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Section 1: 10-Q (10-Q)

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.
For the quarterly period ended June 30, 2020
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.
For the transition period from                      to                     
Commission file number 001-11290
NATIONAL RETAIL PROPERTIES, INC.
(Exact name of registrant as specified in its charter) 
Maryland56-1431377
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer Identification No.)
450 South Orange Avenue, Suite 900
Orlando, Florida 32801
(Address of principal executive offices, including zip code)
Registrant’s telephone number, including area code: (407265-7348
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of exchange on which registered
Common Stock, $0.01 par valueNNNNew York Stock Exchange
Depositary Shares, each representing one-hundredth of a share of 5.200% Series F Preferred Stock, $0.01 par valueNNN/PFNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer  Non-accelerated filerSmaller reporting company 
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to 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.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).   Yes    No  
Indicate the number of shares outstanding of each of the issuer's classes of common stock as of the latest practicable date.
173,540,072 shares of common stock, $0.01 par value, outstanding as of July 30, 2020.



TABLE OF CONTENTS
 
  PAGE
REFERENCE
Part I - Financial Information
Item 1.
Item 2.
Item 3.
Item 4.
Part II - Other Information
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.



PART I. FINANCIAL INFORMATION

Item 1.  Financial Statements

NATIONAL RETAIL PROPERTIES, INC.
and SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(dollars in thousands, except per share data)
June 30, 2020December 31, 2019
ASSETS(unaudited)
Real estate portfolio:
Accounted for using the operating method, net of accumulated depreciation and amortization$7,221,418  $7,289,048  
Accounted for using the direct financing method4,121  4,204  
Real estate held for sale3,615  7,987  
Cash and cash equivalents224,560  1,112  
Receivables, net of allowance of $3,085 and $506, respectively
18,645  2,874  
Accrued rental income, net of allowance of $7,481 and $1,842, respectively
59,459  28,897  
Debt costs, net of accumulated amortization of $16,356 and $15,574, respectively
2,809  2,783  
Other assets98,301  97,962  
Total assets$7,632,928  $7,434,867  
LIABILITIES AND EQUITY
Liabilities:
Line of credit payable$  $133,600  
Mortgages payable, including unamortized premium and net of unamortized debt costs11,731  12,059  
Notes payable, net of unamortized discount and unamortized debt costs3,207,545  2,842,698  
Accrued interest payable21,652  18,250  
Other liabilities81,200  96,578  
Total liabilities3,322,128  3,103,185  
Equity:
Stockholders’ equity:
Preferred stock, $0.01 par value. Authorized 15,000,000 shares
5.200% Series F, 138,000 shares issued and outstanding, at stated liquidation value of $2,500 per share
345,000  345,000  
Common stock, $0.01 par value. Authorized 375,000,000 shares; 173,407,606 and 171,694,209 shares issued and outstanding, respectively
1,735  1,718  
Capital in excess of par value4,554,958  4,495,314  
Accumulated deficit(573,174) (499,229) 
Accumulated other comprehensive income (loss)(17,724) (11,128) 
Total stockholders’ equity of NNN4,310,795  4,331,675  
Noncontrolling interests5  7  
Total equity4,310,800  4,331,682  
Total liabilities and equity$7,632,928  $7,434,867  
See accompanying notes to condensed consolidated financial statements.
3


