ORLANDO, Fla., Nov. 3,
2015 /PRNewswire/ -- 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,
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
|
|
Nine Months
Ended
|
|
September
30,
|
|
September
30,
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
(in thousands, except
per share data)
|
Revenues
|
$
|
123,143
|
|
|
$
|
109,856
|
|
|
$
|
356,537
|
|
|
$
|
319,532
|
|
|
|
|
|
|
|
|
|
Net earnings
available to common stockholders
|
$
|
46,339
|
|
|
$
|
39,081
|
|
|
$
|
128,789
|
|
|
$
|
110,268
|
|
Net earnings per
common share
|
$
|
0.34
|
|
|
$
|
0.31
|
|
|
$
|
0.96
|
|
|
$
|
0.89
|
|
|
|
|
|
|
|
|
|
FFO available to
common stockholders
|
$
|
77,940
|
|
|
$
|
65,369
|
|
|
$
|
221,873
|
|
|
$
|
188,700
|
|
FFO per common
share
|
$
|
0.58
|
|
|
$
|
0.52
|
|
|
$
|
1.66
|
|
|
$
|
1.53
|
|
|
|
|
|
|
|
|
|
Recurring FFO
available to common stockholders
|
$
|
77,993
|
|
|
$
|
65,390
|
|
|
$
|
222,510
|
|
|
$
|
188,956
|
|
Recurring FFO per
common share
|
$
|
0.58
|
|
|
$
|
0.52
|
|
|
$
|
1.67
|
|
|
$
|
1.53
|
|
|
|
|
|
|
|
|
|
AFFO available to
common stockholders
|
$
|
79,516
|
|
|
$
|
66,644
|
|
|
$
|
226,819
|
|
|
$
|
192,072
|
|
AFFO per common
share
|
$
|
0.59
|
|
|
$
|
0.53
|
|
|
$
|
1.70
|
|
|
$
|
1.56
|
|
Third Quarter 2015 Highlights:
- FFO per share and Recurring FFO per share increased 11.5% over
prior year results
- AFFO per share increased 11.3% over prior year results
- Portfolio occupancy was 99.1% at September 30, 2015, as compared to 98.8% at
June 30, 2015 and March 31, 2015
- Invested $263.8 million in 97
properties with an aggregate 732,000 square feet of gross leasable
area at an initial cash yield of 7.2%
- Sold five properties for $8.2
million producing $1.9 million
of gains on sales, net of income tax
- Raised $38.2 million in net
proceeds from the issuance of 1,045,972 common shares
- Results include $1.95 million of
rental revenue from a 2013 tenant default settlement
Highlights for the nine months ended September 30, 2015:
- FFO per share increased 8.5% over prior year results
- Recurring FFO per share increased 9.2% over prior year
results
- AFFO per share increased 9.0% over prior year results
- Invested $566.8 million in 190
properties with an aggregate 2,183,000 square feet of gross
leasable area at an initial cash yield of 7.2%
- Sold 14 properties for $33.6
million producing $9.1 million
of gains on sales, net of income tax and noncontrolling
interest
- Raised $125.6 million in net
proceeds from the issuance of 3,253,116 common shares
In October 2015, the company
issued $400 million of 4.00% senior
unsecured notes due 2025. The notes were offered at 99.759% of the
principal amount with a yield to maturity of 4.029%. The company
received approximately $395.3 million
of net proceeds in connection with the issuance of the notes, which
were partially used to repay outstanding indebtedness under the
line of credit facility.
FFO guidance for 2015 was increased from a range of $2.16 to $2.19 to a range of $2.20 to $2.23 per share before any impairment
expense. The 2015 AFFO is estimated to be $2.25 to $2.28 per share. The FFO guidance
equates to net earnings before any gains or losses from the sale of
real estate of $1.19 to $1.22 per
share, plus $1.01 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.
