ORLANDO, Fla., May 5, 2015
/PRNewswire/ -- National Retail Properties, Inc. (NYSE: NNN), a
real estate investment trust, today announced its operating results
for the quarter ended March 31, 2015. Highlights
include:
Operating Results:
- Revenues and net earnings, FFO, Recurring FFO and AFFO
available to common stockholders and diluted per share
amounts:
|
Quarter
Ended
|
|
March 31,
|
|
2015
|
|
2014
|
|
(in thousands, except
per share data)
|
|
Revenues
|
$
|
116,187
|
|
|
$
|
104,064
|
|
|
|
|
|
|
Net earnings
available to common stockholders
|
$
|
45,119
|
|
|
$
|
34,474
|
|
|
Net earnings per
common share
|
$
|
0.34
|
|
|
$
|
0.28
|
|
|
|
|
|
|
FFO available to
common stockholders
|
$
|
70,871
|
|
|
$
|
61,641
|
|
|
FFO per common
share
|
$
|
0.54
|
|
|
$
|
0.51
|
|
|
|
|
|
|
Recurring FFO
available to common stockholders
|
$
|
71,027
|
|
|
$
|
61,799
|
|
|
Recurring FFO per
common share
|
$
|
0.54
|
|
|
$
|
0.51
|
|
|
|
|
|
|
AFFO available to
common stockholders
|
$
|
72,151
|
|
|
$
|
62,719
|
|
|
AFFO per common
share
|
$
|
0.55
|
|
|
$
|
0.51
|
|
- Portfolio occupancy was 98.8% at March
31, 2015, as compared to 98.6% at December 31, 2014 and 98.2% at March 31, 2014
Investments and Dispositions for the quarter ended March 31, 2015:
- Investments:
- $155.2 million in property
investments, including the acquisition of 56 properties with an
aggregate 782,000 square feet of gross leasable area at an initial
cash yield of 7.3%
- Dispositions:
- Six properties with net proceeds of $23.3 million producing $7.1 million of gains on sales, net of income tax
and noncontrolling interest
Capital Transactions for the quarter ended March 31, 2015:
- Raised $48.7 million in net
proceeds from the issuance of 1,223,827 common shares
National Retail Properties announced an increase in 2015 FFO
guidance from a range of $2.13 to
$2.17 to a range of $2.14 to
$2.17 per share before any impairment expense. The 2015 AFFO
is estimated to be $2.20 to $2.23 per
share. The FFO guidance equates to net earnings before any gains or
losses from the sale of real estate of $1.24
to $1.27 per share, plus $0.90
per share of expected real estate depreciation, amortization and
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.
Craig Macnab, Chief Executive
Officer, commented: "In the first quarter we benefited from our
differentiated acquisition approach purchasing the bulk of our
properties directly from sellers, with no intermediaries involved.
The cash yields in these retail properties are well in excess of
our cost of capital and will improve over time as the rent
increases over the long duration of the leases. We are optimistic
about the remainder of 2015 as our balance sheet remains very
strong and we continue to find opportunities to selectively deploy
capital while growing per share results."
National Retail Properties invests primarily in high-quality
retail properties subject generally to long-term, net leases.
As of March 31, 2015, the company owned 2,104 properties in 47
states with a gross leasable area of approximately 23.1 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 May 5, 2015, 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. 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,
risks related to the company's status as a REIT 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 these 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. 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 SEC for the quarter ended
March 31, 2015. 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.
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.
|
National Retail
Properties, Inc.
