Recent News

Record Annual Results Announced by National Retail Properties, Inc.

Orlando, Florida, February 13, 2018 – National Retail Properties, Inc. (NYSE: NNN), a real estate investment trust, today announced operating results for the quarter and year ended December 31, 2017.  Highlights include:

Operating Results:

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

• Portfolio occupancy was 99.1% at December 31, 2017 as compared to 98.8% at September 30, 2017, and 99.0% at December 31, 2016

2017 Highlights:

• Increased annual net earnings per common share 5.1%
• Increased annual FFO per common share 5.3%
• Increased annual Core FFO per common share 7.2%
• Increased annual AFFO per common share 5.4%
• Dividend yield of 4.3% at December 31, 2017
• Annual dividend per common share increased 4.3% to $1.86 marking the 28th consecutive year of annual dividend increases – making the company one of only three equity REITs and one of only 88 public companies with 28 or more consecutive annual dividend increases
• Maintained high occupancy levels at 99.1% with a weighted average remaining lease term of 11.5 years
• Invested $754.9 million in 276 properties with an aggregate gross leasable area of approximately 2,243,000 square feet at an initial cash yield of 6.9%
• Sold 48 properties for $96.8 million, producing $36.3 million of gains on sale, net of noncontrolling interests, at a cap rate of 6.0%
• Raised $647.9 million of new long-term capital at attractive pricing
  • Raised $253.2 million in net proceeds from the issuance of 6,051,062 common shares
  • Raised $394.7 million in net proceeds from the issuance of 3.50% senior unsecured notes due 2027
• Paid off $250 million principal amount of 6.875% senior unsecured notes due 2017
• Expanded unsecured bank credit facility to $900 million while extending the term to January 2022 and reducing the interest rate to LIBOR + 87.5 basis points
• $779.5 million availability on bank credit facility at December 31, 2017
• 7% of properties are unencumbered with secured mortgage debt
• Total average annual shareholder return of over 11% for the past 5-, 10-, 15-, 20-, and 25-years exceeds industry averages

Selected Highlights for the quarter ended December 31, 2017:

• Investments:
• $257.4 million in property investments, including the acquisition of 94 properties with an aggregate gross leasable area of approximately 955,000 square feet at an initial cash yield of 6.9%
• Dispositions:
• Sold 17 properties with net proceeds of $41.0 million, producing $15.8 million of gains on sales at a cap rate of 5.7%
• Long-term capital:
  • Raised $81.0 million in net proceeds from the issuance of 1,946,089 common shares

Jay Whitehurst, Chief Executive Officer, commented: “2017 was another very strong year for National Retail Properties in every aspect of our business.  Our healthy portfolio, our broad acquisition pipeline, and our strong balance sheet position us well to continue delivering consistent per share growth over a multi-year term and maintain our guidance of 4-5% growth in per share results for 2018.”

National Retail Properties invests primarily in high-quality retail properties subject generally to long-term, net leases.  As of December 31, 2017, the company owned 2,764 properties in 48 states with a gross leasable area of approximately 29.1 million square feet and with a weighted average remaining lease term of 11.5 years.  For more information on the company, visit www.nnnreit.com.

Management will hold a conference call on February 13, 2018, at 10:30 a.m. ET to review these results.  The call can be accessed on the National Retail Properties web site live at https://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.

Common Dividend Declared by National Retail Properties, Inc.

Orlando, Florida, January 16, 2018 – The Board of Directors of National Retail Properties, Inc. (NYSE: NNN), a real estate investment trust, declared a quarterly dividend of 47.5 cents per share payable February 15, 2018 to common shareholders of record on January 31, 2018. National Retail Properties is one of only four publicly traded REITs and 88 publicly traded companies in America to have increased annual dividends for 28 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, 2017, the company owned 2,687 properties in 48 states with a gross leasable area of approximately 28.2 million square feet with a weighted average remaining lease term of 11.4 years. For more information on the company, visit www.nnnreit.com.

National Retail Properties, Inc. Announces 2017 Dividend Tax Status

Orlando, Florida, January 12, 2018 – National Retail Properties, Inc. (NYSE:NNN), a real estate investment trust, announced today that 86.3987% of the dividends paid to common shareholders, 100.0% of the dividends paid to shareholders of its Preferred Series D, 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 2017 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.

(1) Represents additional characterization of, and is part of, “Total Capital Gain Distribution.”

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

Orlando, Florida, November 15, 2017 – 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 December 15, 2017, to shareholders of record on November 30, 2017.  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 December 15, 2017, to shareholders of record on November 30, 2017.

National Retail Properties invests primarily in high-quality retail properties subject generally to long-term, net leases. As of September 30, 2017, the company owned 2,687 properties in 48 states with a gross leasable area of approximately 28.2 million square feet with a weighted average remaining lease term of 11.4 years. For more information on the company, visit www.nnnreit.com.

