ORLANDO, Fla., Feb. 11,
2016 /PRNewswire/ -- National Retail Properties, Inc. (NYSE:
NNN), a real estate investment trust, today announced operating
results for the quarter and year ended December 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
|
|
Year Ended
|
|
December
31,
|
|
December
31,
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
(in thousands, except
per share data)
|
|
Revenues
|
$
|
126,377
|
|
|
$
|
115,315
|
|
|
$
|
482,914
|
|
|
$
|
434,847
|
|
|
|
|
|
|
|
|
|
|
Net earnings
available to common stockholders
|
$
|
33,612
|
|
|
$
|
44,898
|
|
|
$
|
162,402
|
|
|
$
|
155,167
|
|
|
Net earnings per
common share
|
$
|
0.24
|
|
|
$
|
0.35
|
|
|
$
|
1.20
|
|
|
$
|
1.24
|
|
|
|
|
|
|
|
|
|
|
FFO available to
common stockholders
|
$
|
67,319
|
|
|
$
|
72,202
|
|
|
$
|
289,193
|
|
|
$
|
260,902
|
|
|
FFO per common
share
|
$
|
0.49
|
|
|
$
|
0.56
|
|
|
$
|
2.15
|
|
|
$
|
2.09
|
|
|
|
|
|
|
|
|
|
|
Recurring FFO
available to common stockholders
|
$
|
76,661
|
|
|
$
|
70,410
|
|
|
$
|
299,171
|
|
|
$
|
259,366
|
|
|
Recurring FFO per
common share
|
$
|
0.56
|
|
|
$
|
0.55
|
|
|
$
|
2.22
|
|
|
$
|
2.08
|
|
|
|
|
|
|
|
|
|
|
AFFO available to
common stockholders
|
$
|
77,953
|
|
|
$
|
71,895
|
|
|
$
|
304,772
|
|
|
$
|
263,968
|
|
|
AFFO per common
share
|
$
|
0.57
|
|
|
$
|
0.56
|
|
|
$
|
2.27
|
|
|
$
|
2.12
|
|
- Portfolio occupancy was 99.1% at December 31, 2015 and September 30, 2015, as compared to 98.6% at
December 31, 2014
2015 Highlights:
- Increased annual Recurring FFO per common share 6.7%
- Increased annual AFFO per common share 7.1%
- Dividend yield of 4.3% at December 31,
2015
- Dividends per common share increased to $1.71 marking the 26th consecutive year of annual
dividend increases - making the company one of only four equity
REITs and one of only 99 public companies with 26 or more
consecutive annual dividend increases
- Maintained high occupancy levels above 98.5% for the
entire year with a weighted average remaining lease term of 11.4
years
- Invested $726.3 million in 221
properties with an aggregate gross leasable area of approximately
2,706,000 square feet at an initial cash yield of 7.2%
- Sold 19 properties for $39.1
million, producing $10.4
million of gains on sale, net of income tax and
noncontrolling interest at a cap rate of 5.9%
- Raised $723.6 million of new
long-term capital at attractive pricing
- Raised $328.2 million in net
proceeds from the issuance of 8,770,117 common shares
- Raised $395.4 million in net
proceeds from the issuance of 4.00% senior unsecured notes due
2025
- Paid off $150 million principal
amount of 6.15% senior unsecured notes due 2015
- Full $650 million availability on
bank credit facility at December 31,
2015
- 99.2% of properties are unencumbered with secured mortgage
debt
- Total shareholder return of 6.4% for 2015 exceeds peers,
industry averages and general equity averages
- Total average annual shareholder return of 14.8% over the past
25 years exceeds peers, industry averages and general equity
averages
Selected Highlights for the quarter ended December 31,
2015:
- Investments:
- $159.5 million in property
investments, including the acquisition of 31 properties with an
aggregate gross leasable area of approximately 524,000 square feet
at an initial cash yield of 7.3%
- Dispositions:
- Five properties sold with net proceeds of $5.5 million, producing $1.3 million of gains on sales, net of income tax
at a cap rate of 8.4%
- Long-term capital:
- Raised $202.6 million in net
proceeds from the issuance of 5,517,001 common shares
- Raised $395.4 million in net
proceeds from the issuance of 4.00% senior unsecured notes due
2025
- Revoked taxable REIT subsidiary status for certain
subsidiaries, which resulted in a one-time non-cash charge of
$9.6 million, with projected
future annual income tax expense savings
FFO guidance for 2016 was increased from a range of $2.28 to $2.34 to a range of $2.29 to $2.35 per share before any impairment
expense. The 2016 AFFO is estimated to be $2.34 to $2.40 per share. The FFO guidance
equates to net earnings before any gains or losses from the sale of
real estate of $1.31 to $1.37 per
share, plus $0.98 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: "2015 was another terrific year for National
Retail Properties. For the past four years, we have grown recurring
FFO per share by 9.0% per annum. Over the same timeframe, we have
simultaneously strengthened our balance sheet and decreased our use
of debt. With our fortress-like balance sheet and our
differentiated ability to source retail properties that meet our
underwriting and yield standards, I am optimistic that 2016 will be
another stellar year for NNN."