(in thousands, except
per share data)
(unaudited)
|
|
|
|
Quarter
Ended
|
|
|
March 31,
|
|
|
2015
|
|
2014
|
|
Income Statement
Summary
|
|
|
|
|
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
Rental and earned
income
|
|
$
|
112,064
|
|
|
$
|
99,588
|
|
|
Real estate expense
reimbursement from tenants
|
|
3,515
|
|
|
3,232
|
|
|
Interest and other
income from real estate transactions
|
|
163
|
|
|
792
|
|
|
Interest income on
commercial mortgage residual interests
|
|
445
|
|
|
452
|
|
|
|
116,187
|
|
|
104,064
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
General and
administrative
|
|
8,605
|
|
|
8,706
|
|
|
Real
estate
|
|
4,759
|
|
|
4,340
|
|
|
Depreciation and
amortization
|
|
32,141
|
|
|
28,012
|
|
|
Impairment –
commercial mortgage residual interests valuation
|
|
—
|
|
|
158
|
|
|
Impairment
losses
|
|
1,028
|
|
|
396
|
|
|
|
46,533
|
|
|
41,612
|
|
|
|
|
|
|
|
Other expenses
(revenues):
|
|
|
|
|
|
Interest and other
income
|
|
(11)
|
|
|
(63)
|
|
|
Interest
expense
|
|
21,786
|
|
|
20,278
|
|
|
Real estate
acquisition costs
|
|
599
|
|
|
209
|
|
|
|
22,374
|
|
|
20,424
|
|
|
|
|
|
|
|
Income tax benefit
(expense)
|
|
(442)
|
|
|
93
|
|
|
|
|
|
|
|
Earnings from
continuing operations
|
|
46,838
|
|
|
42,121
|
|
|
|
|
|
|
|
Loss from
discontinued operations, net of income tax expense
|
|
—
|
|
|
(36)
|
|
|
Earnings before gain
on disposition of real estate, net of income tax expense
|
|
46,838
|
|
|
42,085
|
|
|
|
|
|
|
|
Gain on disposition
of real estate, net of income tax expense
|
|
7,200
|
|
|
1,756
|
|
|
|
|
|
|
|
Earnings including
noncontrolling interests
|
|
54,038
|
|
|
43,841
|
|
|
|
|
|
|
|
Earnings attributable
to noncontrolling interests:
|
|
|
|
|
|
Continuing
operations
|
|
(60)
|
|
|
(508)
|
|
|
|
|
|
|
|
Net earnings
attributable to NNN
|
|
53,978
|
|
|
43,333
|
|
|
Series D preferred
stock dividends
|
|
(4,762)
|
|
|
(4,762)
|
|
|
Series E preferred
stock dividends
|
|
(4,097)
|
|
|
(4,097)
|
|
|
Net earnings
available to common stockholders
|
|
$
|
45,119
|
|
|
$
|
34,474
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31,
|
|
|
2015
|
|
2014
|
|
|
|
|
|
|
Weighted average
common shares outstanding:
|
|
|
|
|
|
Basic
|
|
131,665
|
|
|
121,576
|
|
|
Diluted
|
|
132,110
|
|
|
121,867
|
|
|
|
|
|
|
|
Net earnings per
share available to common stockholders:
|
|
|
|
|
|
Basic:
|
|
|
|
|
|
Continuing
operations
|
|
$
|
0.34
|
|
|
$
|
0.28
|
|
|
Discontinued
operations
|
|
—
|
|
|
—
|
|
|
Net
earnings
|
|
$
|
0.34
|
|
|
$
|
0.28
|
|
|
|
|
|
|
|
Diluted:
|
|
|
|
|
|
Continuing
operations
|
|
$
|
0.34
|
|
|
$
|
0.28
|
|
|
Discontinued
operations
|
|
—
|
|
|
—
|
|
|
Net
earnings
|
|
$
|
0.34
|
|
|
$
|
0.28
|
|
|
National Retail
Properties, Inc.