The company also announced 2016 FFO guidance of $2.28 to $2.34 per share and estimated 2016 AFFO
to be $2.33 to $2.39 per share. This
FFO guidance equates to net earnings before any gains or losses
from the sale of real estate and impairment charges of $1.31 to $1.37 per share plus $0.97 per share of expected real estate related
depreciation and amortization. The guidance is based on current
plans, assumptions, and estimates 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.
Craig Macnab, Chief Executive
Officer, commented: "We are pleased with the excellent acquisition
activity we have achieved thus far this year. Our strong
balance sheet will allow us to continue to take advantage of the
attractive deals that we are sourcing. As a result, we are
optimistic that 2016 will be another good year for NNN with
consistent growth in per share results."
National Retail Properties invests primarily in high-quality
retail properties subject generally to long-term, net leases.
As of September 30, 2015, the company owned 2,231 properties
in 47 states with a gross leasable area of approximately 24.5
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 November 3, 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. 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. 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 and
nine months ended September 30, 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
|
|
Nine Months
Ended
|
|
|
September
30,
|
|
September
30,
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
Income Statement
Summary
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
|
|
|
Rental and earned
income
|
|
$
|
118,889
|
|
|
$
|
105,617
|
|
|
$
|
344,177
|
|
|
$
|
306,593
|
|
Real estate expense
reimbursement from tenants
|
|
3,469
|
|
|
3,323
|
|
|
10,307
|
|
|
9,783
|
|
Interest and other
income from real estate transactions
|
|
345
|
|
|
452
|
|
|
721
|
|
|
1,786
|
|
Interest income on
commercial mortgage residual interests
|
|
440
|
|
|
464
|
|
|
1,332
|
|
|
1,370
|
|
|
|
123,143
|
|
|
109,856
|
|
|
356,537
|
|
|
319,532
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
General and
administrative
|
|
8,643
|
|
|
8,046
|
|
|
25,078
|
|
|
24,807
|
|
Real
estate
|
|
4,782
|
|
|
4,583
|
|
|
14,199
|
|
|
13,669
|
|
Depreciation and
amortization
|
|
33,607
|
|
|
29,768
|
|
|
99,950
|
|
|
85,787
|
|
Impairment –
commercial mortgage residual interests
valuation
|
|
53
|
|
|
21
|
|
|
481
|
|
|
256
|
|
Impairment losses,
net of recoveries
|
|
(3)
|
|
|
77
|
|
|
3,711
|
|
|
562
|
|
|
|
47,082
|
|
|
42,495
|
|
|
143,419
|
|
|
125,081
|
|
|
|
|
|
|
|
|
|
|
Other expenses
(revenues):
|
|
|
|
|
|
|
|
|
Interest and other
income
|
|
(20)
|
|
|
(87)
|
|
|
(67)
|
|
|
(245)
|
|
Interest
expense
|
|
21,996
|
|
|
21,641
|
|
|
65,460
|
|
|
63,681
|
|
Real estate
acquisition costs
|
|
199
|
|
|
961
|
|
|
894
|
|
|
1,188
|
|
|
|
22,175
|
|
|
22,515
|
|
|
66,287
|
|
|
64,624
|
|
|
|
|
|
|
|
|
|
|
Income tax
expense
|
|
(545)
|
|
|
(372)
|
|
|
(491)
|
|
|
(721)
|
|
|
|
|
|
|
|
|
|
|
Earnings from
continuing operations
|
|
53,341
|
|
|
44,474
|
|
|
146,340
|
|
|
129,106
|
|
|
|
|
|
|
|
|
|
|
Earnings from
discontinued operations, net of income tax
expense
|
|
—
|
|
|
142
|
|
|
—
|
|
|
124
|
|
Earnings before gain
on disposition of real estate, net of income
tax expense
|
|
53,341
|
|
|
44,616
|
|
|
146,340
|
|
|
129,230
|
|
|
|
|
|
|
|
|
|
|
Gain on disposition
of real estate, net of income tax expense
|
|
1,914
|
|
|
3,356
|
|
|
9,145
|
|
|
8,166
|
|
|
|
|
|
|
|
|
|
|
Earnings including
noncontrolling interests
|
|
55,255
|
|
|
47,972
|
|
|
155,485
|
|
|
137,396
|
|
|
|
|
|
|
|
|
|
|
Earnings attributable
to noncontrolling interests:
|
|
|
|
|
|
|
|
|
Continuing
operations
|
|
(57)
|
|
|
(32)
|
|
|
(120)
|
|
|
(552)
|
|
|
|
|
|
|
|
|
|
|
Net earnings
attributable to NNN
|
|
55,198
|
|
|
47,940
|
|
|
155,365
|
|
|
136,844
|
|
Series D preferred
stock dividends
|
|
(4,762)
|
|
|
(4,762)
|
|
|
(14,285)
|
|
|
(14,285)
|
|
Series E preferred
stock dividends
|
|
(4,097)
|
|
|
(4,097)
|
|
|
(12,291)
|
|
|
(12,291)
|
|
Net earnings
available to common stockholders
|
|
$
|
46,339
|
|
|
$
|
39,081
|
|
|
$
|
128,789
|
|
|
$
|
110,268
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
National Retail
Properties, Inc.
