Toggle SGML Header (+)


Section 1: 8-K (8-K)

nnn-20200803
0000751364false00007513642020-08-032020-08-030000751364us-gaap:CommonStockMember2020-08-032020-08-030000751364us-gaap:SeriesFPreferredStockMember2020-08-032020-08-03

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: August 3, 2020
 
NATIONAL RETAIL PROPERTIES, INC.
(exact name of registrant as specified in its charter)
 
Maryland 001-11290 56-1431377
(State or other jurisdiction of
incorporation or organization)
 (Commission
File Number)
 (I.R.S. Employment
Identification No.)
450 South Orange Avenue, Suite 900, Orlando, Florida 32801
(Address of principal executive offices, including zip code)
(407) 265-7348
(Registrant’s telephone number, including area code)
 
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
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))
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 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 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.



Item 2.02.Results of Operations and Financial Condition.
On August 3, 2020, National Retail Properties, Inc. issued a press release announcing its results of operations and financial condition for the quarter and six months ended June 30, 2020. The press release is attached hereto as Exhibit 99.1. The press release is available on the Company's website.
The information in this Form 8-K is being furnished and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of such section, nor shall such information be deemed to be incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
 
Item 9.01.Financial Statements and Exhibits.
(d)Exhibits.
99.1    
104.1  Cover Page Interactive Data File (the Cover Page Interactive Data File is embedded within the Inline XBRL document)



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.
Dated: August 3, 2020 By: /s/ Kevin B. Habicht
  Kevin B. Habicht
  Executive Vice President and Chief Financial Officer





EXHIBIT INDEX
 
Exhibit No.  Description
99.1  
104.1Cover Page Interactive Data File (the Cover Page Interactive Data File is embedded within the Inline XBRL document)


(Back To Top)

Section 2: EX-99.1 (EX-99.1)

Document



404834980_nnnlogo20200630a011.jpg 

NEWS RELEASE
For information contact:
Kevin B. Habicht
Chief Financial Officer
(407) 265-7348 FOR IMMEDIATE RELEASE
        August 3, 2020

SECOND QUARTER 2020 OPERATING RESULTS
ANNOUNCED BY NATIONAL RETAIL PROPERTIES, INC.

Orlando, Florida, August 3, 2020 – National Retail Properties, Inc. (NYSE: NNN), a real estate investment trust, today announced its operating results for the quarter and six months ended June 30, 2020. Highlights include:

Operating Results:
Revenues and net earnings, FFO, Core FFO and AFFO available to common stockholders and diluted per share amounts:
Quarter EndedSix Months Ended
June 30,June 30,
2020201920202019
(in thousands, except per share data)
Revenues$163,701  $164,792  $338,764  $328,504  
Net earnings available to common stockholders$41,780  $70,097  $102,473  $141,537  
Net earnings per common share$0.24  $0.43  $0.60  $0.87  
FFO available to common stockholders$111,738  $110,859  $214,247  $221,203  
FFO per common share$0.65  $0.68  $1.25  $1.37  
Core FFO available to common stockholders$111,738  $110,859  $230,926  $219,872  
Core FFO per common share$0.65  $0.68  $1.35  $1.36  
AFFO available to common stockholders$83,240  
(1)
$112,619  $204,990  
(1)
$223,249  
AFFO per common share$0.49  
(1)
$0.69  $1.20  
(1)
$1.38  
(1) Excludes $30,223 of straight-line accrued rent, net of reserves, resulting from the COVID-19 rent deferral lease amendments. Including the straight-line rent would result in AFFO per common share of $0.66 and $1.37 for the quarter and six months ended June 30, 2020, respectively.

