases. As of June 30, 2019, the Company owned 3,043 properties in 48 states with an aggregate gross leasable area of approximately 32.1 million square feet and with a weighted average remaining lease term of 11.4 years.

    Statements in this press release that are not strictly historical are “forward-looking” statements. These statements generally are characterized by the use of terms such as “believe,” “expect,” “intend,” “may,” “estimated,” or other similar words or expressions. Forward-looking statements involve known and unknown risks, which may cause the Company’s actual future results to differ materially from expected results. No assurance can be given that the offering discussed above will be consummated, or that the net proceeds of the offering will be used as indicated. Consummation of the offering and the application of the net proceeds of the offering are subject to numerous possible events, factors and conditions, many of which are beyond the control of the Company or of which are unknown to it. These risks include, among others, general economic conditions, local real estate conditions, changes in interest rates, increases in operating costs, the preferences and financial condition of the Company’s tenants, the availability of capital and risks related to the Company’s status as a REIT. Additional information concerning these and other factors that could cause actual results to differ materially from these forward-looking statements is contained from time to time in the Company’s SEC filings, including, but not limited to, the Company’s most recent Annual Report on Form 10-K for the year ended December 31, 2018. Copies of each filing may be obtained from the Company or the SEC. Such forward-looking statements should be regarded solely as reflections of the Company’s current operating plans and estimates. Actual operating results may differ materially from what is expressed or forecast in this press release. The Company undertakes no obligation to publicly release the results of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date these statements were made.

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

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    Orlando, Florida, August 15, 2019 – The Board of Directors of National Retail Properties, Inc. (NYSE: NNN), a real estate investment trust, declared a cash dividend on its 5.70% Series E Cumulative Redeemable Preferred Stock of 35.625 cents per depositary share payable September 16, 2019, to shareholders of record on August 30, 2019.  The Board also declared a cash dividend on its 5.20% Series F Cumulative Redeemable Preferred Stock of 32.5 cents per depositary share payable September 16, 2019, to shareholders of record on August 30, 2019.

    National Retail Properties invests primarily in high-quality retail properties subject generally to long-term, net leases.  As of June 30, 2019, the company owned 3,043 properties in 48 states with a gross leasable area of approximately 32.1 million square feet and with a weighted average remaining lease term of 11.4 years.  For more information on the company, visit www.nnnreit.com.

  6. Second Quarter 2019 Operating Results Announced by National Retail Properties, Inc.

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    Orlando, Florida, August 1, 2019 – National Retail Properties, Inc. (NYSE: NNN), a real estate investment trust, today announced its operating results for the quarter and six months ended June 30, 2019.  Highlights include:

    Operating Results:

    • Revenues and net earnings, FFO, Core FFO and AFFO available to common stockholders and diluted per share amounts:

    Quarter Ended

    Six Months Ended

    June 30,

    June 30,

    2019 2018 2019

    2018

    (in thousands, except per share data)

    Revenues

    $

    164,792

    $ 155,518 $ 328,504 $

    308,353

    Net earnings available to common stockholders $

    70,097

    $ 61,992 $ 141,537 $

    156,690

    Net earnings per common share $

    0.43

    $ 0.40 $ 0.87 $ 1.02
    FFO available to common stockholders $

    110,859

    $ 104,944 $ 221,203 $

    207,713

    FFO per common share $

    0.68

    $ 0.68 $ 1.37 $

    1.35

    Core FFO available to common stockholders $

    110,859

    $ 105,204 $ 219,872 $

    208,234

    Core FFO per common share $

    0.68

    $ 0.68 $ 1.36 $

    1.35

    AFFO available to common stockholders $

    112,619

    $ 105,303 $ 223,249 $

    208,182

    AFFO per common share $

    0.69

    $ 0.68 $ 1.38 $

    1.35

    Second Quarter 2019 Highlights:

    • AFFO per common share increased 1.5% over prior year results
    • Portfolio occupancy was 98.8% at June 30, 2019 as compared to 98.2% on March 31, 2019 and 98.2% on December 31, 2018
    • Invested $275.8 million in property investments, including the acquisition of 71 properties with an aggregate 1,678,000 square feet of gross leasable area at an initial cash yield of 6.9%
    • Sold 13 properties for $42.0 million producing $12.6 million of gains on sales, net of noncontrolling interest
    • Raised $82.0 million net proceeds from the issuance of 1,531,684 common shares

    First Half of 2019 Highlights:

    • FFO per share increased 1.5% over prior year results
    • Core FFO per share increased 0.7% over prior year results
    • AFFO per common share increased 2.2% over prior year results
    • Invested $392.8 million in property investments, including the acquisition of 104 properties with an aggregate 2,112,000 square feet of gross leasable area at an initial cash yield of 6.9%
    • Sold 30 properties for $61.4 million producing $23.0 million of gains on sales, net of noncontrolling interest
    • Raised $87.2 million in net proceeds from issuance of 1,632,864 common shares

    Jay Whitehurst, Chief Executive Officer, commented: “National Retail Properties posted steady, consistent results in the second quarter of 2019, highlighted by a solid quarter of acquisitions and a meaningful uptick in our occupancy rate. In July, we increased our common stock dividend by three percent to 51.5 cents per quarter, while maintaining our very conservative dividend payout ratio. 2019 will mark our 30th consecutive year of increased annual dividends, a feat matched by only two other REITs and by less than 90 public companies in the United States.”

    National Retail Properties invests primarily in high-quality retail properties subject generally to long-term, net leases.  As of June 30, 2019, the company owned 3,043 properties in 48 states with a gross leasable area of approximately 32.1 million square feet and with a weighted average remaining lease term of 11.4 years.  For more information on the company, visit www.nnnreit.com.

    Management will hold a conference call on August 1, 2019, at 10:30 a.m. ET to review these results.  The call can be accessed on the National Retail Properties web site live at http://www.nnnreit.com.  For those unable to listen to the live broadcast, a replay will be available on the company’s web site.  In addition, a summary of any earnings guidance given on the call will be posted to the company’s web site.

    Click here for the full press release including financial tables.

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

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    — Marks 30th Consecutive Annual Dividend Increase —
    Orlando, Florida, July 15, 2019 – The Board of Directors of National Retail Properties, Inc. (NYSE: NNN), a real estate investment trust, declared a quarterly dividend of 51.5 cents per share payable August 15, 2019 to common shareholders of record on July 31, 2019. The 3.0% increase in the quarterly dividend marks the 30th consecutive annual dividend increase for NNN. National Retail Properties is one of only three publicly traded REITs and 86 publicly traded companies in America to have increased annual dividends for 30 or more consecutive years.

    Jay Whitehurst, Chief Executive Officer, commented: “National Retail Properties has continued its consistent performance, driven by a healthy portfolio, a strong pipeline of relationship-driven acquisitions, and continued access to attractively priced capital. This three percent increase in our dividend will make 2019 the 30th consecutive year of increased annual dividends – a record only three publicly traded REITs can claim.”

    National Retail Properties invests primarily in high-quality retail properties subject generally to long-term, net leases. As of March 31, 2019, the company owned 2,984 properties in 48 states with a gross leasable area of approximately 30.7 million square feet and with a weighted average remaining lease term of 11.4 years. For more information on the company, visit www.nnnreit.com.

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

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    Orlando, Florida, May 15, 2019 – The Board of Directors of National Retail Properties, Inc. (NYSE: NNN), a real estate investment trust, declared a cash dividend on its 5.70% Series E Cumulative Redeemable Preferred Stock of 35.625 cents per depositary share payable June 14, 2019, to shareholders of record on May 31, 2019.  The Board also declared a cash dividend on its 5.20% Series F Cumulative Redeemable Preferred Stock of 32.5 cents per depositary share payable June 14, 2019, to shareholders of record on May 31, 2019.