(in thousands, except
per share data)
(unaudited)
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
Nine Months
Ended
|
|
|
September
30,
|
|
September
30,
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
Weighted average
common shares outstanding:
|
|
|
|
|
|
|
|
|
Basic
|
|
133,893
|
|
|
124,554
|
|
|
132,950
|
|
|
122,884
|
|
Diluted
|
|
134,246
|
|
|
125,045
|
|
|
133,306
|
|
|
123,366
|
|
|
|
|
|
|
|
|
|
|
Net earnings per
share available to common stockholders:
|
|
|
|
|
|
|
|
|
Basic:
|
|
|
|
|
|
|
|
|
Continuing
operations
|
|
$
|
0.34
|
|
|
$
|
0.31
|
|
|
$
|
0.96
|
|
|
$
|
0.89
|
|
Net
earnings
|
|
$
|
0.34
|
|
|
$
|
0.31
|
|
|
$
|
0.96
|
|
|
$
|
0.89
|
|
|
|
|
|
|
|
|
|
|
Diluted:
|
|
|
|
|
|
|
|
|
Continuing
operations
|
|
$
|
0.34
|
|
|
$
|
0.31
|
|
|
$
|
0.96
|
|
|
$
|
0.89
|
|
Net
earnings
|
|
$
|
0.34
|
|
|
$
|
0.31
|
|
|
$
|
0.96
|
|
|
$
|
0.89
|
|
National Retail
Properties, Inc.
(in thousands, except
per share data)
(unaudited)
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
Nine Months
Ended
|
|
|
September
30,
|
|
September
30,
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
Funds From
Operations (FFO) Reconciliation:
|
|
|
|
|
|
|
|
|
Net earnings
available to common stockholders
|
|
$
|
46,339
|
|
|
$
|
39,081
|
|
|
$
|
128,789
|
|
|
$
|
110,268
|
|
Real estate
depreciation and amortization:
|
|
|
|
|
|
|
|
|
Continuing
operations
|
|
33,513
|
|
|
29,707
|
|
|
99,626
|
|
|
85,605
|
|
Discontinuing
operations
|
|
|
|
3
|
|
|
|
|
3
|
|
Gain on disposition
of real estate, net of income tax and
noncontrolling interest
|
|
(1,914)
|
|
|
(3,499)
|
|
|
(9,092)
|
|
|
(7,801)
|
|
Impairment losses –
depreciable real estate, net of recoveries
and income tax
|
|
2
|
|
|
77
|
|
|
2,550
|
|
|
625
|
|
Total FFO
adjustments
|
|
31,601
|
|
|
26,288
|
|
|
93,084
|
|
|
78,432
|
|
FFO available to
common stockholders
|
|
$
|
77,940
|
|
|
$
|
65,369
|
|
|
$
|
221,873
|
|
|
$
|
188,700
|
|
|
|
|
|
|
|
|
|
|
FFO per common
share:
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.58
|
|
|
$
|
0.52
|
|
|
$
|
1.67
|
|
|
$
|
1.54
|
|
Diluted
|
|
$
|
0.58
|
|
|
$
|
0.52
|
|
|
$
|
1.66
|
|
|
$
|
1.53
|
|
|
|
|
|
|
|
|
|
|
Recurring Funds
from Operations Reconciliation:
|
|
|
|
|
|
|
|
|
Net earnings
available to common stockholders
|
|
$
|
46,339
|
|
|
$
|
39,081
|
|
|
$
|
128,789
|
|
|
$
|
110,268
|
|
Total FFO
adjustments
|
|
31,601
|
|
|
26,288
|
|
|
93,084
|
|
|
78,432
|
|
FFO available to
common stockholders
|
|
77,940
|
|
|
65,369
|
|
|
221,873
|
|
|
188,700
|
|
|
|
|
|
|
|
|
|
|
Impairment –
commercial mortgage residual interests valuation