Second Quarter 2020 Highlights:
Portfolio occupancy was 98.7% at June 30, 2020 as compared to 98.8% at March 31, 2020 and 99.0% at December 31, 2019
Invested $6.9 million in property investments, and completed construction on 8 properties with an aggregate 67,000 square feet of gross leasable area
Sold 8 properties for $3.8 million producing $0.7 million of gains on sales
Raised $52.6 million net proceeds from the issuance of 1,438,695 common shares
Ended the quarter with $224.6 million of cash and no amounts drawn on $900 million bank credit facility




First Half of 2020 Highlights:
Invested $74.1 million in property investments, including the acquisition of 21 properties with an aggregate 284,000 square feet of gross leasable area at an initial cash yield of 6.9%
Sold 22 properties for $40.1 million producing $13.5 million of gains on sales
Raised $53.3 million net proceeds from the issuance of 1,451,223 common shares
Issued $400 million principal amount of 2.50% senior unsecured notes due 2030 generating net proceeds of $395.1 million
Issued $300 million principal amount of 3.10% senior unsecured notes due 2050 generating net proceeds of $290.5 million
Paid off $325 million principal amount of 3.800% senior unsecured notes due 2022

NNN is actively working with its tenants that have been impacted by the COVID-19 pandemic. As of July 30, 2020, NNN had collected approximately 69% of rent due for the quarter ended June 30, 2020, and approximately 84% of rent originally due in July 2020.
During the second quarter, NNN entered into rent deferral lease amendments with certain tenants representing approximately 21% of rent due for the quarter ended June 30, 2020. On average, 2.4 months of rent was deferred with approximately 86% of deferred rent originally due in the second quarter of 2020 and 14% originally due in the third quarter of 2020. Approximately 66% of this deferred rent is due to be paid to NNN by June 30, 2021 and 94% is due by December 31, 2021.
Jay Whitehurst, Chief Executive Officer, commented: “National Retail Properties’ second quarter results reflect the basic strength and resiliency of our long-term strategy and business model. We ended the quarter with a balance sheet that is one of the strongest in our industry and recently announced an increase in our common stock dividend, thus making 2020 the 31st consecutive year of annual dividend increases for National Retail Properties.”
National Retail Properties invests primarily in high-quality retail properties subject generally to long-term, net leases. As of June 30, 2020, the company owned 3,117 properties in 48 states with a gross leasable area of approximately 32.5 million square feet and with a weighted average remaining lease term of 10.9 years. For more information on the company, visit www.nnnreit.com.

Management will hold a conference call on August 3, 2020, 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, the potential impacts of the COVID-19 pandemic on the company’s business operations, financial results and financial position and on the world economy, 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 (i) Annual Report on Form 10-K for the year ended December 31, 2019 and (ii) Quarterly Report on Form 10-Q for the quarter and six months ended June 30, 2020. 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.

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
2


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.







3


National Retail Properties, Inc.
(in thousands, except per share data)
(unaudited)
Quarter EndedSix Months Ended
June 30,June 30,
2020201920202019
Income Statement Summary
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 expense(1)
31,753  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)  (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 available to common stockholders$41,780  $70,097  $102,473  $141,537  
Weighted average common shares outstanding:
Basic171,389  161,893  171,214  161,502  
Diluted171,485  162,352  171,374  161,995  
Net earnings per share available to common stockholders:
Basic$0.24  $0.43  $0.60  $0.87  
Diluted$0.24  $0.43  $0.60  $0.87  
(1) Includes $2,291 in connection with the early redemption of 3.80% senior unsecured notes due 2022 for the six months ended June 30, 2020.