National Retail Properties invests primarily in high-quality
retail properties subject generally to long-term, net leases.
As of December 31, 2015, the company owned 2,257 properties in
47 states with a gross leasable area of approximately 25.0 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 February 11,
2016, 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 (the "Commission") 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
Commission. 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-K with the Commission for the quarter
and year ended December 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
|
|
Year Ended
|
|
|
December
31,
|
|
December
31,
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
Income Statement
Summary
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
Rental and earned
income
|
|
$
|
121,106
|
|
|
$
|
110,248
|
|
|
$
|
465,282
|
|
|
$
|
416,842
|
|
|
Real estate expense
reimbursement from tenants
|
|
4,561
|
|
|
4,093
|
|
|
14,868
|
|
|
13,875
|
|
|
Interest and other
income from real estate transactions
|
|
264
|
|
|
510
|
|
|
986
|
|
|
2,296
|
|
|
Interest income on
commercial mortgage residual interests
|
|
446
|
|
|
464
|
|
|
1,778
|
|
|
1,834
|
|
|
|
126,377
|
|
|
115,315
|
|
|
482,914
|
|
|
434,847
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
General and
administrative
|
|
9,657
|
|
|
7,712
|
|
|
34,736
|
|
|
32,518
|
|
|
Real
estate
|
|
5,575
|
|
|
5,236
|
|
|
19,774
|
|
|
18,905
|
|
|
Depreciation and
amortization
|
|
34,848
|
|
|
30,376
|
|
|
134,798
|
|
|
116,162
|
|
|
Impairment –
commercial mortgage residual interests
valuation
|
|
51
|
|
|
—
|
|
|
531
|
|
|
256
|
|
|
Impairment losses and
other charges, net of recoveries
|
|
708
|
|
|
198
|
|
|
4,420
|
|
|
760
|
|
|
|
50,839
|
|
|
43,522
|
|
|
194,259
|
|
|
168,601
|
|
|
|
|
|
|
|
|
|
|
|
Other expenses
(revenues):
|
|
|
|
|
|
|
|
|
|
Interest and other
income
|
|
(42)
|
|
|
(113)
|
|
|
(109)
|
|
|
(357)
|
|
|
Interest
expense
|
|
24,548
|
|
|
21,830
|
|
|
90,008
|
|
|
85,510
|
|
|
Real estate
acquisition costs
|
|
33
|
|
|
202
|
|
|
927
|
|
|
1,391
|
|
|
|
24,539
|
|
|
21,919
|
|
|
90,826
|
|
|
86,544
|
|
|
|
|
|
|
|
|
|
|
|
Income tax benefit
(expense)
|
|
(9,827)
|
|
|
797
|
|
|
(10,318)
|
|
|
75
|
|
|
|
|
|
|
|
|
|
|
|
Earnings from
continuing operations
|
|
41,172
|
|
|
50,671
|
|
|
187,511
|
|
|
179,777
|
|
|
|
|
|
|
|
|
|
|
|
Earnings from
discontinued operations, net of income tax
expense
|
|
—
|
|
|
—
|
|
|
—
|
|
|
124
|
|
|
|
|
|
|
|
|
|
|
|
Earnings before gain
on disposition of real estate, net of
income tax expense
|
|
41,172
|
|
|
50,671
|
|
|
187,511
|
|
|
179,901
|
|
|
|
|
|
|
|
|
|
|
|
Gain on disposition
of real estate, net of income tax expense
|
|
1,305
|
|
|
3,103
|
|
|
10,450
|
|
|
11,269
|
|
|
|
|
|
|
|
|
|
|
|
Earnings including
noncontrolling interests
|
|
42,477
|
|
|
53,774
|
|
|
197,961
|
|
|
191,170
|
|
|
|
|
|
|
|
|
|
|
|
Earnings from
continuing operations attributable to
noncontrolling interests:
|
|
(6)
|
|
|
(17)
|
|
|
(125)
|
|
|
(569)
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings
attributable to NNN
|
|
42,471
|
|
|
53,757
|
|
|
197,836
|
|
|
190,601
|
|
|
Series D preferred
stock dividends
|
|
(4,762)
|
|
|
(4,762)
|
|
|
(19,047)
|
|
|
(19,047)
|
|
|
Series E preferred
stock dividends
|
|
(4,097)
|
|
|
(4,097)
|
|
|
(16,387)
|
|
|
(16,387)
|
|
|
Net earnings
available to common stockholders
|
|
$
|
33,612
|
|
|
$
|
44,898
|
|
|
$
|
162,402
|
|
|
$
|
155,167
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
National Retail
Properties, Inc.
