ORLANDO, Fla., Feb. 13,
2017 /PRNewswire/ -- National Retail Properties, Inc. (NYSE:
NNN), a real estate investment trust, today announced operating
results for the quarter and year ended December 31,
2016. Highlights include:
Operating Results:
- Revenues and net earnings, FFO, Core FFO and AFFO available to
common stockholders and diluted per share amounts:
|
Quarter
Ended
|
|
Year Ended
|
|
December
31,
|
|
December
31,
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
(in thousands, except
per share data)
|
Revenues
|
$
|
141,199
|
|
|
$
|
126,377
|
|
|
$
|
533,647
|
|
|
$
|
482,916
|
|
|
|
|
|
|
|
|
|
Net earnings
available to common stockholders
|
$
|
54,044
|
|
|
$
|
33,612
|
|
|
$
|
200,877
|
|
|
$
|
162,402
|
|
Net earnings per
common share
|
$
|
0.37
|
|
|
$
|
0.24
|
|
|
$
|
1.38
|
|
|
$
|
1.20
|
|
|
|
|
|
|
|
|
|
FFO available to
common stockholders
|
$
|
88,717
|
|
|
$
|
67,319
|
|
|
$
|
330,544
|
|
|
$
|
289,193
|
|
FFO per common
share
|
$
|
0.60
|
|
|
$
|
0.49
|
|
|
$
|
2.28
|
|
|
$
|
2.15
|
|
|
|
|
|
|
|
|
|
Core FFO available to
common stockholders
|
$
|
88,717
|
|
|
$
|
76,661
|
|
|
$
|
340,643
|
|
|
$
|
299,171
|
|
Core FFO per common
share
|
$
|
0.60
|
|
|
$
|
0.56
|
|
|
$
|
2.35
|
|
|
$
|
2.22
|
|
|
|
|
|
|
|
|
|
AFFO available to
common stockholders
|
$
|
90,285
|
|
|
$
|
77,953
|
|
|
$
|
347,933
|
|
|
$
|
304,772
|
|
AFFO per common
share
|
$
|
0.62
|
|
|
$
|
0.57
|
|
|
$
|
2.41
|
|
|
$
|
2.27
|
|
- Portfolio occupancy was 99.0% at December 31, 2016 and
September 30, 2016, as compared to 99.1% at December 31,
2015
2016 Highlights:
- Increased net earnings per common share 15.0%
- Increased annual FFO per common share 6.0%
- Increased annual Core FFO per common share 5.9%
- Increased annual AFFO per common share 6.2%
- Dividend yield of 4.0% at December 31,
2016
- Annual dividend per common share increased to $1.78 marking the 27th consecutive year of annual
dividend increases - making the company one of only four equity
REITs and one of only 94 public companies with 27 or more
consecutive annual dividend increases
- Maintained high occupancy levels at or above 99.0% for the
entire year with a weighted average remaining lease term of 11.6
years
- Invested $846.9 million in 313
properties with an aggregate gross leasable area of approximately
2,734,000 square feet at an initial cash yield of 6.9%
- Sold 38 properties for $103.2
million, producing $27.1
million of gains on sale, net of noncontrolling interests,
at a cap rate of 6.8%
- Raised $950.9 million of new
long-term capital at attractive pricing
- Raised $274.0 million in net
proceeds from the issuance of 5,903,848 common shares
- Raised $342.8 million in net
proceeds from the issuance of 3.60% senior unsecured notes due
2026
- Raised $334.1 million in net
proceeds from the issuance of 5.20% Series F preferred stock
- Entire $650 million availability
on bank credit facility at December 31,
2016
- 99.7% of properties are unencumbered with secured mortgage
debt
- Total shareholder return of 14.5% for 2016 exceeds industry
averages and general equity averages
- Total average annual shareholder return of 14.3% over the past
25 years exceeds industry averages and general equity averages
Selected Highlights for the quarter ended December 31,
2016:
- Investments:
- $250.4 million in property
investments, including the acquisition of 64 properties with an
aggregate gross leasable area of approximately 698,000 square feet
at an initial cash yield of 6.9%
- Dispositions:
- Sold 14 properties with net proceeds of $20.1 million, producing $4.6 million of gains on sales, net of
noncontrolling interests, at a cap rate of 7.2%
- Long-term capital:
- Raised $965,000 in net proceeds
from the issuance of 22,986 common shares
- Raised $342.8 million in net
proceeds from the issuance of 3.60% senior unsecured notes due
2026
- Raised $334.1 million in net
proceeds from the issuance of 5.20% Series F preferred stock
Craig Macnab, Chief Executive
Officer, commented: "We are delighted to report another excellent
year at NNN, with per share FFO results and acquisitions activity
all being records. We were pleased with our capital market activity
in 2016 with well executed debt and preferred offerings which were
attractively priced and improved our long term cost of capital. As
we head into 2017, our balance sheet positions us well for building
shareholder value, growing per share results and continuing our 27
year record of annual increases in our dividend."