4



National Retail Properties, Inc.
(in thousands, except per share data)
(unaudited)
Quarter EndedSix Months Ended
June 30,June 30,
2020201920202019
Funds From Operations (FFO) Reconciliation:
Net earnings available to common stockholders$41,780  $70,097  $102,473  $141,537  
Real estate depreciation and amortization48,823  46,165  97,896  92,269  
Gain on disposition of real estate, net of noncontrolling interests
(719) (12,590) (13,489) (23,035) 
Impairment losses – depreciable real estate, net of recoveries
21,854  7,187  27,367  10,432  
Total FFO adjustments69,958  40,762  111,774  79,666  
FFO available to common stockholders$111,738  $110,859  $214,247  $221,203  
FFO per common share:
Basic$0.65  $0.68  $1.25  $1.37  
Diluted$0.65  $0.68  $1.25  $1.37  
Core Funds From Operations (Core FFO) Reconciliation:
Net earnings available to common stockholders$41,780  $70,097  $102,473  $141,537  
Total FFO adjustments69,958  40,762  111,774  79,666  
FFO available to common stockholders111,738  110,859  214,247  221,203  
Loss on early extinguishment of debt (early redemption of notes payable due 2022)—  —  16,679  —  
Gain on sale of equity investments—  —  —  (1,331) 
Total Core FFO adjustments—  —  16,679  (1,331) 
Core FFO available to common stockholders$111,738  $110,859  $230,926  $219,872  
Core FFO per common share:
Basic$0.65  $0.68  $1.35  $1.36  
Diluted$0.65  $0.68  $1.35  $1.36  
5


National Retail Properties, Inc.
(in thousands, except per share data)
(unaudited)
Quarter EndedSix Months Ended
June 30,June 30,
2020201920202019
Adjusted Funds From Operations (AFFO) Reconciliation:
Net earnings available to common stockholders$41,780  $70,097  $102,473  $141,537  
Total FFO adjustments69,958  40,762  111,774  79,666  
Total Core FFO adjustments—  —  16,679  (1,331) 
Core FFO available to common stockholders111,738  110,859  230,926  219,872  
Straight-line accrued rent, net of reserves(30,984) (413) (31,045) (1,160) 
Net capital lease rent adjustment22  167  83  338  
Below-market rent amortization(190) (173) (410) (401) 
Stock based compensation expense3,074  2,524  6,322  5,071  
Capitalized interest expense(420) (345) (886) (471) 
Total AFFO adjustments(28,498) 1,760  (25,936) 3,377  
AFFO available to common stockholders$83,240  
(1)
$112,619  $204,990  
(1)
$223,249  
AFFO per common share:
Basic$0.49  
(1)
$0.70  $1.20  
(1)
$1.38  
Diluted$0.49  
(1)
$0.69  $1.20  
(1)
$1.38  
Other Information:
Rental income from operating leases(2)
$159,300  $160,234  $328,033  $318,632  
Earned income from direct financing leases(2)
$162  $208  $326  $420  
Percentage rent(2)
$165  $300  $568  $722  
Real estate expense reimbursement from tenants(2)
$3,852  $3,854  $9,099  $7,848  
Real estate expenses(6,323) (6,600) (13,959) (13,692) 
Real estate expenses, net of tenant reimbursements$(2,471) $(2,746) $(4,860) $(5,844) 
Amortization of debt costs(3)
$1,026  $931  $2,842  $1,851  
Scheduled debt principal amortization (excluding maturities)
$147  $139  $294  $281  
Non-real estate depreciation expense$115  $78  $233  $158  
(1)Excludes $30,223 of straight-line accrued rent, net of reserves, resulting from the COVID-19 rent deferral lease amendments. Including the straight-line rent would result in AFFO per common share of $0.66 and $1.37 for the quarter and six months ended June 30, 2020, respectively.
(2)The condensed consolidated financial statements for the quarter and six months ended June 30, 2020 and 2019 are presented under the new accounting standard, ASU 2016-02, "Leases (Topic 842)."  For the quarter and six months ended June 30, 2020, the aggregate of such amounts is $163,479 and $338,026, respectively, and is classified as rental income on the income statement summary. For the quarter and six months ended June 30, 2019, the aggregate of such amounts is $164,596 and $327,622, respectively.
(3)Includes $851 in connection with the redemption of the 3.80% senior unsecured notes due 2022 for the six months ended June 30, 2020.