(in thousands, except
per share data)
(unaudited)
|
|
|
|
Quarter
Ended
|
|
Year Ended
|
|
|
December
31,
|
|
December
31,
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
Weighted average
common shares outstanding:
|
|
|
|
|
|
|
|
|
|
Basic
|
|
137,111
|
|
|
128,332
|
|
|
133,999
|
|
|
124,258
|
|
|
Diluted
|
|
137,623
|
|
|
128,813
|
|
|
134,489
|
|
|
124,710
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings per
share available to common stockholders:
|
|
|
|
|
|
|
|
|
|
Basic:
|
|
|
|
|
|
|
|
|
|
Continuing
operations
|
|
$
|
0.24
|
|
|
$
|
0.35
|
|
|
$
|
1.21
|
|
|
$
|
1.24
|
|
|
Net
earnings
|
|
$
|
0.24
|
|
|
$
|
0.35
|
|
|
$
|
1.21
|
|
|
$
|
1.24
|
|
|
|
|
|
|
|
|
|
|
|
Diluted:
|
|
|
|
|
|
|
|
|
|
Continuing
operations
|
|
$
|
0.24
|
|
|
$
|
0.35
|
|
|
$
|
1.20
|
|
|
$
|
1.24
|
|
|
Net
earnings
|
|
$
|
0.24
|
|
|
$
|
0.35
|
|
|
$
|
1.20
|
|
|
$
|
1.24
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
National Retail
Properties, Inc.
(in thousands, except
per share data)
(unaudited)
|
|
|
|
|
Quarter
Ended
|
|
Year Ended
|
|
|
December
31,
|
|
December
31,
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
Funds From
Operations (FFO) Reconciliation:
|
|
|
|
|
|
|
|
|
|
Net earnings
available to common stockholders
|
|
$
|
33,612
|
|
|
$
|
44,898
|
|
|
$
|
162,402
|
|
|
$
|
155,167
|
|
|
Real estate
depreciation and amortization:
|
|
|
|
|
|
|
|
|
|
Continuing
operations
|
|
34,754
|
|
|
30,284
|
|
|
134,380
|
|
|
115,888
|
|
|
Discontinued
operations
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
Gain on disposition
of real estate, net of income tax and
noncontrolling interest
|
|
(1,305)
|
|
|
(3,103)
|
|
|
(10,397)
|
|
|
(10,904)
|
|
|
Impairment losses –
depreciable real estate, net of recoveries
and income tax
|
|
258
|
|
|
123
|
|
|
2,808
|
|
|
748
|
|
|
Total FFO
adjustments
|
|
33,707
|
|
|
27,304
|
|
|
126,791
|
|
|
105,735
|
|
|
FFO available to
common stockholders
|
|
$
|
67,319
|
|
|
$
|
72,202
|
|
|
$
|
289,193
|
|
|
$
|
260,902
|
|
|
|
|
|
|
|
|
|
|
|
FFO per common
share:
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.49
|
|
|
$
|
0.56
|
|
|
$
|
2.16
|
|
|
$
|
2.10
|
|
|
Diluted
|
|
$
|
0.49
|
|
|
$
|
0.56
|
|
|
$
|
2.15
|
|
|
$
|
2.09
|
|
|
|
|
|
|
|
|
|
|
|
Recurring Funds
from Operations Reconciliation:
|
|
|
|
|
|
|
|
|
|
Net earnings
available to common stockholders
|
|
$
|
33,612
|
|
|
$
|
44,898
|
|
|
$
|
162,402
|
|
|
$
|
155,167
|
|
|
Total FFO
adjustments
|
|
33,707
|
|
|
27,304
|
|
|
126,791
|
|
|
105,735
|
|
|
FFO available to
common stockholders
|
|
67,319
|
|
|
72,202
|
|
|
289,193
|
|
|
260,902
|
|
|
|
|
|
|
|
|
|
|
|
Impairment –
commercial mortgage residual interests
valuation
|
|
51
|
|
|
—
|
|
|
531
|
|
|
256
|
|
|
Impairment losses –
non-depreciable real estate