(in thousands, except
per share data)
(unaudited)
|
|
|
|
Quarter
Ended
|
|
|
March 31,
|
|
|
2015
|
|
2014
|
|
Funds From
Operations (FFO) Reconciliation:
|
|
|
|
|
|
Net earnings
available to common stockholders
|
|
$
|
45,119
|
|
|
$
|
34,474
|
|
|
Real estate
depreciation and amortization
|
|
32,028
|
|
|
27,953
|
|
|
Gain on disposition
of real estate, net of income tax and noncontrolling
interest
|
|
(7,148)
|
|
|
(1,245)
|
|
|
Impairment losses –
depreciable real estate
|
|
872
|
|
|
459
|
|
|
Total FFO
adjustments
|
|
25,752
|
|
|
27,167
|
|
|
FFO available to
common stockholders
|
|
$
|
70,871
|
|
|
$
|
61,641
|
|
|
|
|
|
|
|
FFO per common
share:
|
|
|
|
|
|
Basic
|
|
$
|
0.54
|
|
|
$
|
0.51
|
|
|
Diluted
|
|
$
|
0.54
|
|
|
$
|
0.51
|
|
|
|
|
|
|
|
Recurring Funds
from Operations Reconciliation:
|
|
|
|
|
|
Net earnings
available to common stockholders
|
|
$
|
45,119
|
|
|
$
|
34,474
|
|
|
Total FFO
adjustments
|
|
25,752
|
|
|
27,167
|
|
|
FFO available to
common stockholders
|
|
70,871
|
|
|
61,641
|
|
|
|
|
|
|
|
Impairment –
commercial mortgage residual interests valuation
|
|
—
|
|
|
158
|
|
|
Impairment losses –
non-depreciable real estate
|
|
156
|
|
|
—
|
|
|
Total Recurring FFO
adjustments
|
|
156
|
|
|
158
|
|
|
Recurring FFO
available to common stockholders
|
|
$
|
71,027
|
|
|
$
|
61,799
|
|
|
|
|
|
|
|
Recurring FFO per
common share:
|
|
|
|
|
|
Basic
|
|
$
|
0.54
|
|
|
$
|
0.51
|
|
|
Diluted
|
|
$
|
0.54
|
|
|
$
|
0.51
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
|
March 31,
|
|
|
2015
|
|
2014
|
|
Adjusted Funds
From Operations (AFFO) Reconciliation:
|
|
|
|
|
|
Net earnings
available to common stockholders
|
|
$
|
45,119
|
|
|
$
|
34,474
|
|
|
Total FFO
adjustments
|
|
25,752
|
|
|
27,167
|
|
|
Total Recurring FFO
adjustments
|
|
156
|
|
|
158
|
|
|
Recurring FFO
available to common stockholders
|
|
71,027
|
|
|
61,799
|
|
|
|
|
|
|
|
Straight line accrued
rent
|
|
(205)
|
|
|
(601)
|
|
|
Net capital lease
rent adjustment
|
|
334
|
|
|
328
|
|
|
Below market rent
amortization
|
|
(1,024)
|
|
|
(625)
|
|
|
Stock based
compensation expense
|
|
2,409
|
|
|
2,252
|
|
|
Capitalized interest
expense
|
|
(390)
|
|
|
(434)
|
|
|
Total AFFO
adjustments
|
|
1,124
|
|
|
920
|
|
|
AFFO available to
common stockholders
|
|
$
|
72,151
|
|
|
$
|
62,719
|
|
|
|
|
|
|
|
AFFO per common
share:
|
|
|
|
|
|
Basic
|
|
$
|
0.55
|
|
|
$
|
0.52
|
|
|
Diluted
|
|
$
|
0.55
|
|
|
$
|
0.51
|
|
|
|
|
|
|
|
Other
Information:
|
|
|
|
|
|
Percentage
rent
|
|
$
|
185
|
|
|
$
|
90
|
|
|
Amortization of debt
costs
|
|
$
|
709
|
|
|
$
|
656
|
|
|
Scheduled debt
principal amortization (excluding maturities)
|
|
$
|
409
|
|
|
$
|
279
|
|
|
Non-real estate
depreciation expense
|
|
$
|
118
|
|
|
$
|
65
|
|
|
National Retail
Properties, Inc.