National Retail Properties invests primarily in high-quality
retail properties subject generally to long-term, net leases.
As of December 31, 2016, the company owned 2,535 properties in
48 states with a gross leasable area of approximately 27.2 million
square feet and with a weighted average remaining lease term of
11.6 years. For more information on the company, visit
www.nnnreit.com.
Management will hold a conference call on February 13,
2017, 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 and risks
related to the company's status as a REIT. 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, 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.
Core Funds From Operations ("Core FFO") is a non-GAAP measure
of operating performance that adjusts FFO to eliminate the impact
of certain GAAP income and expense amounts that the company
believes are infrequent and unusual in nature and/or not related to
its core real estate operations. Exclusion of these items from
similar FFO-type metrics is common within the REIT industry, and
management believes that presentation of Core FFO provides
investors with a potential metric to assist in their evaluation of
the company's operating performance across multiple periods and in
comparison to the operating performance of its peers because it
removes the effect of unusual items that are not expected to impact
the company's operating performance on an ongoing basis. Core FFO
is used by management in evaluating the performance of the
company's core business operations and is a factor in determining
management compensation. Items included in calculating FFO that may
be excluded in calculating Core FFO may include items like
transaction related gains, income or expense, impairments on land
or commercial mortgage residual interests, preferred stock
redemption costs or other non-core amounts as they occur. The
company's computation of Core FFO may differ from the methodology
for calculating Core 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 Core FFO 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,
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
Income Statement
Summary
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
|
|
Rental and earned
income
|
$
|
135,947
|
|
|
$
|
121,106
|
|
|
$
|
515,954
|
|
|
$
|
465,282
|
|
Real estate expense
reimbursement from tenants
|
4,732
|
|
|
4,561
|
|
|
14,984
|
|
|
14,868
|
|
Interest and other
income from real estate transactions
|
128
|
|
|
264
|
|
|
1,032
|
|
|
988
|
|
Interest income on
commercial mortgage residual interests
|
392
|
|
|
446
|
|
|
1,677
|
|
|
1,778
|
|
|
141,199
|
|
|
126,377
|
|
|
533,647
|
|
|
482,916
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
General and
administrative
|
9,408
|
|
|
9,657
|
|
|
36,508
|
|
|
34,736
|
|
Real
estate
|
6,555
|
|
|
5,575
|
|
|
20,852
|
|
|
19,776
|
|
Depreciation and
amortization
|
38,987
|
|
|
34,848
|
|
|
149,101
|
|
|
134,798
|
|
Impairment –
commercial mortgage residual interests valuation
|
—
|
|
|
51
|
|
|
6,830
|
|
|
531
|
|
Impairment losses –
real estate and other charges, net of recoveries
|
338
|
|
|
708
|
|
|
11,287
|
|
|
4,420
|
|
|
55,288
|
|
|
50,839
|
|
|
224,578
|
|
|
194,261