|
|
—
|
|
|
—
|
|
|
156
|
|
|
—
|
|
|
Income tax
benefit
|
|
(316)
|
|
|
(1,792)
|
|
|
(316)
|
|
|
(1,792)
|
|
|
Taxable
REIT subsidiary revocation election
|
|
9,607
|
|
|
—
|
|
|
9,607
|
|
|
—
|
|
|
Total Recurring FFO
adjustments
|
|
9,342
|
|
|
(1,792)
|
|
|
9,978
|
|
|
(1,536)
|
|
|
Recurring FFO
available to common stockholders
|
|
$
|
76,661
|
|
|
$
|
70,410
|
|
|
$
|
299,171
|
|
|
$
|
259,366
|
|
|
|
|
|
|
|
|
|
|
|
Recurring FFO per
common share:
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.56
|
|
|
$
|
0.55
|
|
|
$
|
2.23
|
|
|
$
|
2.09
|
|
|
Diluted
|
|
$
|
0.56
|
|
|
$
|
0.55
|
|
|
$
|
2.22
|
|
|
$
|
2.08
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
National Retail
Properties, Inc.
(in thousands, except
per share data)
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
Year Ended
|
|
|
December
31,
|
|
December
31,
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
Adjusted Funds
From Operations (AFFO) Reconciliation:
|
|
|
|
|
|
|
|
|
|
Net earnings
available to common stockholders
|
|
$
|
33,612
|
|
|
$
|
44,898
|
|
|
$
|
162,402
|
|
|
$
|
155,167
|
|
|
Total FFO
adjustments
|
|
33,707
|
|
|
27,304
|
|
|
126,791
|
|
|
105,735
|
|
|
Total Recurring FFO
adjustments
|
|
9,342
|
|
|
(1,792)
|
|
|
9,978
|
|
|
(1,536)
|
|
|
Recurring FFO
available to common stockholders
|
|
76,661
|
|
|
70,410
|
|
|
299,171
|
|
|
259,366
|
|
|
|
|
|
|
|
|
|
|
|
Straight-line accrued
rent
|
|
(529)
|
|
|
(318)
|
|
|
(368)
|
|
|
(1,731)
|
|
|
Net capital lease
rent adjustment
|
|
331
|
|
|
356
|
|
|
1,277
|
|
|
1,369
|
|
|
Below market rent
amortization
|
|
(671)
|
|
|
(692)
|
|
|
(3,046)
|
|
|
(2,631)
|
|
|
Stock based
compensation expense
|
|
2,461
|
|
|
2,450
|
|
|
9,671
|
|
|
9,224
|
|
|
Capitalized interest
expense
|
|
(750)
|
|
|
(311)
|
|
|
(2,383)
|
|
|
(1,629)
|
|
|
Loss on sale of
mortgage receivable
|
|
450
|
|
|
—
|
|
|
450
|
|
|
—
|
|
|
Total AFFO
adjustments
|
|
1,292
|
|
|
1,485
|
|
|
5,601
|
|
|
4,602
|
|
|
AFFO available to
common stockholders
|
|
$
|
77,953
|
|
|
$
|
71,895
|
|
|
$
|
304,772
|
|
|
$
|
263,968
|
|
|
|
|
|
|
|
|
|
|
|
AFFO per common
share:
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.57
|
|
|
$
|
0.56
|
|
|
$
|
2.27
|
|
|
$
|
2.12
|
|
|
Diluted
|
|
$
|
0.57
|
|
|
$
|
0.56
|
|
|
$
|
2.27
|
|
|
$
|
2.12
|
|
|
|
|
|
|
|
|
|
|
|
Other
Information:
|
|
|
|
|
|
|
|
|
|
Percentage
rent
|
|
$
|
802
|
|
|
$
|
585
|
|
|
$
|
1,430
|
|
|
$
|
1,074
|
|
|
Amortization of debt
costs
|
|
$
|
773
|
|
|
$
|
716
|
|
|
$
|
2,915
|
|
|
$
|
2,782
|
|
|
Scheduled debt
principal amortization (excluding maturities)
|
|
$
|
378
|
|
|
$
|
326
|
|
|
$
|
1,587
|
|
|
$
|
1,151
|
|
|
Non-real estate
depreciation expense
|
|
$
|
77
|
|
|
$
|
98
|
|
|
$
|
418
|
|
|
$
|
297
|
|
|
National Retail
Properties, Inc.