    National Retail Properties invests primarily in high-quality retail properties subject generally to long-term, net leases.  As of March 31, 2019, the company owned 2,984 properties in 48 states with a gross leasable area of approximately 30.7 million square feet and with a weighted average remaining lease term of 11.4 years.  For more information on the company, visit www.nnnreit.com.

  9. First Quarter 2019 Operating Results Announced by National Retail Properties, Inc.

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    Orlando, Florida, May 1, 2019 – National Retail Properties, Inc. (NYSE: NNN), a real estate investment trust, today announced its operating results for the quarter ended March 31, 2019.  Highlights include:

    Operating Results:

    • Revenues and net earnings, FFO, Core FFO and AFFO available to common stockholders and diluted per share amounts:

    Quarter Ended

    March 31,
    2019

    2018

    (in thousands, except per share data)

    Revenues $

    163,712

    $

    152,836

    Net earnings available to common stockholders $

    71,441

    $

    94,698

    Net earnings per common share $

    0.44

    $

    0.62

    FFO available to common stockholders $

    110,345

    $

    102,769

    FFO per common share $

    0.68

    $

    0.67

    Core FFO available to common stockholders $

    109,014

    $

    103,030

    Core FFO per common share $

    0.67

    $

    0.67

    AFFO available to common stockholders $

    110,631

    $

    102,880

    AFFO per common share $

    0.68

    $

    0.67

    First Quarter 2019 Highlights:

    • FFO and AFFO per common share increased 1.5% over prior year results
    • Portfolio occupancy was 98.2% at March 31, 2019 as compared to 98.2% on December 31, 2018 and 99.2% on March 31, 2018
    • Invested $117.0 million in property investments, including the acquisition of 33 properties with an aggregate 434,000 square feet of gross leasable area at an initial cash yield of 7.0%
    • Sold 17 properties for $19.4 million producing $10.4 million of gains on sales
    • Raised $5.3 million net proceeds from the issuance of 101,180 common shares

    Jay Whitehurst, Chief Executive Officer, commented: “2019 is off to a steady, consistent start for National Retail Properties, with occupancy remaining above our long-term average and our new acquisitions being driven by our relationship tenants at strong initial cash yields, with future rent growth, and with long-term triple net leases.  Coupled with our low leveraged, flexible balance sheet, we remain well positioned to continue our consistent per share growth on a multi-year basis.”

    National Retail Properties invests primarily in high-quality retail properties subject generally to long-term, net leases.  As of March 31, 2019, the company owned 2,984 properties in 48 states with a gross leasable area of approximately 30.7 million square feet and with a weighted average remaining lease term of 11.4 years.  For more information on the company, visit www.nnnreit.com.

    Management will hold a conference call on May 1, 2019, at 10:30 a.m. ET to review these results.  The call can be accessed on the National Retail Properties web site live at http://www.nnnreit.com.  For those unable to listen to the live broadcast, a replay will be available on the company’s web site.  In addition, a summary of any earnings guidance given on the call will be posted to the company’s web site.

    Please click here for the full press release.

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

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    Orlando, Florida, April 15, 2019 – The Board of Directors of National Retail Properties, Inc. (NYSE: NNN), a real estate investment trust, declared a quarterly dividend of 50 cents per share payable May 15, 2019, to common shareholders of record on April 30, 2019. National Retail Properties is one of only three publicly traded REITs and 86 publicly traded companies in America to have increased annual dividends for 29 or more consecutive years.

    National Retail Properties invests primarily in high-quality retail properties subject generally to long-term, net leases. As of December 31, 2018, the company owned 2,969 properties in 48 states with a gross leasable area of approximately 30.5 million square feet with a weighted average remaining lease term of 11.5 years. For more information on the company, visit www.nnnreit.com.

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