1. National Retail Properties, Inc. Announces Redemption of 3.80% Notes Dues 2022

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    Orlando, Florida, February 19, 2020 – National Retail Properties, Inc. (NYSE: NNN) (the “Company”) today announced that it is notifying holders of its 3.80% Notes due 2022 (“Notes”) that the Company will redeem all outstanding Notes on March 20, 2020.  The Notes will be redeemed in cash at a price equal to 100% of the principal amount of Notes being redeemed, plus a Make-Whole Amount of $ 16,679,310.14, plus accrued and unpaid interest to, but excluding, March 20, 2020.  As of February 19, 2020, approximately $325 million aggregate principal amount of Notes remained outstanding.

    The notice of redemption containing the information required by the terms of the indenture governing the Notes was sent to registered holders of the Notes on February 19, 2020.  U.S. Bank National Association will act as the paying agent for redeemed Notes.

    National Retail Properties, Inc. invests primarily in high-quality retail properties subject generally to long-term, net leases. As of December 31, 2019, the Company owned 3,118 properties in 48 states with an aggregate gross leasable area of approximately 32.5 million square feet and with a weighted average remaining lease term of 11.2 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. These risks include, among others, general economic conditions, changes in consumer shopping patterns, the preferences and financial condition of the Company’s tenants, the availability of capital, changes in interest rates, increases in operating costs, 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 Annual Report on Form 10-K. 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. National Retail Properties, Inc. 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.

  2. National Retail Properties, Inc. Prices Offering of $400,000,000 of 2.500% Senior Unsecured Notes Due 2030 and $300,000,000 of 3.100% Senior Unsecured Notes Due 2050

    Comments Off on National Retail Properties, Inc. Prices Offering of $400,000,000 of 2.500% Senior Unsecured Notes Due 2030 and $300,000,000 of 3.100% Senior Unsecured Notes Due 2050

    ORLANDO, Fla., February 18, 2020 – National Retail Properties, Inc. (NYSE: NNN) (the “Company”) today announced that it has priced its public offering of $400,000,000 of 2.500% senior unsecured notes due 2030 (the “2030 notes”) and $300,000,000 of 3.100% senior unsecured notes due 2050 (the “2050 notes” and, together with the 2030 notes, the “notes”).  The 2030 notes were offered at 99.678% of the principal amount with a yield to maturity of 2.536%.  The 2050 notes were offered at 97.978% of the principal amount with a yield to maturity of 3.205%. Interest on the notes will be payable semi-annually on April 15 and October 15 of each year, commencing October 15, 2020.  The 2030 notes mature on April 15, 2030. The 2050 notes mature on April 15, 2050. The offering is expected to close on or about March 3, 2020, subject to customary closing conditions.

    BofA Securities, Inc., Wells Fargo Securities, LLC, Citigroup Global Markets Inc., Jefferies LLC, RBC Capital Markets, LLC, and SunTrust Robinson Humphrey, Inc. are acting as joint book-running managers and representatives of the underwriters for the offering. U.S. Bancorp Investments, Inc. is acting as a joint book-running manager for the offering. Morgan Stanley & Co. LLC, TD Securities (USA) 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 of the notes to redeem all of its outstanding 3.80% notes due 2022, repay all of the outstanding indebtedness under its credit facility and to fund future property acquisitions and for general corporate purposes. This press release does not constitute a notice of redemption under the indenture governing such 3.80% notes due 2022.

    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 Securities, Inc., 200 North College Street, NC1-004-03-43, Charlotte, NC 28255-0001 Attention: Prospectus Department, telephone: 1-800-294-1322, or by email at dg.prospectus_requests@bofa.com; Wells Fargo Securities, LLC, 608 2nd Avenue South, Suite 1000, Minneapolis, MN 55402, Attn: WFS Customer Service, telephone: 1-800-645-3751, or by email at wfscustomersupport@wellsfargo.com; Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, telephone: 1-800-831-9146, or by email at prospectus@citi.com;  Jefferies LLC, 520 Madison Avenue, New York, NY 10022, Attn: Debt Capital Markets, telephone: 1-877-877-0696; RBC Capital Markets, LLC, Attn: Transaction Management, 200 Vesey Street, 8th Floor, New York, NY 10281, telephone: 1-866-375-6829, or by fax at (212) 658-6137 or by email at rbcnyfixedincomeprospectus@rbccm.com; or SunTrust Robinson Humphrey, Inc., 303 Peachtree Street, Atlanta, GA 30308, Attn: Prospectus Department, telephone: 1-800-685-4786, or by email at: STRHdocs@SunTrust.com.

