ORLANDO, Fla., May 2, 2016
/PRNewswire/ -- National Retail Properties, Inc. (NYSE: NNN),
a real estate investment trust, today announced its operating
results for the quarter ended March 31, 2016. 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,
|
|
2016
|
|
2015
|
|
(in thousands, except
per share data)
|
|
Revenues
|
$
|
126,980
|
|
|
$
|
116,187
|
|
|
|
|
|
|
Net earnings
available to common stockholders
|
$
|
61,824
|
|
|
$
|
45,119
|
|
|
Net earnings per
common share
|
$
|
0.44
|
|
|
$
|
0.34
|
|
|
|
|
|
|
FFO available to
common stockholders
|
$
|
80,098
|
|
|
$
|
70,843
|
|
|
FFO per common
share
|
$
|
0.57
|
|
|
$
|
0.54
|
|
|
|
|
|
|
Recurring FFO
available to common stockholders
|
$
|
80,318
|
|
|
$
|
70,999
|
|
|
Recurring FFO per
common share
|
$
|
0.57
|
|
|
$
|
0.54
|
|
|
|
|
|
|
AFFO available to
common stockholders
|
$
|
81,749
|
|
|
$
|
72,123
|
|
|
AFFO per common
share
|
$
|
0.58
|
|
|
$
|
0.55
|
|
First Quarter 2016 Highlights:
- FFO per share and Recurring FFO per share increased 5.6% over
prior year results
- AFFO per share increased 5.5% over prior year results
- Portfolio occupancy was 99.1% at March
31, 2016, consistent with December
31, 2015, and 98.8% at March 31,
2015
- Invested $125.2 million in
property investments, including the acquisition of 46 properties
with an aggregate 591,000 square feet of gross leasable area at an
initial cash yield of 7.0%
- Sold 10 properties for $52.8
million producing $16.9
million of gain on sales
- Raised $88.0 million net proceeds
from the issuance of 1,999,410 common shares
National Retail Properties announced an increase in 2016 FFO
guidance from a range of $2.29 to
$2.35 to a range of $2.31 to
$2.36 per share before any impairment expense. The 2016 AFFO
is estimated to be $2.36 to $2.41 per
share.
Craig Macnab, Chief Executive
Officer, commented: "Our activity thus far in 2016, has set us up
well for another solid, consistent year of growth. Our acquisition
activity in the first quarter was encouraging, we harvested large
gains by selling assets and importantly our balance sheet remains
fortress-like as we were active issuing equity at attractive
prices."
National Retail Properties invests primarily in high-quality
retail properties subject generally to long-term, net leases.
As of March 31, 2016, the company owned 2,293 properties in 47
states with a gross leasable area of approximately 25.4 million
square feet and with a weighted average remaining lease term of
11.3 years. For more information on the company, visit
www.nnnreit.com.
