Comments Off on National Retail Properties, Inc. Declares Dividends for its 5.70% Series E Preferred and 5.20% Series F Preferred Stocks
Orlando, Florida, February 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 March 15, 2019, to shareholders of record on February 28, 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 March 15, 2019, to shareholders of record on February 28, 2019.
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 and with a weighted average remaining lease term of 11.5 years. For more information on the company, visit www.nnnreit.com.
Comments Off on Record Annual Results Announced by National Retail Properties, Inc.
Orlando, Florida, February 12, 2019 – National Retail Properties, Inc. (NYSE: NNN), a real estate investment trust, today announced operating results for the quarter and year ended December 31, 2018. 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,
2018
2017
2018
2017
(in thousands, except per share data)
Revenues
$
158,976
$
150,247
$
622,661
$
584,933
Net earnings available to common stockholders
$
27,980
$
63,586
$
258,120
$
217,193
Net earnings per common share
$
0.17
$
0.42
$
1.65
$
1.45
FFO available to common stockholders
$
82,491
$
95,267
$
395,337
$
359,179
FFO per common share
$
0.52
$
0.63
$
2.53
$
2.40
Core FFO available to common stockholders
$
101,001
$
95,459
$
414,590
$
376,991
Core FFO per common share
$
0.63
$
0.63
$
2.65
$
2.52
AFFO available to common stockholders
$
103,523
$
95,692
$
418,702
$
379,083
AFFO per common share
$
0.65
$
0.63
$
2.68
$
2.54
Portfolio occupancy was 98.2% at December 31, 2018 as compared to 98.7% at September 30, 2018, and 99.1% at December 31, 2017
2018 Highlights:
Increased annual net earnings per common share 13.8%
Increased annual FFO per common share 5.4%
Increased annual Core FFO per common share 5.2%
Increased annual AFFO per common share 5.5%
Dividend yield of 4.0% at December 31, 2018
Annual dividend per common share increased 4.8% to $1.95 marking the 29th consecutive year of annual dividend increases – making the company one of only three equity REITs and 86 publicly traded companies in America to have increased annual dividends for 29 or more consecutive years
Maintained high occupancy levels at 98.2% with a weighted average remaining lease term of 11.5 years
Invested $715.6 million in 265 properties with an aggregate gross leasable area of approximately 2,167,000 square feet at an initial cash yield of 6.8%
Sold 61 properties for $147.6 million, producing $65.1 million of gains on sale, at a cap rate of 5.1%
Raised $1,027.4 million of new long-term capital at attractive pricing
Raised $341.5 million in net proceeds from the issuance of 7,689,211 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
Paid off $300 million principal amount of 5.500% senior unsecured notes due 2021
$900 million availability on bank credit facility at December 31, 2018
7% of properties are unencumbered with secured mortgage debt
Total average annual shareholder return of 12.8% over the past 25 years exceeds industry and general equity averages
Selected Highlights for the quarter ended December 31, 2018:
Investments:
$319.5 million in property investments, including the acquisition of 136 properties with an aggregate gross leasable area of approximately 902,000 square feet at an initial cash yield of 6.7%
Dispositions:
Sold 15 properties with net proceeds of $26.5 million, producing $8.0 million of gains on sales at a cap rate of 6.2%
Long-term capital:
Raised $123.8 million in net proceeds from the issuance of 2,567,167 common shares
Jay Whitehurst, Chief Executive Officer, commented: “After a busy and productive fourth quarter, National Retail Properties once again delivered above average returns to our investors while taking below average risk. Our commitment to consistent per share growth on a multi-year basis produced an annual dividend increase of 4.8% and annual AFFO per share growth of 5.5% in 2018, all while maintaining our low leverage, conservatively financed balance sheet. Driven by our consistent strategy and focused execution, we are well positioned to continue producing total shareholder returns that we believe will exceed the REIT averages over the long term.”
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 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 12, 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 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.
Comments Off on Betsy D. Holden Appointed to Board of Directors of National Retail Properties, Inc.
Orlando, Florida, February 11, 2019 – National Retail Properties, Inc. (NYSE: NNN), a real estate investment trust, today announced that Betsy D. Holden was appointed to the Board of Directors.
“I am honored to welcome Betsy Holden to the Board of Directors of National Retail Properties. Betsy’s background and experience, as a former co-CEO of Kraft Foods, Inc. and as a Senior Advisor at McKinsey & Company, will bring tremendous value to National Retail Properties in the areas of strategy, governance and consumer retailing. I very much look forward to working with Betsy as she assumes her role on our Board,” said Jay Whitehurst, President and Chief Executive Officer.
“I am pleased to join Jay in welcoming Betsy Holden to the Board of Directors of National Retail Properties. Betsy’s talents and extensive corporate leadership experience will further strengthen our Board as we continue to grow long-term shareholder value,” said Don DeFosset, Chairman.
Ms. Holden is a Senior Advisor to McKinsey & Company and served as President, Global Marketing and Category Development as well as Co-Chief Executive Officer of Kraft Foods, Inc. Ms. Holden has extensive corporate governance experience having served on the board of directors of eight public companies over the last 20 years. Ms. Holden currently serves on the boards of Dentsply Sirona and Western Union as well as Lyons Magnus, a private company. She is also a member of the executive committee of Duke University’s Board of Trustees and serves on the Global Advisory Board of Northwestern University’s Kellogg School of Management.