    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 December 31, 2019, the Company owned 3,118 properties in 48 states with an aggregate gross leasable area of approximately 32.5 million square feet and with a weighted average remaining lease term of 11.2 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 completed on the terms described or at all or that the net proceeds of this offering will be used as described. Completion of this offering on the terms described, and the application of the net proceeds of this 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, changes in consumer shopping patterns, the preferences and financial condition of the Company’s tenants, the availability of capital, changes in interest rates, increases in operating costs, 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 Annual Report on Form 10-K. 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. National Retail Properties, Inc. 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.

  3. National Retail Properties, Inc. Declares Dividend for its 5.20% Series F Preferred Stock

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    Orlando, Florida, February 14, 2020 – The Board of Directors of National Retail Properties, Inc. (NYSE: NNN), a real estate investment trust, declared a cash dividend on its 5.20% Series F Cumulative Redeemable Preferred Stock of 32.5 cents per depositary share payable March 16, 2020, to shareholders of record on February 28, 2020.

    National Retail Properties invests primarily in high-quality retail properties subject generally to long-term, net leases. As of December 31, 2019, the company owned 3,118 properties in 48 states with a gross leasable area of approximately 32.5 million square feet and with a weighted average remaining lease term of 11.2 years. For more information on the company, visit www.nnnreit.com.

  4. Record Annual Results Announced by National Retail Properties, Inc.

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    Orlando, Florida, February 11, 2020 – National Retail Properties, Inc. (NYSE: NNN), a real estate investment trust, today announced operating results for the quarter and year ended December 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

    Year Ended

    December 31,

    December 31,

    2019

    2018 2019

    2018

    (in thousands, except per share data)

    Revenues

    $

    173,376

    $

    158,976

    $

    670,487

    $

    622,661

    Net earnings available to common stockholders $

    58,534

    $

    27,980

    $

    258,183

    $

    258,120

    Net earnings per common share $

    0.34

    $

    0.17

    $

    1.56

    $

    1.65

    FFO available to common stockholders

    $

    110,445 $ 82,491 $ 446,661 $

    395,337

    FFO per common share $

    0.65

    $ 0.52 $ 2.71 $

    2.53

    Core FFO available to common stockholders $

    120,301

    $ 101,001 $ 455,186 $

    414,590

    Core FFO per common share $

    0.70

    $ 0.63 $ 2.76 $

    2.65

    AFFO available to common stockholders $

    122,205

    $ 103,523 $ 462,325 $

    418,702

    AFFO per common share $

    0.71

    $ 0.65 $ 2.80 $

    2.68

    • Portfolio occupancy was 99.0% at December 31, 2019 as compared to 99.1% at September 30, 2019, and 98.2% at December 31, 2018

    2019 Highlights:

    • Increased annual FFO per common share 7.1%
    • Increased annual Core FFO per common share 4.2%
    • Increased annual AFFO per common share 4.5%
    • Dividend yield of 3.8% at December 31, 2019
    • Annual dividend per common share increased 4.1% to $2.03 marking the 30th consecutive year of annual dividend increases – making the company one of only three equity REITs and less than 90 publicly traded companies in America to have increased annual dividends for 30 or more consecutive years
    • Maintained high occupancy levels at 99.0% with a weighted average remaining lease term of 11.2 years
    • Invested $752.5 million in 210 properties with an aggregate gross leasable area of approximately 3,164,000 square feet at an initial cash yield of 6.9%
    • Sold 59 properties for $126.2 million, producing $32.1 million of gains on sale, net of noncontrolling interest, at a cap rate of 5.9%
    • Raised $524.8 million in net proceeds from issuance of 9,706,940 common shares
    • $766.4 million availability on bank credit facility at December 31, 2019
    • 7% of properties are unencumbered with secured mortgage debt
    • Total average annual shareholder return of 13.6% over the past 25 years exceeds industry and general equity averages