Management will hold a conference call on May 2, 2016, at
2:00 p.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 ended
March 31, 2016. 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,
|
|
|
2016
|
|
2015
|
|
Income Statement
Summary
|
|
|
|
|
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
Rental and earned
income
|
|
$
|
122,475
|
|
|
$
|
112,064
|
|
|
Real estate expense
reimbursement from tenants
|
|
3,590
|
|
|
3,515
|
|
|
Interest and other
income from real estate transactions
|
|
463
|
|
|
163
|
|
|
Interest income on
commercial mortgage residual interests
|
|
452
|
|
|
445
|
|
|
|
126,980
|
|
|
116,187
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
General and
administrative
|
|
9,249
|
|
|
8,605
|
|
|
Real
estate
|
|
4,787
|
|
|
4,759
|
|
|
Depreciation and
amortization
|
|
34,655
|
|
|
32,141
|
|
|
Impairment –
commercial mortgage residual interests valuation
|
|
220
|
|
|
—
|
|
|
Impairment losses,
net of recoveries
|
|
572
|
|
|
1,028
|
|
|
|
49,483
|
|
|
46,533
|
|
|
|
|
|
|
|
Other expenses
(revenues):
|
|
|
|
|
|
Interest and other
income
|
|
(19)
|
|
|
(11)
|
|
|
Interest
expense
|
|
23,586
|
|
|
21,786
|
|
|
Real estate
acquisition costs
|
|
129
|
|
|
599
|
|
|
|
23,696
|
|
|
22,374
|
|
|
|
|
|
|
|
Income tax
expense
|
|
—
|
|
|
(442)
|
|
|
|
|
|
|
|
Earnings before gain
on disposition of real estate, net of income tax
expense
|
|
53,801
|
|
|
46,838
|
|
|
|
|
|
|
|
Gain on disposition
of real estate, net of income tax expense
|
|
16,875
|
|
|
7,200
|
|
|
|
|
|
|
|
Earnings including
noncontrolling interests
|
|
70,676
|
|
|
54,038
|
|
|
|
|
|
|
|
Loss (earnings)
attributable to noncontrolling interests
|
|
7
|
|
|
(60)
|
|
|
|
|
|
|
|
Net earnings
attributable to NNN
|
|
70,683
|
|
|
53,978
|
|
|
Series D preferred
stock dividends
|
|
(4,762)
|
|
|
(4,762)
|
|
|
Series E preferred
stock dividends
|
|
(4,097)
|
|
|
(4,097)
|
|
|
Net earnings
available to common stockholders
|
|
$
|
61,824
|
|
|
$
|
45,119
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
National Retail
Properties, Inc.
(in thousands, except
per share data)
(unaudited)
|
|
|
Quarter
Ended
|
|
|
March 31,
|
|
|
2016
|
|
2015
|
|
|
|
|
|
|
Weighted average
common shares outstanding:
|
|
|
|
|
|
Basic
|
|
140,840
|
|
|
131,665
|
|
|
Diluted
|
|
141,326
|
|
|
132,110
|
|
|
|
|
|
|
|
Net earnings per
share available to common stockholders:
|
|
|
|
|
|
Basic
|
|
$
|
0.44
|
|
|
$
|
0.34
|
|
|
Diluted
|
|
$
|
0.44
|
|
|
$
|
0.34
|
|
|
|
|
|
|
|
|
|
|
|
|
National Retail
Properties, Inc.
(in thousands, except
per share data)
(unaudited)
|
|
|
Quarter
Ended
|
|
|
March 31,
|
|
|
2016
|
|
2015
|
|
Funds From
Operations (FFO) Reconciliation:
|
|
|
|
|
|
Net earnings
available to common stockholders
|
|
$
|
61,824
|
|
|
$
|
45,119
|
|
|
Real estate
depreciation and amortization
|
|
34,577
|
|
|
32,028
|
|
|
Gain on disposition
of real estate, net of income tax and noncontrolling
interest
|
|
(16,875)
|
|
|
(7,148)
|
|
|
Impairment losses –
depreciable real estate, net of recoveries and income
tax
|
|
572
|
|
|
844
|
|
|
Total FFO
adjustments
|
|
18,274
|
|
|
25,724
|
|
|
FFO available to
common stockholders
|
|
$
|
80,098
|
|
|
$
|
70,843
|
|
|
|
|
|
|
|
FFO per common
share:
|
|
|
|
|
|
Basic
|
|
$
|
0.57
|
|
|
$
|
0.54
|
|
|
Diluted
|
|
$
|
0.57
|
|
|
$
|
0.54
|
|
|
|
|
|
|
|
Recurring Funds
from Operations Reconciliation:
|
|
|
|
|
|
Net earnings
available to common stockholders
|
|
$
|
61,824
|
|
|
$
|
45,119
|
|
|
Total FFO
adjustments
|
|
18,274
|
|
|
25,724
|
|
|
FFO available to
common stockholders
|
|
80,098
|
|
|
70,843
|
|
|
|
|
|
|
|
Impairment –
commercial mortgage residual interests valuation
|
|
220
|
|
|
—
|
|
|
Impairment losses –
non-depreciable real estate
|
|
—
|
|
|
156
|
|
|
Total Recurring FFO
adjustments
|
|
220
|
|
|
156
|
|
|
Recurring FFO
available to common stockholders
|
|
$
|
80,318
|
|
|
$
|
70,999
|
|
|
|
|
|
|
|
Recurring FFO per
common share:
|
|
|
|
|
|
Basic
|
|
$
|
0.57
|
|
|
$
|
0.54
|
|
|
Diluted
|
|
$
|
0.57
|
|
|
$
|
0.54
|
|
|
|
|
|
|
|
|
|
|
|
|
National Retail
Properties, Inc.