NATIONAL RETAIL PROPERTIES, INC.
and SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
(dollars in thousands, except per share data)
(Unaudited)
 Quarter Ended June 30,Six Months Ended June 30,
  2020201920202019
Revenues:
Rental income$163,479  $164,596  $338,026  $327,622  
Interest and other income from real estate transactions222  196  738  882  
163,701  164,792  338,764  328,504  
Operating expenses:
General and administrative9,395  9,276  19,495  18,798  
Real estate6,323  6,600  13,959  13,692  
Depreciation and amortization48,936  46,241  98,124  92,421  
Leasing transaction costs  75  36  127  
Impairment losses – real estate, net of recoveries
21,854  7,187  27,367  10,432  
86,508  69,379  158,981  135,470  
Gain on disposition of real estate719  13,002  13,489  23,447  
Earnings from operations77,912  108,415  193,272  216,481  
Other expenses (revenues):
Interest and other income(106) (487) (271) (2,411) 
Interest expense31,753  29,811  65,423  59,768  
Loss on early extinguishment of debt    16,679    
31,647  29,324  81,831  57,357  
Net earnings46,265  79,091  111,441  159,124  
(Loss) earnings attributable to noncontrolling interests  (413) 2  (423) 
Net earnings attributable to NNN46,265  78,678  111,443  158,701  
Series E preferred stock dividends  (4,096)   (8,194) 
Series F preferred stock dividends(4,485) (4,485) (8,970) (8,970) 
Net earnings attributable to common stockholders$41,780  $70,097  $102,473  $141,537  
Net earnings per share of common stock:
Basic$0.24  $0.43  $0.60  $0.87  
Diluted$0.24  $0.43  $0.60  $0.87  
Weighted average number of common shares outstanding:
Basic171,388,869  161,893,442  171,213,943  161,501,555  
Diluted171,485,285  162,351,901  171,373,816  161,995,334  
Other comprehensive income:
Net earnings attributable to NNN$46,265  $78,678  $111,443  $158,701  
Amortization of interest rate hedges638  325  1,021  648  
Fair value of forward starting swaps  (3,920) (7,617) (3,920) 
Valuation adjustments – available-for-sale securities      116  
Realized gain – available-for-sale securities      (1,331) 
Comprehensive income attributable to NNN$46,903  $75,083  $104,847  $154,214  

See accompanying notes to condensed consolidated financial statements.

4


NATIONAL RETAIL PROPERTIES, INC.
and SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
Quarter Ended June 30, 2020

Series F
Preferred
Stock
Common
Stock
Capital in
  Excess of  
Par Value
Retained
Earnings (Deficit)
Accumulated
Other
Comprehensive
Income (Loss)
Total
 Stockholders’
Equity
  Noncontrolling
Interests
Total
Equity
Balances at March 31, 2020$345,000  $1,721  $4,499,255  $(526,684) $(18,362) $4,300,930  $5  $4,300,935  
Net earnings
—  —  —  46,265  —  46,265  —  46,265  
Dividends declared and paid:
$0.325000 per depositary share of Series F preferred stock
—  —  —  (4,485) —  (4,485) —  (4,485) 
$0.515 per share of common stock
—  —  531  (88,270) —  (87,739) —  (87,739) 
Issuance of common stock:
10,647 shares – director compensation
—  —  298  —  —  298  —  298  
2,829 shares – stock purchase plan
—  —  94  —  —  94  —  94  
1,417,977 shares – ATM equity program
—  14  52,749  —  —  52,763  —  52,763  
Stock issuance costs
—  —  (746) —  —  (746) —  (746) 
Amortization of deferred compensation
—  —  2,777  —  —  2,777  —  2,777  
Amortization of interest rate hedges
—  —  —  —  638  638  —  638  
Balances at June 30, 2020$345,000  $1,735  $4,554,958  $(573,174) $(17,724) $4,310,795  $5  $4,310,800  

See accompanying notes to condensed consolidated financial statements.

5


NATIONAL RETAIL PROPERTIES, INC.
and SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
Quarter Ended June 30, 2019

Series E
Preferred
Stock
Series F
Preferred
Stock
Common
Stock
Capital in
  Excess of  
Par Value
Retained
Earnings (Deficit)
Accumulated
Other
Comprehensive
Income (Loss)
Total
 Stockholders’
Equity
  Noncontrolling
Interests
Total
Equity
Balances at March 31, 2019$287,500  $345,000  $1,620  $3,957,835  $(432,845) $(6,588) $4,152,522  $365  $4,152,887  
Net earnings
—  —  —  —  78,678  —  78,678  413  79,091  
Dividends declared and paid:
$0.356250 per depositary share of Series E preferred stock
—  —  —  —  (4,096) —  (4,096) —  (4,096) 
$0.325000 per depositary share of Series F preferred stock
—  —  —  —  (4,485) —  (4,485) —  (4,485) 
$0.500 per share of common stock
—  —  1  1,790  (81,074) —  (79,283) —  (79,283) 
Issuance of common stock:
6,962 shares – director compensation
—  —  —  321  —  —  321  —  321  
1,832 shares – stock purchase plan
—  —  —  97  —  —  97  —  97  
1,495,548 shares – ATM equity program
—  —  15  80,797  —  —  80,812  —  80,812  
Stock issuance costs
—  —  —  (724) —  —  (724) —  (724) 
Amortization of deferred compensation
—  —  —  2,202  —  —  2,202  —  2,202  
Amortization of interest rate hedges
—  —  —  —  —  325  325  —  325  
Fair value of forward starting swaps
—  —  —  —  —  (3,920) (3,920) —  (3,920) 
Distributions to noncontrolling interests—  —  —  —  —  —  —  (776) (776) 
Balances at June 30, 2019$287,500  $345,000  $1,636  $4,042,318  $(443,822) $(10,183) $4,222,449  $2  $4,222,451  