6


National Retail Properties, Inc.
(in thousands)
(unaudited)
June 30, 2020December 31, 2019
Balance Sheet Summary
Assets:
Real estate:
Accounted for using the operating method, net of accumulated depreciation and amortization
$7,221,418  $7,289,048  
Accounted for using the direct financing method
4,121  4,204  
Real estate held for sale3,615  7,987  
Cash and cash equivalents
224,560  1,112  
Receivables, net of allowance of $3,085 and $506, respectively18,645  2,874  
Accrued rental income, net of allowance of $7,481 and $1,842, respectively59,459  28,897  
Debt costs, net of accumulated amortization2,809  2,783  
Other assets98,301  97,962  
Total assets
$7,632,928  $7,434,867  
Liabilities:
Line of credit payable
$—  $133,600  
 Mortgages payable, including unamortized premium and net of unamortized debt cost
11,731  12,059  
 Notes payable, net of unamortized discount and unamortized debt costs
3,207,545  2,842,698  
Accrued interest payable21,652  18,250  
Other liabilities81,200  96,578  
Total liabilities
3,322,128  3,103,185  
Stockholders' equity of NNN
4,310,795  4,331,675  
Noncontrolling interests
  
Total equity
4,310,800  4,331,682  
Total liabilities and equity
$7,632,928  $7,434,867  
Common shares outstanding173,408  171,694  
Gross leasable area, Property Portfolio (square feet)32,454  32,460  

7


National Retail Properties, Inc.
Debt Summary
As of June 30, 2020
(in thousands)
(unaudited)
Unsecured DebtPrincipalPrincipal, Net of Unamortized DiscountStated RateEffective RateMaturity Date
Line of credit payable$—  $—  L + 87.5 bps2.546 %   January 2022
Unsecured notes payable:
2023350,000  349,187  3.300 %3.388 %   April 2023
2024350,000  349,689  3.900 %3.924 %   June 2024
2025400,000  399,438  4.000 %4.029 %   November 2025
2026350,000  347,349  3.600 %3.733 %   December 2026
2027400,000  398,767  3.500 %3.548 %   October 2027
2028400,000  397,565  4.300 %4.388 %   October 2028
2030400,000  398,747  2.500 %2.536 %April 2030
2048300,000  295,876  4.800 %4.890 %   October 2048
2050300,000  293,971  3.100 %3.205 %April 2050
Total3,250,000  3,230,589  
Total unsecured debt(1)
$3,250,000  $3,230,589  
Debt costs(31,140) 
Accumulated amortization8,096  
Debt costs, net of accumulated amortization(23,044)
Notes payable, net of unamortized discount and unamortized debt costs$3,207,545  
(1)Unsecured notes payable have a weighted average interest rate of 3.7% and a weighted average maturity of 10.7 years.

Mortgages PayablePrincipal BalanceInterest RateMaturity Date
Mortgage(1)
$11,779  5.230 %   July 2023
Debt costs(147) 
Accumulated amortization99  
Debt costs, net of accumulated amortization
(48)
Mortgages payable, including unamortized premium and net of unamortized debt costs
$11,731  
(1) Includes unamortized premium


8


National Retail Properties, Inc.
Debt Summary
As of June 30, 2020

Credit Facility and Note Covenants

The following is a summary of key financial covenants for the company's unsecured credit facility and notes, as defined and calculated per the terms of the facility's credit agreement and the notes' governing documents, respectively, which are included in the company's filings with the Commission. These calculations, which are not based on U.S. GAAP measurements, are presented to investors to show that as of June 30, 2020, the company believes it is in compliance with the covenants.

Unsecured Credit Facility Key CovenantsRequiredJune 30, 2020
Maximum leverage ratio< 0.600.37
Minimum fixed charge coverage ratio> 1.503.96
Maximum secured indebtedness ratio< 0.400.001
Unencumbered asset value ratio> 1.672.74
Unencumbered interest ratio> 1.753.99
June 30, 2020
Unsecured Notes Key CovenantsRequired
Notes Due (1)
Notes Due (2)
Limitation on incurrence of total debt≤ 60%36.4%36.4%
Limitation on incurrence of secured debt≤ 40%0.1%0.1%
Debt service coverage ratio≥ 1.504.704.70
Maintenance of total unencumbered assets≥ 150%275.3%275.1%
(1) Calculations pursuant to covenants for notes payable due 2023-2028 and 2048
(2) Calculations pursuant to covenants for notes payable due 2030 and 2050
9