|
|
|
|
|
|
|
|
|
|
Other expenses
(revenues):
|
|
|
|
|
|
|
|
Interest and other
income
|
(62)
|
|
|
(42)
|
|
|
(170)
|
|
|
(109)
|
|
Interest
expense
|
24,429
|
|
|
24,548
|
|
|
96,352
|
|
|
90,008
|
|
Real estate
acquisition costs
|
42
|
|
|
33
|
|
|
563
|
|
|
927
|
|
|
24,409
|
|
|
24,539
|
|
|
96,745
|
|
|
90,826
|
|
|
|
|
|
|
|
|
|
Income tax
expense
|
—
|
|
|
(9,827)
|
|
|
—
|
|
|
(10,318)
|
|
|
|
|
|
|
|
|
|
Earnings before gain
on disposition of real estate, net of income tax expense
|
61,502
|
|
|
41,172
|
|
|
212,324
|
|
|
187,511
|
|
|
|
|
|
|
|
|
|
Gain on disposition
of real estate, net of income tax expense
|
4,624
|
|
|
1,305
|
|
|
27,182
|
|
|
10,450
|
|
|
|
|
|
|
|
|
|
Earnings including
noncontrolling interests
|
66,126
|
|
|
42,477
|
|
|
239,506
|
|
|
197,961
|
|
|
|
|
|
|
|
|
|
Earnings from
continuing operations attributable to noncontrolling
interests:
|
(34)
|
|
|
(6)
|
|
|
(6)
|
|
|
(125)
|
|
|
|
|
|
|
|
|
|
Net earnings
attributable to NNN
|
66,092
|
|
|
42,471
|
|
|
239,500
|
|
|
197,836
|
|
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)
|
|
Series F preferred
stock dividends
|
(3,189)
|
|
|
—
|
|
|
(3,189)
|
|
|
—
|
|
Net earnings
available to common stockholders
|
$
|
54,044
|
|
|
$
|
33,612
|
|
|
$
|
200,877
|
|
|
$
|
162,402
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
common shares outstanding:
|
|
|
|
|
|
|
|
Basic
|
146,266
|
|
|
137,111
|
|
|
144,176
|
|
|
133,999
|
|
Diluted
|
146,763
|
|
|
137,623
|
|
|
144,661
|
|
|
134,489
|
|
|
|
|
|
|
|
|
|
Net earnings per
share available to common stockholders:
|
|
|
|
|
|
|
|
Basic
|
$
|
0.37
|
|
|
$
|
0.24
|
|
|
$
|
1.39
|
|
|
$
|
1.21
|
|
Diluted
|
$
|
0.37
|
|
|
$
|
0.24
|
|
|
$
|
1.38
|
|
|
$
|
1.20
|
|
National Retail
Properties, Inc.
(in thousands, except
per share data)
(unaudited)
|
|
Quarter
Ended
|
|
Year Ended
|
|
December
31,
|
|
December
31,
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
Funds From
Operations (FFO) Reconciliation:
|
|
|
|
|
|
|
|
Net earnings
available to common stockholders
|
$
|
54,044
|
|
|
$
|
33,612
|
|
|
$
|
200,877
|
|
|
$
|
162,402
|
|
Real estate
depreciation and amortization:
|
38,907
|
|
|
34,754
|
|
|
148,779
|
|
|
134,380
|
|
Gain on disposition
of real estate, net of income tax and noncontrolling
interests
|
(4,579)
|
|
|
(1,305)
|
|
|
(27,137)
|
|
|
(10,397)
|
|
Impairment losses –
depreciable real estate, net of recoveries and income
tax
|
345
|
|
|
258
|
|
|
8,025
|
|
|
2,808
|
|
Total FFO
adjustments
|
34,673
|
|
|
33,707
|
|
|
129,667
|
|
|
126,791
|
|
FFO available to
common stockholders
|
$
|
88,717
|
|
|
$
|
67,319
|
|
|
$
|
330,544
|
|
|
$
|
289,193
|
|
|
|
|
|
|
|
|
|
FFO per common
share:
|
|
|
|
|
|
|
|
Basic
|
$
|
0.61
|
|
|
$
|
0.49
|
|
|
$
|
2.29
|
|
|
$
|
2.16
|
|
Diluted
|
$
|
0.60
|
|
|
$
|
0.49
|
|
|
$
|
2.28
|
|
|
$
|
2.15
|
|
|
|
|
|
|
|
|
|
Core Funds from
Operations Reconciliation:
|
|
|
|
|
|
|
|
Net earnings
available to common stockholders
|
$
|
54,044
|
|
|
$
|
33,612
|
|
|
$
|
200,877
|
|
|
$
|
162,402
|
|
Total FFO
adjustments
|
34,673
|
|
|
33,707
|
|
|
129,667
|
|
|
126,791
|
|
FFO available to
common stockholders
|
88,717
|
|
|
67,319
|
|
|
330,544
|
|
|
289,193
|
|
|
|
|
|