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 with a weighted average remaining lease term of 11.4 years. For more information on the company, visit www.nnnreit.com.
Comments Off on Common Dividend Declared by National Retail Properties, Inc.
Orlando, Florida, January 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 February 15, 2019, to common shareholders of record on January 31, 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 September 30, 2018, the company owned 2,847 properties in 48 states with a gross leasable area of approximately 29.7 million square feet with a weighted average remaining lease term of 11.4 years. For more information on the company, visit www.nnnreit.com.
Comments Off on National Retail Properties, Inc. Announces 2018 Dividend Tax Status
Orlando, Florida, January 11, 2019 – National Retail Properties, Inc. (NYSE:NNN), a real estate investment trust, announced today that 88.0490% 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 2018 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)
Total Capital Gain Distribution
(Box 2a)
Unrecaptured Section 1250 Gain (1)
(Box 2b)
Non-taxable Distributions
(Box 3)
Section 199A
Dividends (2) (Box 5)
Common Stock (CUSIP #: 637417106)
100.0000%
85.0566%
2.9924%
2.1958%
11.9510%
85.0566%
$1.950000
$1.658604
$0.058352
$0.042818
$0.233044
$1.658604
Preferred Series E (CUSIP #: 637417809)
100.0000%
96.6015%
3.3985%
2.4938%
0.0000%
96.6015%
$1.425000
$1.376571
$0.048429
$0.035537
$0.000000
$1.376571
Preferred Series F (CUSIP #: 637417874)
100.0000%
96.6015%
3.3985%
2.4938%
0.0000%
96.6015%
$1.300000
$1.255820
$0.044180
$0.032419
$0.000000
$1.255820
“The common dividend of $1.95 per share paid in 2018 marked the twenty-ninth 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.”Represents additional characterization of, and is part of, “Total Capital Gain Distribution.”
Dividends eligible for the 20% qualified business income deduction under Section 199A and included in Box 1a, Ordinary Dividend.
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.
Comments Off on Robert C. Legler Retires As Chairman Of National Retail Properties, Inc.
– Don DeFosset Appointed Chairman –
Orlando, Florida, December 20, 2018 – National Retail Properties, Inc. (NYSE: NNN), announced today that Robert C. Legler has retired as Chairman and a member of the Board of Directors effective December 20, 2018. Mr. Legler has served as a director of the company since 2002 and Chairman since April 2017. The Board has appointed Don DeFosset as Chairman of the Board effective December 20, 2018.
Jay Whitehurst, CEO of National Retail Properties, said: “I want to thank Bob Legler for 16 years of outstanding service on the Board of Directors of National Retail Properties, including the last two years as Chairman of the Board. Bob played an important role in our success, and we benefited greatly from his wise counsel and steady hand. On a personal note, Bob has served as an influential mentor to me, and I want to thank him for all his support and guidance over the past 16 years. I look forward to working closely with our new Chairman, Don DeFosset, as National Retail Properties continues to create shareholder value by consistently growing our per share results on a multi-year basis.”
Don DeFosset, Chairman, said: “Bob Legler has been an exemplary director for 16 years and Chairman for the past two years. All of us on the Board appreciate his service and dedication, and we wish Bob well in his retirement. I also want to thank my fellow directors for the privilege of serving as the next Chairman of the Board of National Retail Properties. Our company is well positioned for continued success as we approach 2019 and the years thereafter.”
Mr. DeFosset has served as a director since 2008. He retired in November 2005 as Chairman, President and Chief Executive Officer of Walter Industries, Inc., and also serves on the boards of directors for Regions Financial Corporation, ITT Corporation and Terex Corporation and serves on the board of Trustees for the University of Tampa.
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 with a weighted average remaining lease term of 11.4 years. For more information on the company, visit www.nnnreit.com.
Comments Off on National Retail Properties, Inc. Declares Dividends for Its 5.70% Series E Preferred and 5.20% Series F Preferred Stocks
Orlando, Florida, November 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 December 14, 2018, to shareholders of record on November 30, 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 December 14, 2018, to shareholders of record on November 30, 2018.
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 with a weighted average remaining lease term of 11.4 years. For more information on the company, visit www.nnnreit.com.
Comments Off on 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:
Quarter Ended
Nine Months Ended
September 30,
September 30,
2018
2017
2018
2017
(in thousands, except per share data)
Revenues
$
155,331
$
147,705
$
463,683
$
434,686
Net earnings available to common stockholders
$
73,450
$
52,538
$
230,140
$
153,606
Net earnings per common share
$
0.47
$
0.35
$
1.48
$
1.03
FFO available to common stockholders
$
105,134
$
97,760
$
312,847
$
263,911
FFO per common share
$
0.67
$
0.65
$
2.02
$
1.78
Core FFO available to common stockholders
$
105,356
$
97,985
$
313,590
$
281,532
Core FFO per common share
$
0.67
$
0.65
$
2.02
$
1.90
AFFO available to common stockholders
$
106,997
$
97,934
$
315,180
$
283,391
AFFO per common share
$
0.68
$
0.65
$
2.03
$
1.91
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.
Comments Off on 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.
Comments Off on 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.