|
|
53
|
|
|
21
|
|
|
481
|
|
|
256
|
|
Impairment losses –
non-depreciable real estate
|
|
—
|
|
|
—
|
|
|
156
|
|
|
—
|
|
Total Recurring FFO
adjustments
|
|
53
|
|
|
21
|
|
|
637
|
|
|
256
|
|
Recurring FFO
available to common stockholders
|
|
$
|
77,993
|
|
|
$
|
65,390
|
|
|
$
|
222,510
|
|
|
$
|
188,956
|
|
|
|
|
|
|
|
|
|
|
Recurring FFO per
common share:
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.58
|
|
|
$
|
0.52
|
|
|
$
|
1.67
|
|
|
$
|
1.54
|
|
Diluted
|
|
$
|
0.58
|
|
|
$
|
0.52
|
|
|
$
|
1.67
|
|
|
$
|
1.53
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
National Retail
Properties, Inc.
(in thousands, except
per share data)
(unaudited)
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
Nine Months
Ended
|
|
|
September
30,
|
|
September
30,
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
Adjusted Funds
From Operations (AFFO) Reconciliation:
|
|
|
|
|
|
|
|
|
Net earnings
available to common stockholders
|
|
$
|
46,339
|
|
|
$
|
39,081
|
|
|
$
|
128,789
|
|
|
$
|
110,268
|
|
Total FFO
adjustments
|
|
31,601
|
|
|
26,288
|
|
|
93,084
|
|
|
78,432
|
|
Total Recurring FFO
adjustments
|
|
53
|
|
|
21
|
|
|
637
|
|
|
256
|
|
Recurring FFO
available to common stockholders
|
|
77,993
|
|
|
65,390
|
|
|
222,510
|
|
|
188,956
|
|
|
|
|
|
|
|
|
|
|
Straight line accrued
rent
|
|
179
|
|
|
(296)
|
|
|
161
|
|
|
(1,414)
|
|
Net capital lease
rent adjustment
|
|
270
|
|
|
346
|
|
|
946
|
|
|
1,013
|
|
Below market rent
amortization
|
|
(675)
|
|
|
(680)
|
|
|
(2,375)
|
|
|
(1,939)
|
|
Stock based
compensation expense
|
|
2,434
|
|
|
2,281
|
|
|
7,210
|
|
|
6,774
|
|
Capitalized interest
expense
|
|
(685)
|
|
|
(397)
|
|
|
(1,633)
|
|
|
(1,318)
|
|
Total AFFO
adjustments
|
|
1,523
|
|
|
1,254
|
|
|
4,309
|
|
|
3,116
|
|
AFFO available to
common stockholders
|
|
$
|
79,516
|
|
|
$
|
66,644
|
|
|
$
|
226,819
|
|
|
$
|
192,072
|
|
|
|
|
|
|
|
|
|
|
AFFO per common
share:
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.59
|
|
|
$
|
0.54
|
|
|
$
|
1.71
|
|
|
$
|
1.56
|
|
Diluted
|
|
$
|
0.59
|
|
|
$
|
0.53
|
|
|
$
|
1.70
|
|
|
$
|
1.56
|
|
|
|
|
|
|
|
|
|
|
Other
Information:
|
|
|
|
|
|
|
|
|
Percentage
rent
|
|
$
|
331
|
|
|
$
|
177
|
|
|
$
|
628
|
|
|
$
|
489
|
|
Amortization of debt
costs
|
|
$
|
719
|
|
|
$
|
713
|
|
|
$
|
2,142
|
|
|
$
|
2,066
|
|
Scheduled debt
principal amortization (excluding maturities)
|
|
$
|
390
|
|
|
$
|
271
|
|
|
$
|
1,209
|
|
|
$
|
825
|
|
Non-real estate
depreciation expense
|
|
$
|
100
|
|
|
$
|
66
|
|
|
$
|
340
|
|
|
$
|
199
|
|
National Retail
Properties, Inc.