|
|
|
|
Impairment –
commercial mortgage residual interests valuation
|
—
|
|
|
51
|
|
|
6,830
|
|
|
531
|
|
Impairment losses –
non-depreciable real estate and other charges
|
—
|
|
|
—
|
|
|
—
|
|
|
156
|
|
Bad debt expense –
loans
|
—
|
|
|
—
|
|
|
3,269
|
|
|
—
|
|
Income tax
benefit
|
—
|
|
|
(316)
|
|
|
—
|
|
|
(316)
|
|
TRS revocation
election
|
—
|
|
|
9,607
|
|
|
—
|
|
|
9,607
|
|
Total Core FFO
adjustments
|
—
|
|
|
9,342
|
|
|
10,099
|
|
|
9,978
|
|
Core FFO available to
common stockholders
|
$
|
88,717
|
|
|
$
|
76,661
|
|
|
$
|
340,643
|
|
|
$
|
299,171
|
|
|
|
|
|
|
|
|
|
Core FFO per common
share:
|
|
|
|
|
|
|
|
Basic
|
$
|
0.61
|
|
|
$
|
0.56
|
|
|
$
|
2.36
|
|
|
$
|
2.23
|
|
Diluted
|
$
|
0.60
|
|
|
$
|
0.56
|
|
|
$
|
2.35
|
|
|
$
|
2.22
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
Year Ended
|
|
December
31,
|
|
December
31,
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
Adjusted Funds
From Operations (AFFO) Reconciliation:
|
|
|
|
|
|
|
|
Net earnings
available to common stockholders
|
$
|
54,044
|
|
|
$
|
33,612
|
|
|
$
|
200,877
|
|
|
$
|
162,402
|
|
Total FFO
adjustments
|
34,673
|
|
|
33,707
|
|
|
129,667
|
|
|
126,791
|
|
Total Core FFO
adjustments
|
—
|
|
|
9,342
|
|
|
10,099
|
|
|
9,978
|
|
Core FFO available to
common stockholders
|
88,717
|
|
|
76,661
|
|
|
340,643
|
|
|
299,171
|
|
|
|
|
|
|
|
|
|
Straight-line accrued
rent
|
(273)
|
|
|
(529)
|
|
|
(252)
|
|
|
(368)
|
|
Net capital lease
rent adjustment
|
309
|
|
|
331
|
|
|
1,364
|
|
|
1,277
|
|
Below market rent
amortization
|
(662)
|
|
|
(671)
|
|
|
(2,842)
|
|
|
(3,046)
|
|
Stock based
compensation expense
|
2,689
|
|
|
2,461
|
|
|
10,758
|
|
|
9,671
|
|
Capitalized interest
expense
|
(495)
|
|
|
(750)
|
|
|
(1,738)
|
|
|
(2,383)
|
|
Loss on sale of
mortgage receivable
|
—
|
|
|
450
|
|
|
—
|
|
|
450
|
|
Total AFFO
adjustments
|
1,568
|
|
|
1,292
|
|
|
7,290
|
|
|
5,601
|
|
AFFO available to
common stockholders
|
$
|
90,285
|
|
|
$
|
77,953
|
|
|
$
|
347,933
|
|
|
$
|
304,772
|
|
|
|
|
|
|
|
|
|
AFFO per common
share:
|
|
|
|
|
|
|
|
Basic
|
$
|
0.62
|
|
|
$
|
0.57
|
|
|
$
|
2.41
|
|
|
$
|
2.27
|
|
Diluted
|
$
|
0.62
|
|
|
$
|
0.57
|
|
|
$
|
2.41
|
|
|
$
|
2.27
|
|
|
|
|
|
|
|
|
|
Other
Information:
|
|
|
|
|
|
|
|
Percentage
rent
|
$
|
776
|
|
|
$
|
802
|
|
|
$
|
1,735
|
|
|
$
|
1,430
|
|
Amortization of debt
costs
|
$
|
810
|
|
|
$
|
773
|
|
|
$
|
3,086
|
|
|
$
|
2,915
|
|
Scheduled debt
principal amortization (excluding maturities)
|
$
|
129
|
|
|
$
|
378
|
|
|
$
|
656
|
|
|
$
|
1,587
|
|
Non-real estate
depreciation expense
|
$
|
83
|
|
|
$
|
77
|
|
|
$
|
333
|
|
|
$
|
418
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2017 Earnings
Guidance:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Core FFO guidance for
2017 is $2.42 to $2.48 per share. The 2017 AFFO is estimated to be
$2.46 to $2.52 per share. The FFO guidance equates to net earnings
of $1.37 to $1.43 per share, plus $1.05 per share of expected real
estate depreciation and amortization and excludes any gains from
the sale of real estate and any charges for impairments, severance
costs, or preferred stock redemption charges. 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.