(in
thousands)
(unaudited)
|
|
|
|
March 31,
2015
|
|
December 31,
2014
|
|
Balance Sheet
Summary
|
|
|
|
|
|
|
|
|
|
|
Assets:
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
4,456
|
|
|
$
|
10,604
|
|
|
Receivables, net of
allowance
|
|
1,969
|
|
|
3,013
|
|
|
Mortgages, notes and
accrued interest receivable
|
|
11,220
|
|
|
11,075
|
|
|
Real estate
portfolio:
|
|
|
|
|
|
Accounted for using
the operating method, net of accumulated depreciation and
amortization
|
|
4,823,155
|
|
|
4,716,923
|
|
|
Accounted for using
the direct financing method
|
|
16,329
|
|
|
16,974
|
|
|
Real estate held for
sale
|
|
4,731
|
|
|
6,152
|
|
|
Commercial mortgage
residual interests
|
|
11,132
|
|
|
11,626
|
|
|
Accrued rental income,
net of allowance
|
|
25,592
|
|
|
25,659
|
|
|
Debt costs, net of
accumulated amortization
|
|
15,744
|
|
|
16,453
|
|
|
Other
assets
|
|
106,508
|
|
|
108,235
|
|
|
Total
assets
|
|
$
|
5,020,836
|
|
|
$
|
4,926,714
|
|
|
|
|
|
|
|
Liabilities:
|
|
|
|
|
|
Line of credit
payable
|
|
$
|
41,900
|
|
|
$
|
—
|
|
|
Mortgages payable,
including unamortized premium
|
|
25,878
|
|
|
26,339
|
|
|
Notes payable, net of
unamortized discount
|
|
1,715,032
|
|
|
1,714,715
|
|
|
Accrued interest
payable
|
|
29,303
|
|
|
17,396
|
|
|
Other
liabilities
|
|
84,892
|
|
|
85,172
|
|
|
Total
liabilities
|
|
1,897,005
|
|
|
1,843,622
|
|
|
|
|
|
|
|
Stockholders'
equity:
|
|
|
|
|
|
Preferred
stockholders' equity (stated liquidation value)
|
|
575,000
|
|
|
575,000
|
|
|
Common stockholders'
equity
|
|
2,548,258
|
|
|
2,507,515
|
|
|
Total stockholders'
equity of NNN
|
|
3,123,258
|
|
|
3,082,515
|
|
|
Noncontrolling
interests
|
|
573
|
|
|
577
|
|
|
Total
equity
|
|
3,123,831
|
|
|
3,083,092
|
|
|
|
|
|
|
|
Total liabilities and
equity
|
|
$
|
5,020,836
|
|
|
$
|
4,926,714
|
|
|
|
|
|
|
|
Common shares
outstanding
|
|
133,447
|
|
|
132,010
|
|
|
|
|
|
|
|
Gross leasable area,
Property Portfolio (square feet)
|
|
23,146
|
|
|
22,479
|
|
|
|
|
|
|
|
National Retail
Properties, Inc.
Debt
Summary
As of March 31,
2015
(in
thousands)
(unaudited)
|
|
|
Unsecured
Debt
|
|
Principal
|
|
Principal,
Net of
Discount
|
|
Stated
Rate
|
|
Effective
Rate
|
|
Maturity
Date
|
|
Line of credit
payable
|
|
$
|
41,900
|
|
|
$
|
41,900
|
|
|
L + 92.5
bps
|
|
1.103
|
%
|
|
January
2019
|
|
|
|
|
|
|
|
|
|
|
|
|
Unsecured notes
payable:
|
|
|
|
|
|
|
|
|
|
|
|
2015
|
|
150,000
|
|
|
149,964
|
|
|
6.150
|
%
|
|
6.185
|
%
|
|
December 2015
|
|
2017
|
|
250,000
|
|
|
249,718
|
|
|
6.875
|
%
|
|
6.924
|
%
|