(in
thousands)
(unaudited)
|
|
|
|
|
|
|
|
|
December 31,
2015
|
|
December 31,
2014
|
|
Balance Sheet
Summary
|
|
|
|
|
|
|
|
|
|
|
Assets:
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
14,260
|
|
|
$
|
10,604
|
|
|
Receivables, net of
allowance
|
|
3,344
|
|
|
3,013
|
|
|
Mortgages, notes and
accrued interest receivable, net of
allowance
|
|
8,688
|
|
|
11,075
|
|
|
Real
estate:
|
|
|
|
|
|
Accounted for using
the operating method, net of
accumulated depreciation and
amortization
|
|
5,256,274
|
|
|
4,685,001
|
|
|
Accounted for using
the direct financing method
|
|
14,518
|
|
|
16,974
|
|
|
Real estate held for
sale
|
|
32,666
|
|
|
38,074
|
|
|
Commercial mortgage
residual interests
|
|
11,115
|
|
|
11,626
|
|
|
Accrued rental income,
net of allowance
|
|
25,529
|
|
|
25,659
|
|
|
Debt costs, net of
accumulated amortization
|
|
4,003
|
|
|
5,290
|
|
|
Other
assets
|
|
89,647
|
|
|
108,235
|
|
|
Total
assets
|
|
$
|
5,460,044
|
|
|
$
|
4,915,551
|
|
|
|
|
|
|
|
Liabilities:
|
|
|
|
|
|
Mortgages payable,
including unamortized premium and net
of unamortized debt
cost
|
|
23,964
|
|
|
26,182
|
|
|
Notes payable, net of
unamortized discount and unamortized
debt costs
|
|
1,951,980
|
|
|
1,703,709
|
|
|
Accrued interest
payable
|
|
20,113
|
|
|
17,396
|
|
|
Other
liabilities
|
|
121,594
|
|
|
85,172
|
|
|
Total
liabilities
|
|
2,117,651
|
|
|
1,832,459
|
|
|
|
|
|
|
|
Stockholders' equity
of NNN
|
|
3,342,134
|
|
|
3,082,515
|
|
|
Noncontrolling
interests
|
|
259
|
|
|
577
|
|
|
Total
equity
|
|
3,342,393
|
|
|
3,083,092
|
|
|
|
|
|
|
|
Total liabilities and
equity
|
|
$
|
5,460,044
|
|
|
$
|
4,915,551
|
|
|
|
|
|
|
|
Common shares
outstanding
|
|
141,008
|
|
|
132,010
|
|
|
|
|
|
|
|
Gross leasable area,
Property Portfolio (square feet)
|
|
24,964
|
|
|
22,479
|
|
|
|
|
|
|
|
National Retail
Properties, Inc
Debt
Summary
As of December 31,
2015
(in
thousands)
(unaudited)
|
|
|
|
Unsecured
Debt
|
|
Principal
|
|
Principal,
Net of
Unamortized
Discount
|
|
Stated
Rate
|
|
Effective
Rate
|
|
Maturity
Date
|
|
Line of credit
payable
|
|
$
|
—
|
|
|
$
|
—
|
|
|
L + 92.5
bps
|
|
—
|
|
January
2019
|
|
|
|
|
|
|
|
|
|
|
|
|
Unsecured notes
payable:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2017
|
|
250,000
|
|
|
249,796
|
|
|
6.875%
|
|
6.924%
|
|
October 2017
|
|
2021
|
|
300,000
|
|
|
297,344
|
|
|
5.500%
|
|
5.689%
|
|
July 2021
|
|
2022
|
|
325,000
|
|
|
321,452
|
|
|
3.800%
|
|
3.985%
|
|
October
2022
|
|
2023
|
|
350,000
|
|
|
348,025
|
|
|
3.300%
|
|
3.388%
|
|
April 2023
|
|
2024
|
|
350,000
|
|
|
349,389