(in thousands, except
per share data)
(unaudited)
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
|
March 31,
|
|
|
2016
|
|
2015
|
|
Adjusted Funds
From Operations (AFFO) Reconciliation:
|
|
|
|
|
|
Net earnings
available to common stockholders
|
|
$
|
61,824
|
|
|
$
|
45,119
|
|
|
Total FFO
adjustments
|
|
18,274
|
|
|
25,724
|
|
|
Total Recurring FFO
adjustments
|
|
220
|
|
|
156
|
|
|
Recurring FFO
available to common stockholders
|
|
80,318
|
|
|
70,999
|
|
|
|
|
|
|
|
Straight line accrued
rent
|
|
(242)
|
|
|
(205)
|
|
|
Net capital lease
rent adjustment
|
|
340
|
|
|
334
|
|
|
Below market rent
amortization
|
|
(859)
|
|
|
(1,024)
|
|
|
Stock based
compensation expense
|
|
2,703
|
|
|
2,409
|
|
|
Capitalized interest
expense
|
|
(511)
|
|
|
(390)
|
|
|
Total AFFO
adjustments
|
|
1,431
|
|
|
1,124
|
|
|
AFFO available to
common stockholders
|
|
$
|
81,749
|
|
|
$
|
72,123
|
|
|
|
|
|
|
|
AFFO per common
share:
|
|
|
|
|
|
Basic
|
|
$
|
0.58
|
|
|
$
|
0.55
|
|
|
Diluted
|
|
$
|
0.58
|
|
|
$
|
0.55
|
|
|
|
|
|
|
|
Other
Information:
|
|
|
|
|
|
Percentage
rent
|
|
$
|
474
|
|
|
$
|
185
|
|
|
Amortization of debt
costs
|
|
$
|
756
|
|
|
$
|
709
|
|
|
Scheduled debt
principal amortization (excluding maturities)
|
|
$
|
260
|
|
|
$
|
409
|
|
|
Non-real estate
depreciation expense
|
|
$
|
81
|
|
|
$
|
118
|
|
|
|
|
|
|
|
2016 Earnings
Guidance:
|
|
|
|
|
FFO guidance for 2016
was increased from a range of $2.29 to $2.35 to a range of $2.31 to
$2.36 per share before any impairment expense. The 2016 AFFO is
estimated to be $2.36 to $2.41 per share. The FFO guidance equates
to net earnings before any impairments or gains or losses from the
sale of real estate of $1.32 to $1.37 per share, plus $0.99 per
share of expected real estate depreciation and amortization. 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.
|
|
|
2016
Guidance
|
|
Net earnings
per common share before any impairments or gains (losses) on
sale of real estate
|
|
$1.32 - $1.37 per
share
|
|
Real estate
depreciation and amortization per share
|
|
$0.99 per
share
|
|
FFO per
share
|
|
$2.31 - $2.36 per
share
|
|
AFFO per
share
|
|
$2.36 - $2.41 per
share
|
|
G&A
expenses
|
|
$35.5
Million
|
|
Real estate
expenses, net of tenant reimbursements
|
|
$5.5
Million
|
|
Acquisition
volume
|
|
$500 - $600
Million
|
|
Disposition
volume
|
|
$85 - $100
Million
|
|
|
|
|
|
|
|
|
|
|
|
National Retail
Properties, Inc.
