Recent News

Third Quarter 2018 Operating Results and 2019 Guidance Announced by National Retail Properties, Inc.

Orlando, Florida, November 1, 2018 – 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, 2018.  Highlights include:

Operating Results:

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

Third Quarter 2018 Highlights:

• FFO and Core FFO per common share increased 3.1% over prior year results
• AFFO per common share increased 4.6% over prior year results
• Portfolio occupancy was 98.7% at September 30, 2018 as compared to 98.5% on June 30, 2018 and 99.2% on March 31, 2018
• Invested $78.6 million in property investments, including the acquisition of 18 properties with an aggregate 529,000 square feet of gross leasable area at an initial cash yield of 6.9%
• Sold 18 properties for $37.6 million producing $14.3 million of gains on sales
• Raised $87.2 million net proceeds from the issuance of 1,940,583 common shares
• Issued $400 million principal amount of 4.30% senior unsecured notes due 2028 generating net proceeds of $393.5 million
• Issued $300 million principal amount of 4.80% senior unsecured notes due 2048 generating net proceeds of $292.4 million

Highlights for the nine months ended September 30, 2018:

• FFO per share increased 13.5% over prior year results
• Core FFO and AFFO per share increased 6.3% over prior year results
• Invested $396.1 million in property investments, including the acquisition of 129 properties with an aggregate 1,265,000 square feet of gross leasable area at an initial cash yield of 6.9%
• Sold 46 properties for $121.1 million producing $57.1 million of gains on sales
• Raised $903.6 million of new long-term capital at attractive pricing
  • Raised $217.7 million in net proceeds from the issuance of 5,122,044 common shares
  • Raised $393.5 million in net proceeds from the issuance of 4.30% senior unsecured notes due 2028
  • Raised $292.4 million in net proceeds from the issuance of 4.80% senior unsecured notes due 2048

Core FFO guidance mid-point for 2018 was increased from a range of $2.62 to $2.66 to a range of $2.64 to $2.66 per share. The 2018 AFFO is estimated to be $2.66 to $2.68 per share. The Core FFO guidance equates to net earnings of $1.53 to $1.55 per share, plus $1.11 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 and $18.2 million make-whole charge in connection with redeeming $300 million of 5.50% notes due 2021. 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 2019 Core FFO guidance of $2.71 to $2.76 per share and estimated 2019 AFFO to be $2.76 to $2.81 per share. The Core FFO guidance equates to net earnings of $1.60 to $1.65 per share, plus $1.11 per share of expected real estate depreciation and amortization and excludes any gains from the sale of real estate, and any charges for impairments and retirement severance costs. 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 continued its consistent performance in the third quarter. Our ability to access almost $800M of long-term capital at very attractive pricing positions us well to address future opportunities and challenges. We are pleased to raise the mid-point of our guidance for 2018 and to introduce 2019 guidance, which reflects our strategic focus on consistently growing per share results on a multi-year basis.”

National Retail Properties invests primarily in high-quality retail properties subject generally to long-term, net leases.  As of September 30, 2018, the company owned 2,847 properties in 48 states with a gross leasable area of approximately 29.7 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 November 1, 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://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.

Common Dividend Declared by National Retail Properties, Inc.

Orlando, Florida, October 15, 2018 – 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 November 15, 2018, to common shareholders of record on October 31, 2018.   National Retail Properties is one of only three publicly traded REITs and 88 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 June 30, 2018, the company owned 2,846 properties in 48 states with a gross leasable area of approximately 29.4 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. Announces Redemption Of 5.500% Notes Due 2021

Orlando, Florida, September 19, 2018 – National Retail Properties, Inc. (NYSE: NNN) (the “Company”) today announced that it is notifying holders of its 5.500% Notes due 2021 (“Notes”) that the Company will redeem all outstanding Notes on October 19, 2018.  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 $18,240,000, plus accrued and unpaid interest to, but excluding, October 19, 2018.  As of September 19, 2018, approximately $300 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 September 19, 2018.  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 June 30, 2018, the Company owned 2,846 properties in 48 states with an aggregate gross leasable area of approximately 29.4 million square feet and with a weighted average remaining lease term of 11.5 years.