|
|
|
3.900%
|
|
3.924%
|
|
June 2024
|
|
2025
|
|
400,000
|
|
|
399,052
|
|
|
4.000%
|
|
4.029%
|
|
November
2025
|
|
Total
|
|
1,975,000
|
|
|
1,965,058
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total unsecured debt
(1)
|
|
$
|
1,975,000
|
|
|
$
|
1,965,058
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt costs
|
|
(19,100)
|
|
|
|
|
|
|
|
|
Accumulated
amortization
|
|
6,022
|
|
|
|
|
|
|
|
|
Debt costs, net of
accumulated amortization
|
|
(13,078)
|
|
|
|
|
|
|
|
|
Notes payable, net of
unamortized discount and
unamortized debt costs
|
|
$
|
1,951,980
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
Unsecured notes payable have a weighted average interest rate of
4.5% and a weighted average maturity of 7 years
|
|
Mortgages
Payable
|
|
Principal
Balance
|
|
Interest
Rate
|
|
Maturity
Date
|
|
Mortgage(1)
|
|
$
|
14,555
|
|
|
5.230%
|
|
July 2023
|
|
Mortgage(1)
|
|
5,890
|
|
|
5.750%
|
|
April 2016
|
|
Mortgage(1)
|
|
2,804
|
|
|
6.400%
|
|
February
2017
|
|
Mortgage
|
|
848
|
|
|
6.900%
|
|
January 2017
|
|
|
24,097
|
|
(2)
|
|
|
|
|
|
Debt costs
|
|
(226)
|
|
|
|
|
|
|
Accumulated
amortization
|
|
93
|
|
|
|
|
|
|
Debt costs, net of
accumulated amortization
|
|
(133)
|
|
|
|
|
|
|
Mortgages payable,
including unamortized
premium and net of unamortized debt costs
|
|
$
|
23,964
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
Includes unamortized premium
|
|
|
|
|
|
|
|
(2)
Mortgages payable have a weighted average interest rate of 5.4% and
a weighted average maturity of 5 years
|
|
|
National Retail
Properties, Inc.
|
|
|
Property
Portfolio
|
|
|
|
|
|
|
|
|
|
|
|
Top 20 Lines of
Trade
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December
31,
|
|
|
Line of
Trade
|
|
2015(1)
|
|
2014(2)
|
|
1.
|
|
Convenience
stores
|
|
16.7%
|
|
18.0%
|
|
2.
|
|
Restaurants - full
service
|
|
11.0%
|
|
9.1%
|
|
3.
|
|
Restaurants - limited
service
|
|
7.2%
|
|
6.5%
|
|
4.
|
|
Automotive
service
|
|
7.0%
|
|
7.2%
|
|
5.
|
|
Family entertainment
centers
|
|
5.6%
|
|
5.1%
|
|
6.
|
|
Theaters
|
|
5.2%
|
|
5.2%
|
|
7.
|
|
Automotive
parts
|
|
4.2%
|
|
4.7%
|
|
8.
|
|
Health and
fitness
|
|
3.8%
|
|
3.9%
|
|
9.
|
|
Recreational vehicle
dealers, parts and accessories
|
|
3.6%
|
|
3.1%
|
|
10.
|
|
Banks
|
|
3.4%
|
|
3.7%
|
|
11.
|
|
Sporting
goods
|
|
3.3%
|
|
3.5%
|
|
12.
|
|
Wholesale
clubs
|
|
2.6%
|
|
2.9%
|
|
13.
|
|
Drug
stores
|
|
2.3%
|
|
2.5%
|
|
14.
|
|
Consumer
electronics
|
|
2.2%
|
|
2.4%
|
|
15.
|
|
Medical service
providers
|
|
2.2%
|
|
2.0%
|
|
16.
|
|
Travel
plazas
|
|
2.1%
|
|
2.3%
|
|
17.