(in
thousands)
(unaudited)
|
|
|
March 31,
2016
|
|
December 31,
2015
|
|
Balance Sheet
Summary
|
|
|
|
|
|
|
|
|
|
|
Assets:
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
8,203
|
|
|
$
|
13,659
|
|
|
Restricted cash and
cash held in escrow
|
|
43,136
|
|
|
601
|
|
|
Receivables, net of
allowance
|
|
5,236
|
|
|
3,344
|
|
|
Mortgages, notes and
accrued interest receivable, net of
allowance
|
|
8,558
|
|
|
8,688
|
|
|
Real estate
portfolio:
|
|
|
|
|
|
Accounted for using
the operating method, net of accumulated
depreciation and amortization
|
|
5,343,433
|
|
|
5,256,274
|
|
|
Accounted for using
the direct financing method
|
|
14,178
|
|
|
14,518
|
|
|
Real estate held for
sale
|
|
627
|
|
|
32,666
|
|
|
Commercial mortgage
residual interests
|
|
10,801
|
|
|
11,115
|
|
|
Accrued rental income,
net of allowance
|
|
25,575
|
|
|
25,529
|
|
|
Debt costs, net of
accumulated amortization
|
|
3,662
|
|
|
4,003
|
|
|
Other
assets
|
|
89,494
|
|
|
89,647
|
|
|
Total
assets
|
|
$
|
5,552,903
|
|
|
$
|
5,460,044
|
|
|
|
|
|
|
|
Liabilities:
|
|
|
|
|
|
Line of credit
payable
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Mortgages payable, including unamortized premium and net of
unamortized debt costs
|
|
17,066
|
|
|
23,964
|
|
|
Notes
payable, net of unamortized discount and unamortized
debt costs
|
|
1,952,723
|
|
|
1,951,980
|
|
|
Accrued interest
payable
|
|
33,637
|
|
|
20,113
|
|
|
Other
liabilities
|
|
115,315
|
|
|
121,594
|
|
|
Total
liabilities
|
|
2,118,741
|
|
|
2,117,651
|
|
|
|
|
|
|
|
Stockholders' equity
of NNN
|
|
3,433,910
|
|
|
3,342,134
|
|
|
Noncontrolling
interests
|
|
252
|
|
|
259
|
|
|
Total
equity
|
|
3,434,162
|
|
|
3,342,393
|
|
|
|
|
|
|
|
Total liabilities and
equity
|
|
$
|
5,552,903
|
|
|
$
|
5,460,044
|
|
|
|
|
|
|
|
Common shares
outstanding
|
|
143,236
|
|
|
141,008
|
|
|
|
|
|
|
|
Gross leasable area,
Property Portfolio (square feet)
|
|
25,401
|
|
|
24,964
|
|
|
|
|
|
|
|
National Retail
Properties, Inc.