|
|
|
2017
Guidance
|
Net earnings
per common share excluding any gains on sale of real estate,
impairment charges, severance charges or charges in connection with
preferred stock redemption
|
$1.37 - $1.43 per
share
|
Real estate
depreciation and amortization per share
|
$1.05 per
share
|
Core FFO per
share
|
$2.42 - $2.48 per
share
|
AFFO per
share
|
$2.46 - $2.52 per
share
|
G&A
expenses (excluding severance charges)
|
$34 - $35
Million
|
Real estate
expenses, net of tenant reimbursements
|
$6.0 - $6.5
Million
|
Acquisition
volume
|
$500 - $600
Million
|
Disposition
volume
|
$80 - $120
Million
|
National Retail
Properties, Inc.
(in
thousands)
(unaudited)
|
|
|
December 31,
2016
|
|
December 31,
2015
|
Balance Sheet
Summary
|
|
|
|
|
|
|
|
|
|
Assets:
|
|
|
|
|
Real
estate:
|
|
|
|
|
Accounted for using
the operating method, net of accumulated depreciation and
amortization
|
|
$
|
5,881,280
|
|
|
$
|
5,231,413
|
|
Accounted for using
the direct financing method
|
|
11,230
|
|
|
14,518
|
|
Real estate held for
sale
|
|
23,850
|
|
|
57,527
|
|
Cash and cash
equivalents
|
|
294,540
|
|
|
13,659
|
|
Restricted cash and
cash held in escrow
|
|
—
|
|
|
601
|
|
Receivables, net of
allowance
|
|
3,418
|
|
|
3,344
|
|
Mortgages, notes and
accrued interest receivable, net of allowance
|
|
1,252
|
|
|
8,688
|
|
Accrued rental income,
net of allowance
|
|
25,101
|
|
|
25,529
|
|
Debt costs, net of
accumulated amortization
|
|
2,715
|
|
|
4,003
|
|
Commercial mortgage
residual interests
|
|
36
|
|
|
11,115
|
|
Other
assets
|
|
90,729
|
|
|
89,647
|
|
Total
assets
|
|
$
|
6,334,151
|
|
|
$
|
5,460,044
|
|
|
|
|
|
|
Liabilities:
|
|
|
|
|
Line of Credit
Payable
|
|
$
|
-
|
|
|
$
|
-
|
|
Mortgages payable,
including unamortized premium and net of unamortized debt
cost
|
|
13,878
|
|
|
23,964
|
|
Notes payable, net of
unamortized discount and unamortized debt costs
|
|
2,297,811
|
|
|
1,951,980
|
|
Accrued interest
payable
|
|
19,665
|
|
|
20,113
|
|
Other
liabilities
|
|
85,869
|
|
|
121,594
|
|
Total
liabilities
|
|
2,417,223
|
|
|
2,117,651
|
|
|
|
|
|
|
Stockholders' equity
of NNN
|
|
3,916,799
|
|
|
3,342,134
|
|
Noncontrolling
interests
|
|
129
|
|
|
259
|
|
Total
equity
|
|
3,916,928
|
|
|
3,342,393
|
|
|
|
|
|
|
Total liabilities and
equity
|
|
$
|
6,334,151
|
|
|
$
|
5,460,044
|
|
|
|
|
|
|
Common shares
outstanding
|
|
147,150
|
|
|
141,008
|
|
|
|
|
|
|
Gross leasable area,
Property Portfolio (square feet)
|
|
27,204
|
|
|
24,964
|
|
|
|
|
|
|
National Retail
Properties, Inc.