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National Retail Properties, Inc. Prices Offering Of $400,000,000 Of 4.300% Senior Unsecured Notes Due 2028 And $300,000,000 Of 4.800% Senior Unsecured Notes Due 2048

ORLANDO, Fla., September 18, 2018 – National Retail Properties, Inc. (NYSE: NNN) (the “Company”) today announced that it has priced its public offering of $400,000,000 of 4.300% senior unsecured notes due 2028 (the “2028 notes”) and $300,000,000 of 4.800% senior unsecured notes due 2048 (the “2048 notes” and, together with the 2028 notes, the “notes”). The 2028 notes were offered at 99.288% of the principal amount with a yield to maturity of 4.388%. The 2048 notes were offered at 98.587% of the principal amount with a yield to maturity of 4.890%. Interest on the notes will be payable semi-annually on April 15 and October 15 of each year, commencing April 15, 2019. The 2028 notes mature on October 15, 2028. The 2048 notes mature on October 15, 2048. The offering is expected to close on or about September 27, 2018, subject to customary closing conditions.

Citigroup Global Markets Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, Wells Fargo Securities, LLC, Morgan Stanley & Co. LLC, U.S. Bancorp Investments, Inc., Jefferies LLC, RBC Capital Markets, LLC and SunTrust Robinson Humphrey, Inc. are acting as joint book-running managers for the offering. BB&T Capital Markets, a division of BB&T Securities, 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 repay all of the outstanding indebtedness under its credit facility, to redeem all of its outstanding 5.500% notes due 2021 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 5.500% notes due 2021.

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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, August 15, 2018 – 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 14, 2018, to shareholders of record on August 31, 2018. 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 14, 2018, to shareholders of record on August 31, 2018.

National Retail Properties invests primarily in high-quality retail properties subject generally to long-term, net leases. As of June 30, 2018, the company owned 2,846 properties in 48 states with a gross leasable area of approximately 29.4 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 2018 Operating Results Announced by National Retail Properties, Inc.

Orlando, Florida, August 1, 2018 – 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, 2018.  Highlights include:

Operating Results:

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

Second Quarter 2018 Highlights:

• FFO per common share increased 15.3% over prior year results
• Core FFO per common share increased 6.3% over prior year results
• AFFO per common share increased 4.6% over prior year results
• Portfolio occupancy was 98.5% at June 30, 2018 as compared to 99.2% on March 31, 2018 and 99.1% on December 31, 2017
• Invested $140.5 million in property investments, including the acquisition of 59 properties with an aggregate 336,000 square feet of gross leasable area at an initial cash yield of 7.1%
• Sold 13 properties for $11.9 million producing $4.1 million of gains on sales
• Raised $129.2 million net proceeds from the issuance of 3,136,802 common shares

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Common Dividend Increased 5.3% by National Retail Properties, Inc.

— Marks 29^th Consecutive Annual Dividend Increase —

Orlando, Florida, July 16, 2018 – 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 August 15, 2018 to common shareholders of record on July 31, 2018.   The 5.3% increase in the quarterly dividend marks the 29^th consecutive annual dividend increase for NNN.  National Retail Properties is one of only three publicly traded REITs and 88 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 March 31, 2018, the company owned 2,800 properties in 48 states with a gross leasable area of approximately 29.1 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. Declares Dividends for its 5.70% Series E Preferred and 5.20% Series F Preferred Stocks

Orlando, Florida, May 15, 2018 – 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 15, 2018, to shareholders of record on May 31, 2018.  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 15, 2018, to shareholders of record on May 31, 2018.

National Retail Properties invests primarily in high-quality retail properties subject generally to long-term, net leases. As of March 31, 2018, the company owned 2,800 properties in 48 states with a gross leasable area of approximately 29.1 million square feet with a weighted average remaining lease term of 11.4 years. For more information on the company, visit www.nnnreit.com.

Record First Quarter 2018 Operating Results and Increased 2018 Guidance Announced by National Retail Properties, Inc.

Orlando, Florida, May 1, 2018 – National Retail Properties, Inc. (NYSE: NNN), a real estate investment trust, today announced its operating results for the quarter ended March 31, 2018.  Highlights include:

Operating Results:

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

First Quarter 2018 Highlights:

• FFO per common share increased 26.4% over prior year results
• Core FFO per common share increased 11.7% over prior year results
• AFFO per common share increased 11.7% over prior year results
• Portfolio occupancy was 99.2% at March 31, 2018 as compared to 99.1% on December 31, 2017 and March 31, 2017
• Invested $177.0 million in property investments, including the acquisition of 52 properties with an aggregate 400,000 square feet of gross leasable area at an initial cash yield of 6.7%
• Sold 15 properties for $71.6 million producing $38.6 million of gains on sales
• No common shares were issued under the ATM equity program

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Common Dividend Declared by National Retail Properties, Inc.

Orlando, Florida, April 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 May 15, 2018 to common shareholders of record on April 30, 2018. National Retail Properties is one of only three 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 December 31, 2017, the company owned 2,764 properties in 48 states with a gross leasable area of approximately 29.1 million square feet with a weighted average remaining lease term of 11.5 years. For more information on the company, visit www.nnnreit.com.