ORLANDO, Fla., Feb. 4 /PRNewswire-FirstCall/ -- National Retail Properties, Inc. (NYSE:NNN), a real estate investment trust, today announced record operating results for the year ended December 31, 2007. Annual revenues increased 32.1% and Funds From Operations ("FFO") per share increased 12.0% compared to 2006. For the quarter ended December 31, 2007, revenues increased 34.5% and FFO per share decreased 2.2% compared to the quarter ended December 31, 2006. Highlights include: Operating Results:
-----------------
* Revenues and net earnings and FFO available to common stockholders:
Quarter Ended Year Ended
December 31, December 31, 2007 2006 2007 2006
--------- --------- --------- --------
(in thousands, except per share data) Revenues $ 52,565 $ 39,087 $ 186,411 $ 141,156 Net earnings available to common
stockholders $ 32,669 $ 55,108 $ 150,325 $ 177,206
Net earnings per common share
(diluted) $ 0.46 $ 0.93 $ 2.26 $ 3.05 FFO available to common
stockholders $ 32,150 $ 27,073 $ 124,113 $ 97,121
FFO per common share (diluted) $ 0.45 $ 0.46 $ 1.87 $ 1.67
* Investment Portfolio occupancy was 98.3% at December 31, 2007.
2007 Highlights:
---------------
* FFO per share increased 12.0% to a record $1.87 per share. * Dividends paid per share increased 6.1% to a record $1.40 per share
marking the 18th consecutive year of increased dividends per share, a
claim only 181 U.S. publicly traded companies can make. * Dividend payout ratio decreased to 74.9% enhancing both the safety of
the current dividend and the opportunity to increase the dividend in the
future. * Total dividends paid to common and preferred stockholders exceeded $100
million for the first time in company history. * Total assets increased to $2.5 billion at year end from $1.9 billion the
prior year as we invested $697 million in our core portfolio properties. * Sold 37 properties for $146 million from our core portfolio producing
$56.6 million of gains on sale (not included in FFO). * Balance sheet remained strong as we raised $298 million of additional
common equity and launched our first institutional joint venture.
Investments and Dispositions for the quarter ended December 31, 2007:
--------------------------------------------------------------------
* Investments:
* $152.1 million in the Investment Portfolio, including acquiring 42
properties with an aggregate 470,000 square feet of gross leasable
area
* $122.8 million in the Inventory Portfolio, including acquiring 21
properties and funding $23.8 million of development
* Dispositions:
* 10 Investment properties with an aggregate 278,000 square feet of
gross leasable area, with net proceeds of $31.4 million, resulting
in a gain of $9.8 million
* 5 Inventory properties with net proceeds of $12.1 million Investments and Dispositions for the year ended December 31, 2007:
-----------------------------------------------------------------
* Investments:
* $696.7 million in the Investment Portfolio, including acquiring 235
properties with an aggregate 2,205,000 square feet of gross leasable
area
* $169.8 million in the Inventory Portfolio, including acquiring 26
properties and funding $61.8 million of development
* Dispositions:
* 37 Investment properties with an aggregate 997,000 square feet of
gross leasable area, with net proceeds of $146.0 million, resulting
in a gain of $56.6 million
* 71 Inventory properties with net proceeds of $160.2 million Capital transactions for the quarter ended December 31, 2007:
------------------------------------------------------------
* Issued 914,554 shares of common stock generating $22.3 million of net
proceeds pursuant to the Dividend Reinvestment and Stock Purchase Plan
* Issued 4,000,000 shares of common stock at $25.94 per share, generating
$99.1 million of net proceeds pursuant to an underwritten public
offering
* Increased the company's credit facility capacity from $300 million to
$400 million National Retail also announced increased 2008 FFO guidance of $1.95 to $2.00 per share, which represents a 4% to 7% increase over 2007 results. This equates to earnings before any gains or losses from the sale on investment properties of $1.45 to $1.50 per share plus $0.50 per share of expected real estate related depreciation and amortization. This guidance is based on current plans and assumptions and 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.