Debt
Summary
As of December 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
|
|
|
249,907
|
|
|
6.875%
|
|
6.924%
|
|
October 2017
|
2021
|
|
300,000
|
|
|
297,764
|
|
|
5.500%
|
|
5.689%
|
|
July 2021
|
2022
|
|
325,000
|
|
|
321,917
|
|
|
3.800%
|
|
3.985%
|
|
October
2022
|
2023
|
|
350,000
|
|
|
348,269
|
|
|
3.300%
|
|
3.388%
|
|
April 2023
|
2024
|
|
350,000
|
|
|
349,451
|
|
|
3.900%
|
|
3.924%
|
|
June 2024
|
2025
|
|
400,000
|
|
|
399,131
|
|
|
4.000%
|
|
4.029%
|
|
November
2025
|
2026
|
|
350,000
|
|
|
346,153
|
|
|
3.600%
|
|
3.733%
|
|
December
2026
|
Total
|
|
2,325,000
|
|
|
2,312,592
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total unsecured debt
(1)
|
|
$
|
2,325,000
|
|
|
$
|
2,312,592
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt costs
|
|
(21,157)
|
|
|
|
|
|
|
|
Accumulated
amortization
|
|
6,376
|
|
|
|
|
|
|
|
Debt costs, net of
accumulated amortization
|
|
(14,781)
|
|
|
|
|
|
|
|
Notes payable, net of
unamortized discount and unamortized debt costs
|
|
$
|
2,297,811
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
Unsecured notes payable have a weighted average interest rate of
4.4% and a weighted average maturity of 6.6 years
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgages
Payable
|
|
Principal
Balance
|
|
Interest
Rate
|
|
Maturity
Date
|
Mortgage(1)
|
|
$
|
13,987
|
|
|
5.230%
|
|
July 2023
|
|
Debt costs
|
|
(147)
|
|
|
|
|
|
Accumulated
amortization
|
|
38
|
|
|
|
|
|
Debt costs, net of
accumulated amortization
|
|
(109)
|
|
|
|
|
|
Mortgages payable,
including unamortized premium and net of unamortized debt
costs
|
|
$
|
13,878
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
Includes unamortized premium
|
|
|
|
|
|
|
National Retail
Properties, Inc.
|
Property
Portfolio
|
|
Top 20 Lines of
Trade
|
|
|
|
|
|
As of December
31,
|
|
|
Line of
Trade
|
|
2016(1)
|
|
2015(2)
|
1.
|
|
Convenience
stores
|
|
16.9
|
%
|
|
16.7
|
%
|
2.
|
|
Restaurants - full
service
|
|
11.8
|
%
|
|
11.0
|
%
|
3.
|
|
Restaurants - limited
service
|
|
7.5
|
%
|
|
7.2
|
%
|
4.
|
|
Automotive
service
|
|
6.6
|
%
|
|
7.0
|
%
|
5.
|
|
Family entertainment
centers
|
|
5.8
|
%
|
|
5.6
|
%
|
6.
|
|
Health and
fitness
|
|
5.7
|
%
|
|
3.8
|
%
|
7.
|
|
Theaters
|
|
4.9
|
%
|
|
5.2
|
%
|
8.
|
|
Automotive
parts
|
|
3.9
|
%
|
|
4.2
|
%
|
9.
|
|
Recreational vehicle
dealers, parts and accessories
|
|
3.4
|
%
|
|
3.6
|
%
|
10.
|
|
Banks
|
|
3.1
|
%
|
|
3.4
|
%
|
11.
|
|
Sporting
goods
|
|
2.5
|
%
|
|
3.3
|
%
|
12.
|
|
Medical service
providers
|
|
2.4
|
%
|
|
2.2
|
%
|
13.
|
|
Wholesale
clubs
|
|
2.4
|
%
|
|
2.6
|
%
|
14.
|
|
Drug
stores
|
|
2.1
|
%
|
|
2.3
|
%
|
15.
|
|
Consumer
electronics
|
|
2.0
|
%
|
|
2.2
|
%
|
16.
|
|
Travel
plazas
|
|
1.9
|
%
|
|
2.1
|
%
|
17.
|
|
Furniture
|
|
1.9
|
%
|
|
1.1
|
%
|
18.
|
|
General
merchandise
|
|
1.8
|
%
|
|
1.9
|
%
|
19.