Debt
Summary
As of March 31,
2016
(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
|
|
|
249,823
|
|
|
6.875
|
%
|
|
6.924
|
%
|
|
October 2017
|
|
2021
|
|
300,000
|
|
|
297,447
|
|
|
5.500
|
%
|
|
5.689
|
%
|
|
July 2021
|
|
2022
|
|
325,000
|
|
|
321,566
|
|
|
3.800
|
%
|
|
3.985
|
%
|
|
October
2022
|
|
2023
|
|
350,000
|
|
|
348,085
|
|
|
3.300
|
%
|
|
3.388
|
%
|
|
April 2023
|
|
2024
|
|
350,000
|
|
|
349,405
|
|
|
3.900
|
%
|
|
3.924
|
%
|
|
June 2024
|
|
2025
|
|
400,000
|
|
|
399,071
|
|
|
4.000
|
%
|
|
4.029
|
%
|
|
November
2025
|
|
Total
|
|
1,975,000
|
|
|
1,965,397
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total unsecured debt
(1)
|
|
$
|
1,975,000
|
|
|
$
|
1,965,397
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt costs
|
|
|
|
(17,782)
|
|
|
|
|
|
|
|
|
Accumulated
amortization
|
|
5,108
|
|
|
|
|
|
|
|
|
Debt costs, net of
accumulated amortization
|
|
(12,674)
|
|
|
|
|
|
|
|
|
Notes payable, net of
unamortized discount and
unamortized debt costs
|
|
$
|
1,952,723
|
|
|
|
|
|
|
|
|
|
(1)
Unsecured notes payable have a weighted average interest rate of
4.5% and a weighted maturity of 7 years
|
|
Mortgages
Payable
|
|
Principal
Balance
|
|
Interest
Rate
|
|
Maturity
Date
|
|
Mortgage(1)
|
|
$
|
14,414
|
|
5.230
|
%
|
|
July 2023
|
|
Mortgage(1)
|
|
2,774
|
|
6.400
|
%
|
|
February
2017
|
|
|
$
|
17,188
|
(2)
|
|
|
|
|
|
|
|
|
|
|
|
Debt costs
|
|
(226)
|
|
|
|
|
|
Accumulated
amortization
|
|
104
|
|
|
|
|
|
Debt costs, net of
accumulated amortization
|
|
(122)
|
|
|
|
|
|
Mortgages payable,
including unamortized
premium and net of unamortized debt costs
|
|
$
|
17,066
|
|
|
|
|
|
(1)
Includes unamortized premium
|
|
|
|
|
|
|
|
(2)
Mortgages payable have a weighted average interest rate of 5.4% and
a weighted average maturity of 6 years
|
|
National Retail
Properties, Inc.
|
|
Property
Portfolio
|
|
|
Top 20 Lines of
Trade
|
|
|
|
|
|
As of March
31,
|
|
|
Line of
Trade
|
|
2016(1)
|
|
2015(2)
|
|
1.
|
|
Convenience
stores
|
|
16.5
|
%
|
|
17.7
|
%
|
|
2.
|
|
Restaurants – full
service
|
|
10.8
|
%
|
|
9.0
|
%
|
|
3.
|
|
Restaurants – limited
service
|
|
7.9
|
%
|
|
6.9
|
%
|
|
4.
|
|
Automotive
service
|
|
7.0
|
%
|
|
7.2
|
%
|
|
5.
|
|
Family entertainment
centers
|
|
5.7
|
%
|
|
5.1
|
%
|
|
6.
|
|
Theaters
|
|
5.1
|
%
|
|
5.1
|
%
|
|
7.
|
|
Automotive
parts
|
|
4.1
|
%
|
|
4.6
|
%
|
|
8.
|
|
Health and
fitness
|
|
4.0
|
%
|
|
3.8
|
%
|
|
9.
|
|
Recreational vehicle
dealers, parts and accessories
|
|
3.6
|
%
|
|
3.3
|
%
|
|
10.
|
|
Banks
|
|
3.4
|
%
|
|
3.6
|
%
|
|
11.
|
|
Sporting
goods
|
|
2.9
|
%
|
|
3.7
|
%
|
|
12.
|
|
Wholesale
clubs
|
|
2.3
|
%
|
|
2.8
|
%
|
|
13.
|
|
Drug
stores
|
|
2.3
|
%
|
|
2.4
|
%
|
|
14.
|
|
Medical service
providers
|
|
2.3
|
%
|
|
2.0
|
%
|
|
15.
|
|
Consumer
electronics
|
|
2.2
|
%
|
|
2.4
|
%
|
|
16.
|
|
Travel
plazas
|
|
2.0
|
%
|
|
2.3
|
%
|
|
17.
|
|
General
merchandise
|
|
2.0
|
%
|
|
2.1
|
%
|
|
18.
|
|
Home
improvement
|
|
2.0
|
%
|
|
1.9
|
%
|
|
19.
|
|
Home
furnishings
|
|
1.8
|
%
|
|
1.8
|
%
|
|
20.