    Selected Highlights for the quarter ended December 31, 2019:

    • Investments:
    • $242.9 million in property investments, including the acquisition of 79 properties with an aggregate gross leasable area of approximately 519,000 square feet at an initial cash yield of 6.8%
    • Dispositions:
    • Sold 16 properties with net proceeds of $31.4 million, producing $7.0 million of gains on sales at a cap rate of 6.4%
    • Long-term capital:
      • Raised $3.0 million in net proceeds from the issuance of 53,791 common shares

    Jay Whitehurst, Chief Executive Officer, commented: “2019 was a year of significant milestones for National Retail Properties: our 35th year in business; our 25th year listed on the New York Stock Exchange, and most importantly, our 30th year of consecutive annual dividend increases.  Our steady execution continued to produce impressive outcomes.  Our Core FFO per share increased by 4.2% over 2018 and our long-term total shareholder returns continued to exceed the REIT averages while, in our opinion, taking below average risk.  Moreover, the continued execution of our long-term focused business plan positions National Retail Properties to continue this enviable track record of consistent performance into 2020 and beyond.”

    National Retail Properties invests primarily in high-quality retail properties subject generally to long-term, net leases.  As of December 31, 2019, the company owned 3,118 properties in 48 states with a gross leasable area of approximately 32.5 million square feet and with a weighted average remaining lease term of 11.2 years.  For more information on the company, visit www.nnnreit.com.

    Management will hold a conference call on February 11, 2020, 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 to see the full press release.

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

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    Orlando, Florida, January 15, 2020 – 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 February 14, 2020 to common shareholders of record on January 31, 2020.   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 September 30, 2019, the company owned 3,057 properties in 48 states with a gross leasable area of approximately 32.2 million square feet and with a weighted average remaining lease term of 11.2 years.  For more information on the company, visit www.nnnreit.com.

  6. National Retail Properties, Inc. Announces 2019 Dividend Tax Status

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    Orlando, Florida, January 10, 2020 – National Retail Properties, Inc. (NYSE:NNN), a real estate investment trust, announced today that 86.8423% of the dividends paid to common shareholders, 100.0% of the dividends paid to shareholders of its Preferred Series E and 100.0% of the dividends paid to shareholders of its Preferred Series F in 2019 are classified for federal income tax purposes as a taxable distribution.  The tax attributes of the common stock and preferred series’ dividends paid per share are outlined below.

     

    Total Dividend

    Ordinary Dividend

    (Box 1a)

    Non-taxable Distributions

    (Box 3)

    Section 199A

    Dividends (1) (Box 5)

     
    Common Stock  (CUSIP #: 637417106)    

    100.0000%

    86.8423% 13.1577% 86.8423%
    $2.030000 $1.762899 $0.267101

    $1.762899

    Preferred Series E (CUSIP #: 637417809)    

    100.0000%

    100.0000% 0.0000% 100.0000%
    $1.147917 $1.147917 $0.000000

    $1.147917

    Preferred Series F (CUSIP #: 637417874)    

    100.0000%

    100.0000% 0.0000% 100.0000%
    $1.300000 $1.300000 $0.000000

    $1.300000

    • Dividends eligible for the 20% qualified business income deduction under Section 199A and included in Box 1a, Ordinary Dividend.

    “The common dividend of $2.03 per share paid in 2019 marked the thirtieth consecutive annual dividend increase for National Retail Properties,” said Kevin Habicht, Chief Financial Officer.  “This consistent dividend has been an important part of the company’s total return to shareholders which has outperformed industry and general equity benchmarks for many years.”

    National Retail Properties invests primarily in high-quality retail properties subject generally to long-term, net leases.  As of September 30, 2019, the company owned 3,057 properties in 48 states with a gross leasable area of approximately 32.2 million square feet and with a weighted average remaining lease term of 11.2 years. For more information on the company, visit www.nnnreit.com.

  7. National Retail Properties, Inc. Declares Dividend for its 5.20% Series F Preferred Stock

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    Orlando, Florida, November 15, 2019 – The Board of Directors of National Retail Properties, Inc. (NYSE: NNN), a real estate investment trust, declared a cash dividend on its 5.20% Series F Cumulative Redeemable Preferred Stock of 32.5 cents per depositary share payable December 16, 2019, to shareholders of record on November 29, 2019.