Craig Macnab, Chief Executive Officer commented, "We were very pleased with 2007's record results particularly following strong per share growth in 2006. Despite the current cloudy economic and capital market environment, we are optimistic we can produce solid growth in 2008. This is a market environment in which some of NNN's attributes are better appreciated - long term leases, net leases, diversification, a strong and growing dividend and a solid balance sheet - all supporting consistent operating results." National Retail Properties invests primarily in high-quality retail properties subject generally to long-term, net leases. As of December 31, 2007, the company owned 908 Investment properties in 44 states with a gross leasable area of approximately 10.6 million square feet. For more information on the company, visit http://www.nnnreit.com/.
Management will hold a conference call on February 4th at 2:00 p.m. EST to review these results. The call can be accessed on National Retail's 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. 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 availability of capital, and the profitability of the company's taxable subsidiary. Additional information concerning these and other factors that could cause actual results to differ materially from those forward-looking statements is contained from time to time in the company's Securities and Exchange Commission ("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. Consequently, 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 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.
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 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) on the disposition of real estate held for investment, and the company's share of these items from the company's unconsolidated partnerships.
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.
The company has determined that there are earnings from discontinued operations in each of its segments, real estate held for investment and real estate held for sale. All property dispositions from the company's held for investment segment are classified as discontinued operations. In addition, certain properties in the company's held for sale segment that have generated revenues before disposition are classified as discontinued operations. These held for sale properties have not historically been classified as discontinued operations; prior period comparable condensed consolidated financial statements have been restated to include these properties in its earnings from discontinued operations. These adjustments resulted in a decrease in the company's reported total revenues and total and per share earnings from continuing operations and an increase in the company's earnings from discontinued operations. However, the company's total and per share FFO and net earnings available to common stockholders are not affected.
National Retail Properties, Inc. (in thousands, except per share data)
Income Statement Summary Quarter Ended Year Ended
December 31, December 31,
2007 2006 2007 2006
---------- --------- ---------- ---------
(unaudited) (Note 1) (unaudited) (Note 1)
Revenues:
Rental and earned income $ 47,973 $ 35,348 $ 170,733 $ 125,004
Real estate expense
reimbursement from
tenants 1,659 1,825 5,720 4,619
Interest and other income
from real estate
transactions 1,574 583 5,076 4,265
Interest income on
commercial mortgage
residual interests 1,359 1,331 4,882 7,268
--------- --------- --------- ---------
52,565 39,087 186,411 141,156
--------- --------- --------- ---------
Disposition of real estate,
Inventory Portfolio:
Gross proceeds - 14,790 1,750 36,705
Costs - (13,906) (1,418) (28,705)
--------- --------- --------- ---------
Gain - 884 332 8,000
--------- --------- --------- --------- Operating expenses:
General and administrative 6,046 6,034 23,542 24,009
Real estate 2,609 2,455 8,272 6,701
Depreciation and
amortization 9,903 6,517 32,593 22,445
Impairment - real estate 663 - 791 -
Impairment - commercial
mortgage residual interests
valuation - - 638 8,779
Restructuring costs - - - 1,580
--------- --------- --------- ---------
19,221 15,006 65,836 63,514
--------- --------- --------- --------- Other expenses (revenues):
Interest and other income (1,633) (1,149) (4,753) (3,816)
Interest expense 13,909 10,818 49,286 45,872
--------- --------- --------- ---------
12,276 9,669 44,533 42,056
--------- --------- --------- --------- Income tax benefit 1,834 2,890 8,537 11,206
Minority interest (55) (304) 190 (1,592)
Equity in earnings of
unconsolidated affiliates 49 3 49 122
Gain on disposition of
equity investment - 11,373 - 11,373
--------- --------- --------- --------- Earnings from continuing
operations 22,896 29,258 85,150 64,695 Earnings from discontinued
operations:
Real estate, Investment
Portfolio 10,309 25,486 63,338 109,664
Real estate, Inventory
Portfolio, net of income
tax expense and minority
interest 1,160 2,657 8,622 8,146
--------- --------- --------- ---------
11,469 28,143 71,960 117,810
--------- --------- --------- ---------
Net earnings 34,365 57,401 157,110 182,505 Series A Preferred Stock
dividends - (1,370) - (4,376)
Series B Convertible Preferred
Stock dividends - - - (419)
Series C Redeemable Preferred
Stock dividends (1,696) (923) (6,785) (923)
--------- --------- --------- ---------
Net earnings available to
common stockholders - basic 32,669 55,108 150,325 176,787
Series B Convertible Preferred
Stock dividends, if dilutive - - - 419
--------- --------- --------- ---------
Net earnings available to
common stockholders -
diluted $ 32,669 $ 55,108 $ 150,325 $ 177,206
========= ========= ========= =========
Note 1: Amounts are derived from audited consolidated financial
statements included in the company's Form 10-K for the year
ended December 31, 2006 reflecting reclassifications for
discontinued operations within the Investment Portfolio.