|
|
Home
improvement
|
|
1.8
|
%
|
|
1.8
|
%
|
20.
|
|
Home
furnishings
|
|
1.7
|
%
|
|
1.9
|
%
|
|
|
Other
|
|
9.9
|
%
|
|
10.9
|
%
|
|
|
Total
|
|
100.0
|
%
|
|
100.0
|
%
|
Top 10
States
|
|
|
State
|
|
|
% of
Total(1)
|
|
|
State
|
|
|
% of
Total(1)
|
1.
|
Texas
|
|
|
18.4
|
%
|
|
6.
|
Georgia
|
|
|
4.3
|
%
|
2.
|
Florida
|
|
|
9.1
|
%
|
|
7.
|
Indiana
|
|
|
4.2
|
%
|
3.
|
Illinois
|
|
|
5.7
|
%
|
|
8.
|
Virginia
|
|
|
3.5
|
%
|
4.
|
Ohio
|
|
|
5.7
|
%
|
|
9.
|
Alabama
|
|
|
3.0
|
%
|
5.
|
North
Carolina
|
|
|
4.7
|
%
|
|
10.
|
Tennessee
|
|
|
2.8
|
%
|
|
|
(1)
|
Based on the
annualized base rent for all leases in place as of
December 31, 2016.
|
(2)
|
Based on the
annualized base rent for all leases in place as of
December 31, 2015.
|
National Retail
Properties, Inc. Property Portfolio
|
|
Top Tenants (≥
2.0%)
|
|
|
|
|
Properties
|
|
% of Total
(1)
|
|
Sunoco
|
|
125
|
|
5.4%
|
|
Mister Car
Wash
|
|
90
|
|
4.0%
|
|
LA Fitness
|
|
29
|
|
3.8%
|
|
AMC
Theatres
|
|
20
|
|
3.5%
|
|
Camping
World
|
|
32
|
|
3.4%
|
|
Couche-Tard
(Pantry)
|
|
86
|
|
3.3%
|
|
7-Eleven
|
|
77
|
|
3.3%
|
|
SunTrust
|
|
121
|
|
3.0%
|
|
Bell American (Taco
Bell)
|
|
115
|
|
2.8%
|
|
Chuck E.
Cheese's
|
|
53
|
|
2.5%
|
|
BJ's Wholesale
Club
|
|
8
|
|
2.4%
|
|
Frisch's
Restaurant
|
|
74
|
|
2.2%
|
|
Gander
Mountain
|
|
12
|
|
2.2%
|
|
Bob Evans
|
|
117
|
|
2.0%
|
|
|
|
|
|
|
Lease
Expirations(2)
|
|
|
|
% of
Total(1)
|
|
# of
Properties
|
|
Gross
Leasable
Area (3)
|
|
|
|
% of
Total(1)
|
|
# of
Properties
|
|
Gross
Leasable
Area (3)
|
2017
|
|
1.2%
|
|
27
|
|
502,000
|
|
2023
|
|
2.5%
|
|
85
|
|
1,014,000
|
2018
|
|
3.2%
|
|
90
|
|
1,153,000
|
|
2024
|
|
2.6%
|
|
50
|
|
883,000
|
2019
|
|
3.0%
|
|
76
|
|
1,122,000
|
|
2025
|
|
5.0%
|
|
132
|
|
1,116,000
|
2020
|
|
3.8%
|
|
132
|
|
1,571,000
|
|
2026
|
|
6.0%
|
|
181
|
|
1,830,000
|
2021
|
|
4.4%
|
|
122
|
|
1,320,000
|
|
2027
|
|
9.0%
|
|
190
|
|
2,842,000
|
2022
|
|
6.1%
|
|
111
|
|
1,456,000
|
|
Thereafter
|
|
53.2%
|
|
1,305
|
|
11,891,000
|
|
|
(1)
|
Based on the annual
base rent of $543,446,000, which is the annualized base rent for
all leases in place as of December 31, 2016.
|
(2)
|
As of December 31,
2016, the weighted average remaining lease term is 11.6
years.
|
(3)
|
Square
feet.
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/record-annual-results-announced-by-national-retail-properties-inc-300405749.html
SOURCE National Retail Properties, Inc.