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Section 1: 8-K (8-K)

8-K

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): September 18, 2018

 

 

NATIONAL RETAIL PROPERTIES, INC.

(Exact name of registrant as specified in its charter)

 

 

 

Maryland   001-11290   56-1431377

(State or other jurisdiction

of incorporation)

 

(Commission

File Number)

 

(IRS Employer

Identification No.)

 

450 South Orange Avenue

Suite 900

Orlando, Florida

  32801
(Address of principal executive offices)   (Zip Code)

Registrant’s telephone number, including area code (407) 265-7348

Not applicable

(Former name or former address, if changed since last report.)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company  ☐

If an emerging growth company, indicate by checkmark if the registrant has elected not use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

 

 

 


Item 8.01.

Other Events

The exhibit listed in the following index relates to the Registration Statement on Form S-3 (No. 333-223141) of the registrant and is filed herewith for incorporation by reference into such Registration Statement.

 

Item 9.01.

Financial Statements and Exhibits

 

  (d)

Exhibits.

 

12.1    Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends


SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

NATIONAL RETAIL PROPERTIES, INC.
By:  

/s/ Kevin B. Habicht

Name:   Kevin B. Habicht
Title:   Executive Vice President and
  Chief Financial Officer

Dated: September 18, 2018

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Section 2: EX-12.1 (EX-12.1)

EX-12.1

Exhibit 12.1

NATIONAL RETAIL PROPERTIES, INC. AND SUBSIDIARIES

EXHIBIT 12

COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

(dollars in thousands)

 

     June 2018 (A)      2017 (A)      2016      2015      2014      2013  

Pretax income from continuing operations before income from equity investees

   $ 173,873      $ 265,371      $ 239,506      $ 208,386      $ 191,289      $ 155,631  

Add:

                 

Fixed charges (excluding capitalized interest)

     53,714        108,930        96,168        89,973        85,514        85,912  

Distributed income from equity investees

     —          —          —          —          —          —    
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Pretax earnings from operations, as adjusted

   $ 227,587      $ 374,301      $ 335,674      $ 298,359      $ 276,803      $ 241,543  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Fixed Charges:

                 

Interest on indebtedness

   $ 50,006      $ 101,811      $ 89,057      $ 84,080      $ 80,370      $ 79,175  

Capitalized interest

     1,904        2,435        1,738        2,383        1,628        1,369  

Amortization of net discount relating to indebtedness

     879        1,702        1,246        1,100        1,238        3,188  

Amortization of interest rate hedges

     1,056        1,932        2,802        1,902        1,129        438  

Amortization of deferred charges

     1,773        3,485        3,063        2,891        2,777        3,111  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Fixed charges

   $ 55,618      $ 111,365      $ 97,906      $ 92,356      $ 87,142      $ 87,281  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Ratio of net earnings to fixed charges

     4.09        3.36        3.43        3.23        3.18        2.77  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Fixed charges

   $ 55,618      $ 111,365      $ 97,906      $ 92,356      $ 87,142      $ 87,281  

Preferred stock dividends

     17,164        37,925        38,623        35,434        35,434        27,923  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Combined fixed charges and preferred stock dividends

   $ 72,782      $ 149,290      $ 136,529      $ 127,790      $ 122,576      $ 115,204  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Ratio of earnings to combined fixed charges and preferred stock dividends

     3.13        2.51        2.46        2.33        2.26        2.10  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

(A) 

For the six months ended June 30, 2018 and the year ended December 31, 2017, excluding the effect of $521 and $7,845, respectively, in retirement severance costs, ratio of earnings to fixed charges would have been 4.10x and 3.43x, respectively and the ratio of earnings to combined fixed charges and preferred stock dividends would have been 3.13x and 2.56x, respectively. Retirement severance costs relate primarily to Craig Macnab's retirement as Chief Executive Officer on April 28, 2017.

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