National Retail Properties, Inc. (in thousands, except per share data) Quarter Ended Year Ended
December 31, December 31,
2007 2006 2007 2006
--------- --------- --------- ---------
(unaudited) (Note 1) (unaudited) (Note 1)
Weighted average common
shares outstanding:
Basic 70,929 58,936 66,152 57,428
========= ========= ========= =========
Diluted 71,205 59,201 66,408 58,080
========= ========= ========= ========= Net earnings per share
available to common
stockholders:
Basic:
Continuing operations $ 0.30 $ 0.46 $ 1.18 $ 1.03
Discontinued
operations 0.16 0.48 1.09 2.05
-------- -------- -------- --------
Net earnings $ 0.46 $ 0.94 $ 2.27 $ 3.08
========= ========= ========= ========
Diluted:
Continuing operations $ 0.30 $ 0.46 $ 1.18 $ 1.02
Discontinued
operations 0.16 0.47 1.08 2.03
--------- --------- --------- --------
Net earnings $ 0.46 $ 0.93 $ 2.26 $ 3.05
========= ========= ========= ======== Supplemental Information: Contingent percentage
rent $ 792 $ 197 $ 1,572 $ 766
========= ========= ========= ========= Earned income from direct
financing leases $ 1,055 $ 2,096 $ 5,916 $ 9,192
Decrease in real estate
classified as direct
financing leases (1,432) (2,798) (8,046) (12,174)
--------- --------- --------- ---------
Net direct financing
lease adjustment (377) (702) (2,130) (2,982)
Accrued rental income
(straight-line) 638 840 2,689 5,819
--------- --------- --------- ---------
Net lease accounting
adjustments $ 261 $ 138 $ 559 $ 2,837
========= ========= ========= =========
Net Inventory Portfolio
gain on disposition $ 1,807 $ 2,435 $ 11,013 $ 9,666
========= ========= ========= =========
Capitalized interest $ 1,099 $ 666 $ 3,718 $ 2,278
========= ========= ========= =========
Scheduled debt principal
amortization (excluding
maturities) $ 286 $ 439 $ 1,586 $ 2,036
========= ========= ========= =========
Note 1: Amounts are derived from audited consolidated financial
statements included in the company's Form 10-K for the year
ended December 31, 2006 reflecting reclassifications for
discontinued operations within the Investment Portfolio.
National Retail Properties, Inc. (in thousands, except per share data)
(unaudited) Quarter Ended Year Ended
December 31, December 31,
2007 2006 2007 2006
---------- ---------- --------- ----------
Reconciliation of net
earnings to FFO and FFO
available to common
stockholders:
------------------------
Net earnings $ 34,365 $ 57,401 $ 157,110 $ 182,505
Real estate
depreciation and
amortization:
Continuing operations 9,182 5,909 30,067 20,358
Discontinued
operations 23 145 315 2,061
Joint venture and
partnership real
estate depreciation 28 45 31 463
Partnership gain on sale
of asset - 3 - (262)
Gain on disposition of
equity investment - (11,373) - (11,373)
Gain on disposition of
real estate Investment
Portfolio (9,752) (22,764) (56,625) (91,332)
--------- --------- --------- ---------
FFO 33,846 29,366 130,898 102,420
Series A Preferred Stock
dividends - (1,370) - (4,376)
Series B Convertible
Preferred Stock dividends - - - (419)
Series C Redeemable
Preferred Stock dividends (1,696) (923) (6,785) (923)
--------- --------- --------- ---------
FFO available to common
stockholders - basic 32,150 27,073 124,113 96,702
Series B Convertible
Preferred Stock dividends
- if dilutive - - - 419
--------- --------- --------- ---------
FFO available to common
stockholders - diluted $ 32,150 $ 27,073 $ 124,113 $ 97,121
========= ========= ========= ========= FFO per share:
Basic $ 0.45 $ 0.46 $ 1.88 $ 1.68
========= ========= ========= =========
Diluted $ 0.45 $ 0.46 $ 1.87 $ 1.67
========= ========= ========= ========= Quarter Ended December 31, Year Ended December 31,
2007 2006 2007 2006
------------- ------------- ------------- -------------
Real Estate # of # of # of # of
Disposition Prop- Prop- Prop- Prop-
Summary erties Gain erties Gain erties Gain erties Gain
------------ ------ ------ ------ ------ ------ ------ ------ ------
Reconciliation
of gain on
disposition
between
continuing and
discontinued
operations:
Continuing
operations - $ - 3 $ 884 2 $ 332 6 $ 8,000