Third Quarter 2017 Operating Results and 2018 Guidance Announced by National Retail Properties, Inc.

Orlando, Florida, November 2, 2017 – 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, 2017.  Highlights include:

Operating Results:

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

Third Quarter 2017 Highlights:

• FFO per share increased 18.2% over prior year results
• Core FFO per common share increased 10.2% over prior year results
• AFFO per common share increased 6.6% over prior year results
• Portfolio occupancy was 98.8% at September 30, 2017 as compared to 99.3% at June 30, 2017 and 99.1% at March 31, 2017
• Invested $90.1 million in property investments, including the acquisition of 18 properties with an aggregate 206,000 square feet of gross leasable area at an initial cash yield of 6.9%
• Sold six properties for $7.5 million producing $3.2 million of gains on sales
• Raised $98.6 million net proceeds from the issuance of 2,417,352 common shares
• Issued $400 million principal amount of 3.50% senior unsecured notes due 2027 generating net proceeds of $394.7 million

Highlights for the nine months ended September 30, 2017:

• FFO per share increased 6.0% over prior year results
• Core FFO per share increased 8.6% over prior year results
• AFFO per share increased 6.7% over prior year results
• Invested $497.5 million in 182 properties with an aggregate 1,288,000 square feet of gross leasable area at an initial cash yield of 6.9%
• Sold 31 properties for $55.8 million producing $20.5 million of gains on sales, net of noncontrolling interests
• Raised $566.8 million of new long-term capital at attractive pricing
  • Raised $172.2 million in net proceeds from the issuance of 4,104,973 common shares
  • Raised $394.7 million in net proceeds from the issuance of 3.50% senior unsecured notes due 2027

Core FFO guidance for 2017 was increased from a range of $2.46 to $2.50 to a range of $2.51 to $2.53 per share. The 2017 AFFO is estimated to be $2.54 to $2.56 per share. The Core FFO guidance equates to net earnings of $1.35 to $1.37 per share, plus $1.16 per share of expected real estate depreciation and amortization and excludes any gains from the sale of real estate and any charges for impairments, retirement severance costs, or preferred stock redemption charges. The guidance is based on current plans and assumptions and is 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 2018 Core FFO guidance of $2.60 to $2.64 per share and estimated 2018 AFFO to be $2.64 to $2.68 per share. The Core FFO guidance equates to net earnings of $1.53 to $1.57 per share, plus $1.07 per share of expected real estate depreciation and amortization and excludes any gains from the sale of real estate, and any charges for impairments, or retirement severance costs. The guidance is based on current plans and assumptions 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.

Jay Whitehurst, Chief Executive Officer, commented: “National Retail Properties continues to consistently deliver compelling per share results. Our broadly diversified portfolio remains healthy and our pipeline of new acquisitions from relationship tenants is strong. We are pleased to once again raise our Core FFO per share guidance for 2017 and to introduce 2018 Core FFO per share guidance which reflects a continuation of our consistent per share growth rate.”

National Retail Properties invests primarily in high-quality retail properties subject generally to long-term, net leases.  As of September 30, 2017, the company owned 2,687 properties in 48 states with a gross leasable area of approximately 28.2 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 November 2, 2017, at 10:30 a.m. ET to review these results.  The call can be accessed on the National Retail Properties web site live at https://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.

National Retail Properties, Inc. Announces Expanded $900 Million Unsecured Credit Facility

ORLANDO, Fla., Oct. 25, 2017 /PRNewswire/ — National Retail Properties, Inc. (NYSE: NNN), a real estate investment trust, today announced the amendment of its unsecured bank credit facility.  The amendment increases the available borrowing capacity under the credit facility from $650 million to $900 million and reduces pricing from LIBOR plus 92.5 basis points to LIBOR plus 87.5 basis points.  The amended facility matures January 2022, with options to extend maturity to January 2023.  The amended facility also includes an accordion feature to increase the facility size to up to $1.6 billion.

Wells Fargo Securities, LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated were joint lead arrangers and joint book-runners of this credit facility with Wells Fargo Bank, National Association as the Administrative Agent and Bank of America, N.A. as the Syndication Agent. Documentation Agents were PNC Bank, National Association, Royal Bank of Canada and U.S. Bank, National Association. Other bank participants include Branch Banking & Trust Company, SunTrust Bank, Citibank, N.A., Morgan Stanley Bank, N.A., TD Bank, N.A., Capital One, N.A., and Raymond James Bank, N.A.

“We greatly appreciate the continuing support of our bank group and the confidence they have in our business,” said Kevin B. Habicht, Executive Vice President and CFO.  “This expanded facility gives us significant financial flexibility and enhances our ability to take advantage of acquisition opportunities which helps us perpetuate NNN’s track record of 28 consecutive increases in our annual dividend.”