|
October 2017
|
|
2021
|
|
300,000
|
|
|
297,044
|
|
|
5.500
|
%
|
|
5.689
|
%
|
|
July 2021
|
|
2022
|
|
325,000
|
|
|
321,114
|
|
|
3.800
|
%
|
|
3.985
|
%
|
|
October
2022
|
|
2023
|
|
350,000
|
|
|
347,848
|
|
|
3.300
|
%
|
|
3.388
|
%
|
|
April 2023
|
|
2024
|
|
350,000
|
|
|
349,344
|
|
|
3.900
|
%
|
|
3.924
|
%
|
|
June 2024
|
|
Total
|
|
1,725,000
|
|
|
1,715,032
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total unsecured
debt
|
|
$
|
1,766,900
|
|
|
$
|
1,756,932
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgages
Payable
|
|
Principal
Balance
|
|
Interest
Rate
|
|
Maturity
Date
|
|
Mortgage(1)
|
|
$
|
14,963
|
|
|
5.230
|
%
|
|
July 2023
|
|
Mortgage(1)
|
|
6,109
|
|
|
5.750
|
%
|
|
April 2016
|
|
Mortgage(1)
|
|
2,892
|
|
|
6.400
|
%
|
|
February
2017
|
|
Mortgage
|
|
1,399
|
|
|
6.900
|
%
|
|
January 2017
|
|
Mortgage(2)
|
|
515
|
|
|
8.680
|
%
|
|
Sept 2016 -- April
2019
|
|
|
$
|
25,878
|
|
|
|
|
|
|
(1)
Includes unamortized premium
|
|
(2)
Represents the total balance of three separate mortgage loans and
their weighted average interest rate
|
|
National Retail
Properties, Inc.
Property
Portfolio
|
|
|
Top 20 Lines of
Trade
|
|
|
|
|
|
|
|
|
|
As of March
31,
|
|
|
Line of
Trade
|
|
2015(1)
|
|
2014(2)
|
|
1.
|
|
Convenience
stores
|
|
17.7
|
%
|
|
19.6
|
%
|
|
2.
|
|
Restaurants – full
service
|
|
9.0
|
%
|
|
9.5
|
%
|
|
3.
|
|
Automotive
service
|
|
7.2
|
%
|
|
7.5
|
%
|
|
4.
|
|
Restaurants – limited
service
|
|
6.9
|
%
|
|
6.0
|
%
|
|
5.
|
|
Theaters
|
|
5.1
|
%
|
|
4.5
|
%
|
|
6.
|
|
Family entertainment
centers
|
|
5.1
|
%
|
|
2.3
|
%
|
|
7.
|
|
Automotive
parts
|
|
4.6
|
%
|
|
5.1
|
%
|
|
8.
|
|
Health and
fitness
|
|
3.8
|
%
|
|
4.2
|
%
|
|
9.
|
|
Sporting
goods
|
|
3.7
|
%
|
|
3.7
|
%
|
|
10.
|
|
Banks
|
|
3.6
|
%
|
|
4.1
|
%
|
|
11.
|
|
Recreational vehicle
dealers, parts and accessories
|
|
3.3
|
%
|
|
3.3
|
%
|
|
12.
|
|
Wholesale
clubs
|
|
2.8
|
%
|
|
3.1
|
%
|
|
13.
|
|
Drug
stores
|
|
2.4
|
%
|
|
2.7
|
%
|
|
14.
|
|
Consumer
electronics
|
|
2.4
|
%
|
|
2.7
|
%
|
|
15.
|
|
Travel
plazas
|
|
2.3
|
%
|
|
2.0
|
%
|
|
16.
|
|
Grocery
|
|
2.1
|
%
|
|
1.5
|
%
|
|
17.
|
|
Medical service
providers
|
|
2.0
|
%
|
|
1.8
|
%
|
|
18.
|
|
Home
improvement
|
|
1.9
|
%
|
|
2.5
|
%
|
|
19.
|
|
Home
furnishings
|
|
1.8
|
%
|
|
1.6
|
%
|
|
20.
|
|
General
merchandise
|
|
1.6
|
%
|
|
1.6
|
%
|
|
|
Other
|
|
10.7
|
%
|
|
10.7
|
%
|
|
|
Total
|
|
100.0
|
%
|
|
100.0
|
%
|
|
|
Top 10
States
|
|
|
State
|
|
|
% of
Total(1)
|
|
|
State
|
|
|
% of
Total(1)
|
|
1.