Discontinued
operations:
Investment
Portfolio 10 9,752 19 22,764 37 56,625 30 91,332
Inventory
Portfolio 5 1,924 15 1,656 69 11,801 58 5,780
Minority
interest,
Inventory
Portfolio - (117) - (105) - (1,120) - (4,114)
----- ------- ----- ------- ----- ------- ----- --------
15 $11,559 37 $25,199 108 $67,638 94 $100,998
===== ======= ===== ======= ===== ======= ===== ========
Reconciliation
of gain on
disposition by
type:
Inventory
Portfolio:
Development 3 $1,781 4 $1,321 13 $ 6,245 9 $ 9,888
Exchange 2 143 14 1,219 58 5,888 55 3,892
Minority
interest,
Development - (117) - (105) - (1,120) - (4,114)
----- ------- ----- ------- ----- ------- ----- --------
Total
Inventory
gain 5 1,807 18 2,435 71 11,013 64 9,666 Investment
Portfolio 10 9,752 19 22,764 37 56,625 30 91,332
----- ------- ----- ------- ----- ------- ----- --------
15 $11,559 37 $25,199 108 $67,638 94 $100,998
===== ======= ===== ======= ===== ======= ===== ======== National Retail Properties, Inc. (in thousands) Earnings from Discontinued Operations: In accordance with Statement of
------------------------------------- Financial Accounting Standards No. 144, "Accounting for the Impairment or Disposal of Long-Lived Assets" ("SFAS No. 144"), the company has classified its investment assets sold and leasehold interests expired subsequent to December 31, 2001, the effective date of SFAS No. 144, as discontinued operations. In addition, the company has classified any investment asset or revenue generating inventory asset that was held for sale at December 31, 2007, as discontinued operations. The following is a summary of earnings from discontinued operations.
Quarter Ended Year Ended
December 31, December 31,
2007 2006 2007 2006
--------- ------ --------- ------
(unaudited)(Note 1) (unaudited) (Note 1)
Earnings from Discontinued
Operations - Investment
Portfolio:
-------------------------- Revenues:
Rental and earned income $ 367 $ 2,750 $ 6,667 $ 24,441
Real estate expense
reimbursement from tenants 57 128 318 1,077
Interest and other income from
real estate transactions 192 149 627 505
-------- --------- --------- ----------
616 3,027 7,612 26,023
-------- --------- --------- ----------
Expenses:
General and administrative - - (45) 97
Real estate 36 160 294 2,848
Depreciation and amortization 23 145 315 2,071
Impairment - real estate - - 335 693
Interest - - - 1,815
-------- --------- --------- ----------
59 305 899 7,524
-------- --------- --------- ----------
Gain on disposition of real
estate 9,752 22,764 56,625 91,332
Loss on extinguishment of
mortgage payable - - - (167)
-------- --------- --------- ---------- Earnings from discontinued
operations $ 10,309 $ 25,486 $ 63,338 $ 109,664
======== ========= ========= ========== Earnings from Discontinued
Operations - Inventory
Portfolio:
--------------------------
Revenues:
Rental income $ 2,078 $ 2,589 $ 8,616 $ 9,235
Real estate expense
reimbursement from tenants 419 90 1,008 311
Interest and other income
from real estate
transactions 83 336 224 336
-------- --------- --------- ----------
2,580 3,015 9,848 9,882
-------- --------- --------- ----------
Disposition of real estate:
Gross proceeds 12,594 29,101 164,338 80,856
Costs (10,670) (27,445) (152,537) (75,076)
-------- --------- --------- ----------
Gain 1,924 1,656 11,801 5,780
-------- --------- --------- ---------- Expenses:
General and administrative 39 35 78 57
Real estate 471 143 1,504 389
Depreciation and amortization 23 8 68 8
Impairment - real estate 844 - 844 -
Interest 1,147 430 3,923 1,049
-------- --------- --------- ----------
2,524 616 6,417 1,503
-------- --------- --------- ---------- Income tax expense (710) (1,626) (5,276) (4,984)
Minority interest (110) 228 (1,334) (1,029) Earnings from discontinued
operations $ 1,160 $ 2,657 $ 8,622 $ 8,146
======== ========= ========= ==========
Note 1: Amounts are derived from audited consolidated financial
statements included in the company's Form 10-K for the year ended
December 31, 2006 reflecting reclassifications for discontinued
operations within the Investment Portfolio.