|
|
General
merchandise
|
|
1.9%
|
|
1.6%
|
|
18.
|
|
Home
furnishings
|
|
1.9%
|
|
1.9%
|
|
19.
|
|
Home
improvement
|
|
1.8%
|
|
2.1%
|
|
20.
|
|
Grocery
|
|
1.7%
|
|
1.6%
|
|
|
Other
|
|
10.3%
|
|
10.7%
|
|
|
Total
|
|
100.0%
|
|
100.0%
|
|
Top 10
States
|
|
|
State
|
|
|
% of
Total(1)
|
|
|
State
|
|
|
% of
Total(1)
|
|
1.
|
Texas
|
|
|
19.7%
|
|
6.
|
Georgia
|
|
|
4.5%
|
|
2.
|
Florida
|
|
|
9.3%
|
|
7.
|
Virginia
|
|
|
3.8%
|
|
3.
|
Ohio
|
|
|
5.2%
|
|
8.
|
Indiana
|
|
|
3.8%
|
|
4.
|
North
Carolina
|
|
|
5.2%
|
|
9.
|
Alabama
|
|
|
3.2%
|
|
5.
|
Illinois
|
|
|
4.9%
|
|
10.
|
Tennessee
|
|
|
3.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
Based on the annualized base rent for all leases in place as of
December 31, 2015.
|
|
(2)
Based on the annualized base rent for all leases in place as of
December 31, 2014.
|
|
|
National Retail
Properties, Inc.
|
|
|
Property
Portfolio
|
|
|
|
Top Tenants
(>2.0%)
|
|
|
|
|
|
|
|
Properties
|
|
% of Total
(1)
|
|
Sunoco
|
|
125
|
|
5.9%
|
|
Mister Car
Wash
|
|
90
|
|
4.4%
|
|
LA Fitness
|
|
25
|
|
3.7%
|
|
Couche-Tard
(Pantry)
|
|
86
|
|
3.6%
|
|
Camping
World
|
|
32
|
|
3.6%
|
|
7-Eleven
|
|
77
|
|
3.5%
|
|
SunTrust
|
|
121
|
|
3.3%
|
|
AMC
Theatre
|
|
16
|
|
3.0%
|
|
Chuck E.
Cheese's
|
|
53
|
|
2.7%
|
|
BJ's Wholesale
Club
|
|
7
|
|
2.6%
|
|
Frisch's
Restaurant
|
|
74
|
|
2.4%
|
|
Gander
Mountain
|
|
12
|
|
2.4%
|
|
Bell American (Taco
Bell)
|
|
78
|
|
2.2%
|
|
Best Buy
|
|
19
|
|
2.1%
|
|
|
|
|
|
|
|
Lease
Expirations(2)
|
|
|
|
|
% of
Total(1)
|
|
# of
Properties
|
|
Gross
Leasable
Area (3)
|
|
|
|
% of
Total(1)
|
|
# of
Properties
|
|
Gross
Leasable
Area (3)
|
|
2016
|
|
1.0%
|
|
27
|
|
363,000
|
|
2022
|
|
5.6%
|
|
96
|
|
1,143,000
|
|
|
2017
|
|
3.0%
|
|
52
|
|
1,084,000
|
|
2023
|
|
2.5%
|
|
55
|
|
903,000
|
|
|
2018
|
|
6.3%
|
|
183
|
|
1,645,000
|
|
2024
|
|
2.6%
|
|
49
|
|
767,000
|
|
|
2019
|
|
3.4%
|
|
80
|
|
1,109,000
|
|
2025
|
|
5.3%
|
|
132
|
|
996,000
|
|
|
2020
|
|
4.3%
|
|
137
|
|
1,550,000
|
|
2026
|
|
5.8%
|
|
162
|
|
1,624,000
|
|
|
2021
|
|
4.7%
|
|
116
|
|
1,271,000
|
|
Thereafter
|
|
55.5%
|
|
1,140
|
|
12,089,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Based on the annual base
rent of $487,410,000, which is the annualized base rent for all
leases in place as of
December 31, 2015.
|
|
(2) As of December 31, 2015,
the weighted average remaining lease term is 11.4 years.
|
|
(3) Square feet.
|
|
|
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/record-annual-results-and-increased-2016-guidance-announced-by-national-retail-properties-inc-300218526.html
SOURCE National Retail Properties, Inc.