|
Texas
|
|
|
20.4
|
%
|
|
6.
|
Virgina
|
|
|
4.1
|
%
|
|
2.
|
Florida
|
|
|
9.6
|
%
|
|
7.
|
Indiana
|
|
|
4.0
|
%
|
|
3.
|
North
Carolina
|
|
|
5.4
|
%
|
|
8.
|
Ohio
|
|
|
3.5
|
%
|
|
4.
|
Illinois
|
|
|
5.0
|
%
|
|
9.
|
Pennsylvania
|
|
|
3.2
|
%
|
|
5.
|
Georgia
|
|
|
4.8
|
%
|
|
10.
|
Tennessee
|
|
|
2.9
|
%
|
|
|
(1) Based on the annualized
base rent for all leases in place as of March 31, 2015.
|
|
(2) Based on the annualized
base rent for all leases in place as of March 31, 2014.
|
|
National Retail
Properties, Inc.
Property
Portfolio
|
|
|
Top Tenants (>
2.0%)
|
|
|
|
|
|
Properties
|
|
% of Total
(1)
|
|
Energy Transfer
Partners (Sunoco)
|
|
125
|
|
|
6.4
|
%
|
|
Mister Car
Wash
|
|
87
|
|
|
4.5
|
%
|
|
Pantry
|
|
86
|
|
|
3.9
|
%
|
|
7-Eleven
|
|
78
|
|
|
3.9
|
%
|
|
LA Fitness
|
|
22
|
|
|
3.8
|
%
|
|
SunTrust
|
|
121
|
|
|
3.5
|
%
|
|
Camping
World
|
|
28
|
|
|
3.3
|
%
|
|
AMC
Theatre
|
|
15
|
|
|
3.1
|
%
|
|
Chuck E.
Cheese's
|
|
53
|
|
|
3.0
|
%
|
|
BJ's Wholesale
Club
|
|
7
|
|
|
2.8
|
%
|
|
Gander
Mountain
|
|
11
|
|
|
2.4
|
%
|
|
Best Buy
|
|
19
|
|
|
2.3
|
%
|
|
|
Lease
Expirations(2)
|
|
|
|
% of
Total(1)
|
|
# of
Properties
|
|
Gross Leasable
Area (3)
|
|
|
|
% of
Total(1)
|
|
# of
Properties
|
|
Gross Leasable
Area (3)
|
|
2015
|
|
0.9
|
%
|
|
24
|
|
|
304,000
|
|
|
2021
|
|
4.4
|
%
|
|
103
|
|
|
1,031,000
|
|
|
2016
|
|
1.5
|
%
|
|
35
|
|
|
539,000
|
|
|
2022
|
|
6.2
|
%
|
|
96
|
|
|
1,158,000
|
|
|
2017
|
|
3.2
|
%
|
|
53
|
|
|
1,086,000
|
|
|
2023
|
|
3.0
|
%
|
|
57
|
|
|
952,000
|
|
|
2018
|
|
6.7
|
%
|
|
184
|
|
|
1,650,000
|
|
|
2024
|
|
2.8
|
%
|
|
50
|
|
|
771,000
|
|
|
2019
|
|
3.7
|
%
|
|
81
|
|
|
1,089,000
|
|
|
2025
|
|
5.5
|
%
|
|
125
|
|
|
955,000
|
|
|
2020
|
|
4.3
|
%
|
|
129
|
|
|
1,495,000
|
|
|
Thereafter
|
|
57.8
|
%
|
|
1,135
|
|
|
11,642,000
|
|
|
|
|
(1)
|
Based on the annual
base rent of $450,807,000, which is the annualized base rent for
all leases in place as of March 31, 2015.
|
|
(2)
|
As of March 31, 2015,
the weighted average remaining lease term is 11.5 years.
|
|
(3)
|
Square
feet.
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/first-quarter-2015-operating-results-announced-by-national-retail-properties-inc-300077149.html
SOURCE National Retail Properties, Inc.