National Retail Properties, Inc. (in thousands) Balance Sheet Summary December 31, December 31,
2007 2006
------------ ------------ (unaudited) (Note 1)
Assets:
Cash and cash equivalents $ 27,499 $ 1,675
Restricted cash - 36,587
Receivables, net of allowance 3,818 7,915
Investment in and receivables
from unconsolidated affiliates 4,139 -
Mortgages, notes and accrued
interest receivable, net of
allowance 65,964 30,945
Real estate, Investment Portfolio:
Accounted for using the operating
method, net of accumulated
depreciation and amortization
and impairment 2,055,846 1,440,996
Accounted for using the direct
financing method 37,497 71,334
Real estate, Inventory Portfolio,
held for sale net of impairment 248,611 228,159
Commercial mortgage residual interests 24,340 31,512
Accrued rental income, net of allowance 24,652 26,510
Other assets 47,239 41,864
---------- ----------
Total assets $2,539,605 $1,917,497
========== ========== Liabilities:
Line of credit payable $ 129,800 $ 28,000
Mortgages payable 27,480 35,892
Notes payable - secured 12,000 24,500
Notes payable - convertible 172,500 172,500
Notes payable, net of unamortized
discount 718,290 489,804
Financing lease obligation - 26,041
Income tax liability 1,671 6,340
Other liabilities 68,245 36,817
---------- ----------
Total liabilities 1,129,986 819,894 Minority interest 2,334 1,098
Stockholders' equity 1,407,285 1,096,505
---------- ----------
Total liabilities and equity $2,539,605 $1,917,497
========== ==========
Common shares outstanding 72,528 59,823
========== ==========
Gross leasable area, Investment
Portfolio (square feet) 10,610 9,341
========== ==========
Note 1: Amounts are derived from audited consolidated financial
statements included in the company's Form 10-K for the year ended
December 31, 2006 reflecting reclassifications for discontinued
operations within the Investment Portfolio.
Orange Avenue Mortgage Investments, Inc. (in thousands) In May 2005, the company acquired a 78.9 percent equity investment of OAMI
for $9.4 million. The company's 78.9 percent share of OAMI's net cash
flow has been over $22.6 million since May 2005. The following summary
represents the balances related to OAMI included in the company's Balance
Sheet and Income Statement Summary: December 31, December 31,
2007 2006
------------ ------------
(unaudited) (Note 1)
Assets:
Cash and cash equivalents $ 15,541 $ 823
Restricted cash - 17,165
Receivables and other assets 1,417 5,246
Mortgage residual interests 24,340 31,512
---------- ----------
$ 41,298 $ 54,746
========== ========== Liabilities:
Notes payable - secured $ 12,000 $ 24,500
Income tax liability 6,768 9,480
Other liabilities 145 410
---------- ----------
$ 18,913 $ 34,390
========== ========== Minority interest $ 1,895 $ 1,217
========== ========== Quarter Ended Year Ended
December 31, December 31,
2007 2006 2007 2006
---------- --------- ---------- ---------
(unaudited) (Note 1) (unaudited) (Note 1) Revenues:
Interest income on
mortgage residual
interests $ 1,359 $ 1,331 $ 4,882 $ 7,268
Interest and other income 333 478 1,722 1,659
--------- --------- --------- ---------
1,692 1,809 6,604 8,927
Expenses:
General and administrative 79 118 397 539
Amortization 52 67 218 266
Impairment - commercial
mortgage residual
interests valuation - - 638 8,779
Interest 575 672 2,382 2,768
--------- --------- --------- ---------
706 857 3,635 12,352
--------- --------- --------- --------- Income tax benefit 669 994 2,679 5,070
Minority interest (203) (284) (689) 353
--------- --------- --------- --------- Net earnings $ 1,452 $ 1,662 $ 4,959 $ 1,998
========= ========= ========= =========
Note 1: Amounts are derived from audited financial statements included
in the company's Form 10-K for the year ended December 31, 2006.