|
|
Grocery
|
|
1.7
|
%
|
|
1.6
|
%
|
|
|
Other
|
|
10.4
|
%
|
|
10.7
|
%
|
|
|
Total
|
|
100.0
|
%
|
|
100.0
|
%
|
|
Top 10
States
|
|
|
State
|
|
|
% of
Total(1)
|
|
|
State
|
|
|
% of
Total(1)
|
|
1.
|
Texas
|
|
|
19.6
|
%
|
|
6.
|
Georgia
|
|
|
4.4
|
%
|
|
2.
|
Florida
|
|
|
9.5
|
%
|
|
7.
|
Indiana
|
|
|
4.0
|
%
|
|
3.
|
Illinois
|
|
|
5.3
|
%
|
|
8.
|
Virginia
|
|
|
3.8
|
%
|
|
4.
|
North
Carolina
|
|
|
5.1
|
%
|
|
9.
|
Alabama
|
|
|
3.1
|
%
|
|
5.
|
Ohio
|
|
|
5.1
|
%
|
|
10.
|
Tennessee
|
|
|
3.0
|
%
|
|
|
(1) Based on the
annualized base rent for all leases in place as of March 31,
2016.
|
|
(2) Based on the
annualized base rent for all leases in place as of March 31,
2015.
|
|
National Retail
Properties, Inc.
|
|
Property
Portfolio
|
|
|
Top Tenants (>
2.0%)
|
|
|
|
|
Properties
|
|
% of Total
(1)
|
|
Sunoco
|
|
125
|
|
5.8
|
%
|
|
Mister Car
Wash
|
|
90
|
|
4.3
|
%
|
|
LA Fitness
|
|
25
|
|
3.9
|
%
|
|
Couche-Tard
(Pantry)
|
|
86
|
|
3.6
|
%
|
|
Camping
World
|
|
32
|
|
3.6
|
%
|
|
7-Eleven
|
|
77
|
|
3.5
|
%
|
|
SunTrust
|
|
121
|
|
3.2
|
%
|
|
AMC
Theatre
|
|
17
|
|
3.1
|
%
|
|
Bell American (Taco
Bell)
|
|
115
|
|
3.0
|
%
|
|
Chuck E.
Cheese's
|
|
53
|
|
2.7
|
%
|
|
Frisch's
Restaurant
|
|
74
|
|
2.4
|
%
|
|
Gander
Mountain
|
|
12
|
|
2.3
|
%
|
|
BJ's Wholesale
Club
|
|
7
|
|
2.3
|
%
|
|
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
|
|
0.7
|
%
|
|
19
|
|
256,000
|
|
2022
|
|
5.6
|
%
|
|
95
|
|
1,189,000
|
|
2017
|
|
2.8
|
%
|
|
51
|
|
1,002,000
|
|
2023
|
|
2.4
|
%
|
|
55
|
|
905,000
|
|
2018
|
|
6.1
|
%
|
|
183
|
|
1,645,000
|
|
2024
|
|
2.6
|
%
|
|
49
|
|
770,000
|
|
2019
|
|
3.3
|
%
|
|
79
|
|
1,116,000
|
|
2025
|
|
5.5
|
%
|
|
133
|
|
1,118,000
|
|
2020
|
|
4.2
|
%
|
|
137
|
|
1,553,000
|
|
2026
|
|
6.0
|
%
|
|
167
|
|
1,732,000
|
|
2021
|
|
4.8
|
%
|
|
118
|
|
1,354,000
|
|
Thereafter
|
|
56.0
|
%
|
|
1,180
|
|
12,415,000
|
|
|
(1) Based on the annual
base rent of $496,053,000, which is the annualized base rent for
all leases in place as of
March 31, 2016.
|
|
(2) As of March 31,
2016, the weighted average remaining lease term is 11.3
years.
|
|
(3) Square
feet.
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/first-quarter-operating-results-and-increased-2016-guidance-announced-by-national-retail-properties-inc-300260331.html
SOURCE National Retail Properties, Inc.