    National Retail Properties invests primarily in high-quality retail properties subject generally to long-term, net leases. As of September 30, 2019, the company owned 3,057 properties in 48 states with a gross leasable area of approximately 32.2 million square feet and with a weighted average remaining lease term of 11.2 years. For more information on the company, visit www.nnnreit.com.

  8. Third Quarter 2019 Operating Results and 2020 Guidance Announced by National Retail Properties, Inc.

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    Orlando, Florida, October 31, 2019 – 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, 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

    Nine Months Ended

    September 30,

    September 30,

    2019

    2018 2019

    2018

    (in thousands, except per share data)
    Revenues $

    168,607

    $

    155,331

    $

    497,111

    $

    463,683

    Net earnings available to common stockholders $

    58,111

    $

    73,450

    $

    199,648

    $

    230,140

    Net earnings per common share $

    0.35

    $

    0.47

    $

    1.22

    $

    1.48

    FFO available to common stockholders $

    115,013

    $

    105,134

    $

    336,215

    $

    312,847

    FFO per common share $

    0.70

    $

    0.67

    $

    2.06

    $

    2.02

    Core FFO available to common stockholders $

    115,013

    $

    105,356

    $

    334,884

    $

    313,590

    Core FFO per common share $

    0.70

    $

    0.67

    $

    2.05

    $

    2.02

    AFFO available to common stockholders $

    116,870

    $

    106,997

    $

    340,119

    $

    315,180

    AFFO per common share $

    0.71

    $

    0.68

    $

    2.09

    $

    2.03

    Third Quarter 2019 Highlights:

    • FFO and Core FFO per common share increased 4.5% over prior year results
    • AFFO per common share increased 4.4% over prior year results
    • Portfolio occupancy was 99.1% at September 30, 2019 as compared to 98.8% on June 30, 2019 and 98.2% on March 31, 2019
    • Invested $116.8 million in property investments, including the acquisition of 27 properties with an aggregate 533,000 square feet of gross leasable area at an initial cash yield of 6.8%
    • Sold 13 properties for $33.5 million producing $2.1 million of gains on sales
    • Raised $434.6 million net proceeds from the issuance of 8,020,285 common shares

    Highlights for the nine months ended September 30, 2019:

    • FFO per share increased 2.0% over prior year results
    • Core FFO per share increased 1.5% over prior year results
    • AFFO per common share increased 3.0% over prior year results
    • Invested $509.6 million in property investments, including the acquisition of 131 properties with an aggregate 2,645,000 square feet of gross leasable area at an initial cash yield of 6.9%
    • Sold 43 properties for $94.8 million producing $25.1 million of gains on sales, net of noncontrolling interest
    • Raised $521.8 million in net proceeds from issuance of 9,653,149 common shares

    Core FFO guidance for 2019 was increased from a range of $2.71 to $2.76 per share to a range of $2.74 to $2.77 per share. The 2019 AFFO is estimated to be $2.79 to $2.82 per share. The Core FFO guidance equates to net earnings of $1.60 to $1.63 per share, plus $1.14 per share of expected real estate depreciation and amortization and excludes any gains from the sale of real estate, any charges for impairments and preferred stock redemption charges. The guidance is based on current plans and assumptions and subject to risks and uncertainties more fully described in this press release and the company’s reports filed with the Securities and Exchange Commission.

    The company also announced 2020 Core FFO guidance of $2.83 to $2.87 per share and estimated 2020 AFFO to be $2.90 to $2.94 per share. The Core FFO guidance equates to net earnings of $1.70 to $1.74 per share, plus $1.13 per share of expected real estate depreciation and amortization and excludes any gains from the sale of real estate, and any charges for impairments. The guidance is based on current plans and assumptions and subject to risks and uncertainties more fully described in this press release and the company’s reports filed with the Securities and Exchange Commission.

    Jay Whitehurst, Chief Executive Officer, commented: “National Retail Properties posted another quarter of solid results, highlighted by increasing our annual common stock dividend for the 30th consecutive year and by raising over $434 million of well-priced equity. Driven by our high occupancy rate, strong performance in acquisitions and dispositions and a fortress-like balance sheet, we are pleased to raise our guidance for 2019 and to introduce 2020 guidance.  We run our business with a long-term focus, characterized by consistent per share growth on a multi-year basis, and our guidance for 2019 and 2020 reflects that consistent philosophy.”