NNN Retail Properties Fund I, LLC
(dollars in thousands)
(unaudited) In September 2007, the company entered into a joint venture, NNN Retail
Properties Fund I, LLC, with an affiliate of Crow Holdings Realty Partners
IV, L.P. The company owns a 15 percent equity interest, and the following
summary represents the Balance Sheet and Income Statement Summary for the
joint venture. The company's investment in the joint venture is included
in the company's Balance Sheet Summary under "Investment in and
receivables from unconsolidated affiliates."
December 31,
2007
-----------
Assets:
Cash and cash equivalents $ 30
Real estate 65,413
Other assets 921
-----------
$ 66,364
===========
Liabilities:
Notes payable $ 38,600
Other liabilities 180
-----------
Total liabilities 38,780
----------- Members' equity 27,584
----------- Total liabilities and equity $ 66,364
=========== Quarter Ended Year Ended
December 31, December 31,
2007 2007
----------- -----------
Revenues:
Rental income $ 957 $ 977
----------- -----------
957 977 Expenses:
General and administrative 62 62
Real estate 5 5
Depreciation and amortization 229 249
Interest 561 573
----------- -----------
857 889 Net earnings $ 100 $ 88
=========== =========== National Retail Properties, Inc. Investment Portfolio Top 20 Lines of Trade
---------------------
December 31,
Line of Trade 2007 (1) 2006 (2)
------------------------------ ---------- ----------
1. Convenience stores 23.9% 16.3%
2. Restaurants - full service 10.3% 12.1%
3. Drug stores 5.0% 8.3%
4. Automotive parts 4.9% 1.6%
5. Books 4.4% 5.7%
6. Consumer electronics 4.3% 5.6%
7. Theaters 4.2% -
8. Car washes 4.0% -
9. Sporting goods 3.9% 7.3%
10. Restaurants - limited service 3.7% 4.7%
11. Furniture 3.1% 4.2%
12. Travel plazas 3.0% 3.7%
13. Grocery 2.9% 5.7%
14. Office supplies 2.8% 4.1%
15. Family entertainment centers 2.1% -
16. Auto dealerships 2.1% 2.1%
17. Beer, wine and liquor 2.1% 2.1%
18. General merchandise 1.7% 2.8%
19. Home furnishings 1.5% 1.9%
20. Craft, fabric and novelty 1.4% 1.5%
Other 8.7% 10.3%
---------- ----------
Total 100.0% 100.0%
========== ==========
Top 10 States
-------------
State % of Total(1) State % of Total(1)
--------------- ------------- ---------------- -------------
1. Texas 20.2% 6. Pennsylvania 4.7%
2. Florida 11.3% 7. Indiana 3.7%
3. North Carolina 6.8% 8. Colorado 3.4%
4. Illinois 6.6% 9. Ohio 3.4%
5. Georgia 5.3% 10. Missouri 3.0%
Lease Expirations
-----------------
# of Gross # of Gross
% of Prop- Leasable % of Prop- Leasable
Total(1) erties Area(3) Total(1) erties Area(3)
--------- ------ --------- --------- ------ --------- 2008 0.7% 14 258,000 2014 5.0% 31 509,000
2009 1.8% 24 458,000 2015 2.9% 20 469,000
2010 3.1% 38 401,000 2016 2.3% 16 262,000
2011 2.3% 21 336,000 2017 4.9% 27 674,000
2012 4.0% 35 563,000 2018 4.3% 33 505,000
2013 4.3% 32 687,000 Thereafter 64.4% 601 5,233,000 (1) Based on annual base rent of $196,739,000, which is the annualized
base rent for all leases in place as of December 31, 2007. (2) Based on annual base rent of $149,941,000, which is the annualized
base rent for all leases in place as of December 31, 2006. (3) Square feet. DATASOURCE: National Retail Properties, Inc.
CONTACT: Kevin B. Habicht, Chief Financial Officer, National Retail Properties, Inc., +1-407-265-7348 Web site: http://www.nnnreit.com/
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