National Retail Properties invests primarily in high-quality retail properties subject generally to long-term, net leases. As of June 30, 2017, the company owned 2,675 Investment properties in 48 states with a gross leasable area of approximately 28.1 million square feet with a weighted average remaining lease term of 11.5 years. For more information on the company, visit www.nnnreit.com.

Common Dividend Declared by National Retail Properties, Inc.

Orlando, Florida, October 16, 2017 – The Board of Directors of National Retail Properties, Inc. (NYSE: NNN), a real estate investment trust, declared a quarterly dividend of 47.5 cents per share payable November 15, 2017 to common shareholders of record on October 31, 2017. National Retail Properties is one of only four publicly traded REITs and 88 publicly traded companies in America to have increased annual dividends for 28 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, 2017, the company owned 2,675 properties in 48 states with a gross leasable area of approximately 28.1 million square feet with a weighted average remaining lease term of 11.5 years. For more information on the company, visit www.nnnreit.com.

National Retail Properties, Inc. Prices Offering of $400,000,000 of 3.50% Senior Unsecured Notes Due 2027

ORLANDO, Fla., September 6, 2017 – National Retail Properties, Inc. (NYSE: NNN) (the “Company”) today announced that it has priced its public offering of $400,000,000 of 3.50% senior unsecured notes due 2027. The notes were offered at 99.593% of the principal amount with a yield to maturity of 3.548%. Interest on the notes will be payable semi-annually on April 15 and October 15 of each year, commencing April 15, 2018. The notes mature on October 15, 2027. The offering is expected to close on or about September 14, 2017, subject to customary closing conditions.

Citigroup Global Markets Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, Wells Fargo Securities, LLC, Jefferies LLC, RBC Capital Markets, LLC, SunTrust Robinson Humphrey, Inc. and U.S. Bancorp Investments, Inc. 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.

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 Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, telephone: (800) 831-9146 or email: prospectus@citi.com; Merrill Lynch, Pierce, Fenner & Smith Incorporated, 200 North College Street, 3rd Floor, NC1-004-03-43, Charlotte, NC 28255-0001, Attention: Prospectus Department, by telephone at 1-800-294-1322, or by email at dg.prospectus_requests@baml.com; Wells Fargo Securities, LLC, 608 2nd Avenue South, Suite 1000, Minneapolis, MN 55402, Attn: WFS Customer Service, telephone: (800) 645-3751 or email: wfscustomerservice@wellsfargo.com; Jefferies LLC, 520 Madison Avenue, 3rd Floor, New York, New York 10022, Attention: High Grade Syndicate Desk, telephone: 1-877-877-0696 or by email at DCMProspectuses@jefferies.com or RBC Capital Markets, LLC, 200 Vesey Street, 8th Floor, New York, New York 10281, Attention: Transaction Management, telephone: 1-866-375-6829 or by email at rbcnyfixedincomeprospectus@rbccm.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 June 30, 2017, the Company owned 2,675 properties in 48 states with an aggregate gross leasable area of approximately 28.1 million square feet and with a weighted average remaining lease term of 11.5 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, 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 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.

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

Orlando, Florida, August 15, 2017 – 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 15, 2017, to shareholders of record on August 31, 2017. 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 15, 2017, to shareholders of record on August 31, 2017.

National Retail Properties invests primarily in high-quality retail properties subject generally to long-term, net leases. As of June 30, 2017, the company owned 2,675 properties in 48 states with a gross leasable area of approximately 28.1 million square feet with a weighted average remaining lease term of 11.5 years. For more information on the company, visit www.nnnreit.com.

Second Quarter 2017 Operating Results and Increased 2017 Guidance Announced by National Retail Properties, Inc.

Orlando, Florida, August 1, 2017 – 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, 2017. Highlights include:

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

Second Quarter 2017 Highlights:

• FFO per share increased 5.4% over prior year results
• Core FFO per common share increased 8.5% over prior year results
• AFFO per common share increased 8.3% over prior year results
• Portfolio occupancy was 99.3% at June 30, 2017 as compared to 99.1% at March 31, 2017 and 99.0% at December 31, 2016
• Invested $299.5 million in property investments, including the acquisition of 140 properties with an aggregate 832,000 square feet of gross leasable area at an initial cash yield of 6.9%
• Sold eight properties for $9.3 million producing $2.7 million of gains on sales, net of noncontrolling interests
• Raised $25.1 million net proceeds from the issuance of 583,946 common shares

First Half 2017 Highlights:

• Core FFO per share increased 7.8% over prior year results
• AFFO per share increased 5.9% over prior year results
• Invested $407.4 million in 164 properties with an aggregate 1,082,000 square feet of gross leasable area at an initial cash yield of 6.9%
• Sold 25 properties for $48.3 million producing $17.3 million of gains on sales, net of noncontrolling interests
• Raised $73.6 million in net proceeds from the issuance of 1,687,621 common shares

For the full press release click here.