See accompanying notes to condensed consolidated financial statements.













6


NATIONAL RETAIL PROPERTIES, INC.
and SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
Six Months Ended June 30, 2020

Series F
Preferred
Stock
Common
Stock
Capital in
  Excess of  
Par Value
Retained
Earnings (Deficit)
Accumulated
Other
Comprehensive
Income (Loss)
Total
 Stockholders’
Equity
Noncontrolling
Interests
Total
Equity
Balances at December 31, 2019$345,000  $1,718  $4,495,314  $(499,229) $(11,128) $4,331,675  $7  $4,331,682  
Net earnings
—  —  —  111,443  —  111,443  (2) 111,441  
Dividends declared and paid:
$0.650000 per depositary share of Series F preferred stock
—  —  —  (8,970) —  (8,970) —  (8,970) 
$1.030 per share of common stock
—  —  1,151  (176,418) —  (175,267) —  (175,267) 
Issuance of common stock:
16,759 shares – director compensation
—  —  596  —  —  596  —  596  
4,306 shares – stock purchase plan
—  —  170  —  —  170  —  170  
1,417,977 shares – ATM equity program
—  14  52,749  —  —  52,763  —  52,763  
253,406 restricted shares – net of forfeitures
—  3  (3) —  —  —  —  —  
Stock issuance costs
—  —  (746) —  —  (746) —  (746) 
Amortization of deferred compensation
—  —  5,727  —  —  5,727  —  5,727  
Amortization of interest rate hedges
—  —  —  —  1,021  1,021  —  1,021  
Fair value of forward starting swaps
—  —  —  —  (7,617) (7,617) —  (7,617) 
Balances at June 30, 2020$345,000  $1,735  $4,554,958  $(573,174) $(17,724) $4,310,795  $5  $4,310,800  

See accompanying notes to condensed consolidated financial statements.
















7


NATIONAL RETAIL PROPERTIES, INC.
and SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
Six Months Ended June 30, 2019

Series E
Preferred
Stock
Series F
Preferred
Stock
Common
Stock
Capital in
  Excess of  
Par Value
Retained
Earnings (Deficit)
Accumulated
Other
Comprehensive
Income (Loss)
Total
 Stockholders’
Equity
  Noncontrolling
Interests
Total
Equity
Balances at December 31, 2018$287,500  $345,000  $1,616  $3,950,055  $(424,225) $(5,696) $4,154,250  $355  $4,154,605  
Net earnings
—  —  —  —  158,701  —  158,701  423  159,124  
Dividends declared and paid:
$0.712500 per depositary share of Series E preferred stock
—  —  —  —  (8,194) —  (8,194) —  (8,194) 
$0.650000 per depositary share of Series F preferred stock
—  —  —  —  (8,970) —  (8,970) —  (8,970) 
$1.000 per share of common stock
—  —  2  6,949  (161,639) —  (154,688) —  (154,688) 
Issuance of common stock:
14,969 shares – director compensation
—  —  —  643  —  —  643  —  643  
4,156 shares – stock purchase plan
—  —  —  216  —  —  216  —  216  
1,495,548 shares – ATM equity program
—  —  15  80,797  —  —  80,812  —  80,812  
259,650 restricted shares – net of forfeitures
—  —  3  (3) —  —  —  —    
Stock issuance costs
—  —  —  (766) —  —  (766) —  (766) 
Amortization of deferred compensation
—  —  —  4,427  —  —  4,427  —  4,427  
Amortization of interest rate hedges
—  —  —