    National Retail Properties invests primarily in high-quality retail properties subject generally to long-term, net leases.  As of September 30, 2019, the company owned 3,057 properties in 48 states with a gross leasable area of approximately 32.2 million square feet and with a weighted average remaining lease term of 11.2 years.  For more information on the company, visit www.nnnreit.com.

    Management will hold a conference call on October 31, 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.

    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.  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 Securities and Exchange Commission (the “Commission”) filings, including, but not limited to, the company’s Annual Report on Form 10-K.  Copies of each filing may be obtained from the company or the Commission.  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.  National Retail Properties, Inc. 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.

     The reported results are preliminary and not final and there can be no assurance that the results will not vary from the final information filed on Form 10-Q with the Commission for the quarter and nine months ended September 30, 2019.  In the opinion of management, all adjustments considered necessary for a fair presentation of these reported results have been made.

    Funds From Operations, commonly referred to as FFO, is a relative non-GAAP financial measure of operating performance of an equity REIT in order to recognize that income-producing real estate historically has not depreciated on the basis determined under GAAP.  FFO is defined by the National Association of Real Estate Investment Trusts (“NAREIT”) and is used by the company as follows:  net earnings (computed in accordance with GAAP) plus depreciation and amortization of assets unique to the real estate industry, excluding gains (or including losses), any applicable taxes and noncontrolling interests on the disposition of certain assets, the company’s share of these items from the company’s unconsolidated partnerships and any impairment charges on a depreciable real estate asset.

    FFO is generally considered by industry analysts to be the most appropriate measure of performance of real estate companies.  FFO does not necessarily represent cash provided by operating activities in accordance with GAAP and should not be considered an alternative to net earnings as an indication of the company’s performance or to cash flow as a measure of liquidity or ability to make distributions.  Management considers FFO an appropriate measure of performance of an equity REIT because it primarily excludes the assumption that the value of the real estate assets diminishes predictably over time, and because industry analysts have accepted it as a performance measure.  The company’s computation of FFO may differ from the methodology for calculating FFO used by other equity REITs, and therefore, may not be comparable to such other REITs.  A reconciliation of net earnings (computed in accordance with GAAP) to FFO, as defined by NAREIT, is included in the financial information accompanying this release.

     Core Funds From Operations (“Core FFO”) is a non-GAAP measure of operating performance that adjusts FFO to eliminate the impact of certain GAAP income and expense amounts that the company believes are infrequent and unusual in nature and/or not related to its core real estate operations.  Exclusion of these items from similar FFO-type metrics is common within the REIT industry, and management believes that presentation of Core FFO provides investors with a potential metric to assist in their evaluation of the company’s operating performance across multiple periods and in comparison to the operating performance of its peers because it removes the effect of unusual items that are not expected to impact the company’s operating performance on an ongoing basis.  Core FFO is used by management in evaluating the performance of the company’s core business operations and is a factor in determining management compensation.  Items included in calculating FFO that may be excluded in calculating Core FFO may include items like transaction related gains, income or expense, impairments on land or commercial mortgage residual interests, preferred stock redemption costs or other non-core amounts as they occur.   The company’s computation of Core FFO may differ from the methodology for calculating Core FFO used by other equity REITs, and therefore, may not be comparable to such other REITs. A reconciliation of net earnings (computed in accordance with GAAP) to Core FFO is included in the financial information accompanying this release.

     Adjusted Funds From Operations (“AFFO”) is a non-GAAP financial measure of operating performance used by many companies in the REIT industry. AFFO adjusts FFO for certain non-cash items that reduce or increase net income in accordance with GAAP.  AFFO should not be considered an alternative to net earnings, as an indication of the company’s performance or to cash flow as a measure of liquidity or ability to make distributions. Management considers AFFO a useful supplemental measure of the company’s performance.  The company’s computation of AFFO may differ from the methodology for calculating AFFO used by other equity REITs, and therefore, may not be comparable to such other REITs.  A reconciliation of net earnings (computed in accordance with GAAP) to AFFO is included in the financial information accompanying this release.

  9. 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.

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

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

    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.

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