(in
thousands)
(unaudited)
|
|
|
|
|
|
|
|
September
30,
2015
|
|
December
31,
2014
|
Balance Sheet
Summary
|
|
|
|
|
|
|
|
|
|
Assets:
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
2,615
|
|
|
$
|
10,604
|
|
Receivables, net of
allowance
|
|
2,020
|
|
|
3,013
|
|
Mortgages, notes and
accrued interest receivable, net of allowance
|
|
10,427
|
|
|
11,075
|
|
Real estate
portfolio:
|
|
|
|
|
Accounted for using
the operating method, net of accumulated
depreciation and amortization
|
|
5,163,123
|
|
|
4,716,368
|
|
Accounted for using
the direct financing method
|
|
14,850
|
|
|
16,974
|
|
Real estate held for
sale
|
|
3,593
|
|
|
6,707
|
|
Commercial mortgage
residual interests
|
|
10,974
|
|
|
11,626
|
|
Accrued rental income,
net of allowance
|
|
25,087
|
|
|
25,659
|
|
Debt costs, net of
accumulated amortization
|
|
14,386
|
|
|
16,453
|
|
Other
assets
|
|
102,160
|
|
|
108,235
|
|
Total
assets
|
|
$
|
5,349,235
|
|
|
$
|
4,926,714
|
|
|
|
|
|
|
Liabilities:
|
|
|
|
|
Line of credit
payable
|
|
$
|
282,400
|
|
|
$
|
—
|
|
Mortgages payable,
including unamortized premium
|
|
24,527
|
|
|
26,339
|
|
Notes payable, net of
unamortized discount
|
|
1,715,679
|
|
|
1,714,715
|
|
Accrued interest
payable
|
|
29,513
|
|
|
17,396
|
|
Other
liabilities
|
|
131,930
|
|
|
85,172
|
|
Total
liabilities
|
|
2,184,049
|
|
|
1,843,622
|
|
|
|
|
|
|
Stockholders'
equity:
|
|
|
|
|
Preferred
stockholders' equity (stated liquidation value)
|
|
575,000
|
|
|
575,000
|
|
Common stockholders'
equity
|
|
2,589,782
|
|
|
2,507,515
|
|
Total stockholders'
equity of NNN
|
|
3,164,782
|
|
|
3,082,515
|
|
Noncontrolling
interests
|
|
404
|
|
|
577
|
|
Total
equity
|
|
3,165,186
|
|
|
3,083,092
|
|
|
|
|
|
|
Total liabilities and
equity
|
|
$
|
5,349,235
|
|
|
$
|
4,926,714
|
|
|
|
|
|
|
Common shares
outstanding
|
|
135,485
|
|
|
132,010
|
|
|
|
|
|
|
Gross leasable area,
Property Portfolio (square feet)
|
|
24,451
|
|
|
22,479
|
|
|
|
|
|
|
National Retail
Properties, Inc.
