ORLANDO, Fla., Sept. 29, 2016 /PRNewswire/ -- National
Retail Properties, Inc. (NYSE: NNN) (the "Company") today announced
that Craig Macnab, Chief Executive
Officer and Chairman of the Board, will retire as CEO and step down
as Chairman and a member of the Board of Directors effective
April 28, 2017. Julian E. ("Jay")
Whitehurst, currently President and Chief Operating Officer, will
assume the role of President and CEO as of April 28, 2017.
Mr. Macnab has been the Company's Chief Executive Officer since
February 2004, and the Chairman of
its Board of Directors since February
2008.
Mr. Macnab commented: "National Retail Properties has a
compelling business model, a great retail real estate portfolio
that is conservatively financed, a wonderful culture and an
exceptional team. Jay is the right person to succeed me and I
look forward to watching Jay and his colleagues take NNN to the
next level."
As a part of the Board's succession planning activities and upon
Mr. Macnab's recommendation, the Company's Board of Directors has
unanimously appointed Mr. Whitehurst
President and CEO effective April 28,
2017. Mr. Whitehurst joined the Company in
February 2003, was appointed Chief
Operating Officer in June 2004 and
has served as President since May
2006.
Mr. Whitehurst commented, "I want to thank Craig and our Board
of Directors for the opportunity to serve as the next CEO of
National Retail Properties upon Craig's retirement. We will
certainly miss Craig when he steps down next spring, but our
experienced management team and talented associates will continue
his mission to deliver outstanding results and create shareholder
value."
The Board has appointed Robert
Legler, the Board's lead independent Director, as Chairman
of the Board effective upon Mr. Macnab's retirement. Said Mr.
Legler, "On behalf of National Retail Properties' entire Board of
Directors, I would like to recognize Craig's exceptional
leadership. He has been seen as a leader among his peers in the
REIT industry for many years, and the Company's operating
performance has benefited from his guidance and execution. During
Craig's tenure, total assets have grown from $1.2 billion to more than $6 billion and most importantly the Company has
produced average annual total shareholder returns over 14%.
Strong leaders require strong successors, and consummating our
thorough executive succession plan, the Board is pleased to appoint
Jay Whitehurst to the role of
President and CEO. Jay's experience and talents equip him
well for the opportunities ahead, and we are confident that he will
build upon the solid foundation that Craig has established."
National Retail Properties invests primarily in high-quality
retail properties subject generally to long-term, net leases.
As of June 30, 2016, the company
owned 2,452 properties in 48 states with a gross leasable area of
approximately 26.3 million square feet with a weighted average
remaining lease term of 11.4 years.
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.
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SOURCE National Retail Properties, Inc.