Debt
Summary
As of September 30,
2015
(in
thousands)
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unsecured
Debt
|
|
Principal
|
|
Principal,
Net
of
Discount
|
|
Stated
Rate
|
|
Effective
Rate
|
|
Maturity
Date
|
Line of credit
payable
|
|
$
|
282,400
|
|
|
$
|
282,400
|
|
|
L + 92.5
bps
|
|
1.119%
|
|
January
2019
|
|
|
|
|
|
|
|
|
|
|
|
Unsecured notes
payable:
|
|
|
|
|
|
|
|
|
|
|
2015
|
|
150,000
|
|
|
149,989
|
|
|
6.150%
|
|
6.185%
|
|
December 2015
|
2017
|
|
250,000
|
|
|
249,769
|
|
|
6.875%
|
|
6.924%
|
|
October 2017
|
2021
|
|
300,000
|
|
|
297,243
|
|
|
5.500%
|
|
5.689%
|
|
July 2021
|
2022
|
|
325,000
|
|
|
321,338
|
|
|
3.800%
|
|
3.985%
|
|
October
2022
|
2023
|
|
350,000
|
|
|
347,966
|
|
|
3.300%
|
|
3.388%
|
|
April 2023
|
2024
|
|
350,000
|
|
|
349,374
|
|
|
3.900%
|
|
3.924%
|
|
June 2024
|
Total
|
|
1,725,000
|
|
|
1,715,679
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total unsecured
debt
|
|
$
|
2,007,400
|
|
|
$
|
1,998,079
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: October 2015,
the company issued $400 million of 4.00% notes payable due 2025
with an effective interest rate of 4.029%.
|
|
|
Mortgages
Payable
|
|
Principal
Balance
|
|
Interest
Rate
|
|
Maturity
Date
|
|
|
Mortgage(1)
|
|
$
|
14,693
|
|
|
5.230%
|
|
July 2023
|
|
|
Mortgage(1)
|
|
5,964
|
|
|
5.750%
|
|
April 2016
|
|
|
Mortgage(1)
|
|
2,834
|
|
|
6.400%
|
|
February
2017
|
|
|
Mortgage
|
|
1,035
|
|
|
6.900%
|
|
January 2017
|
|
|
|
|
$
|
24,526
|
|
|
|
|
|
|
|
(1) Includes unamortized
premium
|
National Retail
Properties, Inc.
Property
Portfolio
|
|
Top 20 Lines
of Trade
|
|
|
|
|
As of September
30,
|
|
Line of
Trade
|
|
2015(1)
|
|
2014(2)
|
1.
|
Convenience
stores
|
|
16.8%
|
|
18.8%
|
2.
|
Restaurants – full
service
|
|
11.2%
|
|
9.1%
|
3.
|
Restaurants – limited
service
|
|
7.0%
|
|
6.6%
|
4.
|
Automotive
service
|
|
6.9%
|
|
7.2%
|
5.
|
Family entertainment
centers
|
|
5.4%
|
|
5.2%
|
6.
|
Theaters
|
|
5.1%
|
|
4.7%
|
7.
|
Automotive
parts
|
|
4.3%
|
|
4.8%
|
8.
|
Health and
fitness
|
|
3.6%
|
|
4.0%
|
9.
|
Recreational vehicle
dealers, parts and
accessories
|
|
3.6%
|
|
3.2%
|
10.
|
Banks
|
|
3.5%
|
|
3.8%
|
11.
|
Sporting
goods
|
|
3.3%
|
|
3.5%
|
12.
|
Wholesale
clubs
|
|
2.7%
|
|
2.9%
|
13.
|
Drug
stores
|
|
2.4%
|
|
2.5%
|
14.
|
Consumer
electronics
|
|
2.2%
|
|
2.5%
|
15.
|
Medical service
providers
|
|
2.2%
|
|
1.9%
|
16.
|
Travel
plazas
|
|
2.2%
|
|
1.9%
|
17.
|
Grocery
|
|
2.0%
|
|
1.2%
|
18.
|
Home
furnishings
|
|
1.9%
|
|
1.8%
|
19.
|
Home
improvement
|
|
1.8%
|
|
2.4%
|
20.
|
General
merchandise
|
|
1.5%
|
|
1.6%
|
|
Other
|
|
10.4%
|
|
10.4%
|
|
Total
|
|
100.0%
|
|
100.0%
|
Top 10
States
|
|
|
|
|
|
|
|
|
|
|
State
|
|
% of
Total(1)
|
|
|
State
|
|
% of
Total(1)
|
1.
|
Texas
|
|
19.8%
|
|
6.
|
Georgia
|
|
4.6%
|
2.
|
Florida
|
|
9.3%
|
|
7.
|
Virgina
|
|
3.9%
|
3.
|
North
Carolina
|
|
5.3%
|
|
8.
|
Indiana
|
|
3.9%
|
4.
|
Ohio
|
|
5.2%
|
|
9.
|
Pennsylvania
|
|
3.0%
|
5.
|
Illinois
|
|
4.8%
|
|
10.
|
Tennessee
|
|
2.9%
|
|
|
|
|
|
|
|
|
|
(1)
|
Based on the
annualized base rent for all leases in place as of September 30,
2015.
|
(2)
|
Based on the
annualized base rent for all leases in place as of September 30,
2014.
|
National Retail
Properties, Inc. Property Portfolio
|
|
Top Tenants (>
2.0%)
|
|
|
|
|
|
|
|
|
Properties
|
|
% of Total
(1)
|
|
Sunoco
|
|
125
|
|
6.1%
|
|
Mister Car
Wash
|
|
87
|
|
4.2%
|
|
Couche-Tard
(Pantry)
|
|
86
|
|
3.7%
|
|
Camping
World
|
|
32
|
|
3.6%
|
|
7-Eleven
|
|
77
|
|
3.6%
|
|
LA Fitness
|
|
25
|
|
3.6%
|
|
SunTrust
|
|
121
|
|
3.3%
|
|
AMC
Theatre
|
|
16
|
|
3.0%
|
|
Chuck E.
Cheese's
|
|
53
|
|
2.8%
|
|
BJ's Wholesale
Club
|
|
7
|
|
2.7%
|
|
Frisch's
Restaurant
|
|
74
|
|
2.5%
|
|
Gander
Mountain
|
|
12
|
|
2.3%
|
|
Bell American (Taco
Bell)
|
|
78
|
|
2.3%
|
|
Best Buy
|
|
19
|
|
2.2%
|
Lease
Expirations(2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% of
Total(1)
|
|
# of
Properties
|
|
Gross
Leasable
Area
(3)
|
|
|
|
% of
Total(1)
|
|
# of
Properties
|
|
Gross Leasable
Area (3)
|
2015
|
|
0.3%
|
|
11
|
|
132,000
|
|
2021
|
|
4.5%
|
|
112
|
|
1,142,000
|
2016
|
|
1.1%
|
|
27
|
|
434,000
|
|
2022
|
|
5.8%
|
|
96
|
|
1,143,000
|
2017
|
|
3.1%
|
|
53
|
|
1,088,000
|
|
2023
|
|
2.5%
|
|
55
|
|
903,000
|
2018
|
|
6.4%
|
|
184
|
|
1,646,000
|
|
2024
|
|
2.7%
|
|
49
|
|
767,000
|
2019
|
|
3.5%
|
|
80
|
|
1,119,000
|
|
2025
|
|
5.4%
|
|
131
|
|
982,000
|
2020
|
|
4.3%
|
|
135
|
|
1,537,000
|
|
Thereafter
|
|
60.4%
|
|
1,270
|
|
13,116,000
|
|
|
(1)
|
Based on the annual
base rent of $475,980,000, which is the annualized base rent for
all leases in place as of September 30, 2015.
|
(2)
|
As of September 30,
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/record-third-quarter-2015-operating-results-and-2016-ffo-guidance-announced-by-national-retail-properties-inc-300170767.html
SOURCE National Retail Properties, Inc.