National Retail Properties, Inc.
Property Portfolio

Top 20 Lines of Trade
% of Rent Collections Quarter Ended June 30 2020(3)
As of June 30,
Line of Trade
2020(1)
2019(2)
1.Convenience stores18.1 %17.7 %99.0 %
2.Restaurants – full service10.6 %11.1 %40.5 %
3.Automotive service10.2 %9.1 %53.8 %
4.Restaurants – limited service8.8 %8.8 %80.0 %
5.Family entertainment centers6.7 %6.9 %8.6 %
6.Health and fitness5.2 %5.4 %58.4 %
7.Theaters4.7 %4.8 %2.2 %
8.Recreational vehicle dealers, parts and accessories3.5 %3.4 %100.0 %
9.Automotive parts3.1 %3.3 %88.0 %
10.Equipment rental2.6 %2.7 %100.0 %
11.Home improvement2.6 %2.6 %97.2 %
12.Wholesale clubs2.5 %2.3 %100.0 %
13.Medical service providers2.1 %2.2 %58.7 %
14.General merchandise1.7 %1.8 %91.4 %
15.Furniture1.7 %1.7 %33.6 %
16.Home furnishings1.6 %1.7 %21.0 %
17.Travel plazas1.5 %1.6 %98.1 %
18.Consumer electronics1.5 %1.6 %98.9 %
19.Drug stores1.5 %1.6 %100.0 %
20.Bank1.3 %1.5 %100.0 %
Other8.5 %8.2 %83.3 %
Total100.0 %100.0 %68.9 %

Top 10 States
State
% of Total(1)
State
% of Total(1)
1.Texas17.6 %6.Georgia4.5 %
2.Florida8.8 %7.Indiana4.2 %
3.Ohio5.8 %8.Tennessee3.7 %
4.Illinois5.1 %9.Virginia3.5 %
5.North Carolina4.5 %10.California3.3 %
(1) Based on the annual base rent of $676,538,000, which is the annualized base rent for all leases in place as of June 30, 2020.
(2) Based on the annual base rent of $650,091,000, which is the annualized base rent for all leases in place as of June 30, 2019.
(3) Rent collections received as of July 30, 2020.



10


National Retail Properties, Inc.
Property Portfolio

Top 20 Tenants
Properties
% of Total(1)
1.7-Eleven140  5.0 %
2.Mister Car Wash115  4.5 %
3.Camping World47  4.3 %
4.LA Fitness30  3.8 %
5.Flynn Restaurant Group (Taco Bell/Arby's)203  3.5 %
6.GPM Investments (Convenience Stores)151  3.3 %
7.AMC Theatre20  3.0 %
8.Couche Tard (Pantry)84  2.8 %
9.BJ's Wholesale Club11  2.5 %
10.Sunoco59  2.2 %
11.Mavis Tire Express Services120  2.1 %
12.Chuck-E-Cheese's53  2.1 %
13.Main Event18  1.8 %
14.Frisch's Restaurants74  1.8 %
15.Bob Evans116  1.7 %
16.Fikes (Convenience Stores)56  1.6 %
17.Best Buy15  1.5 %
18.Life Time Fitness 1.5 %
19.Dave & Buster's11  1.4 %
20.Pull-A-Part20  1.3 %

Lease Expirations(2)
% of
Total(1)
# of
Properties
Gross Leasable
Area(3)
% of
Total(1)
# of
Properties
Gross Leasable Area(3)
20200.5 %25  230,000  20264.0 %161  1,546,000  
20213.9 %129  1,394,000  20276.6 %176  2,519,000  
20225.4 %122  1,583,000  20285.1 %164  1,238,000  
20232.9 %117  1,445,000  20293.0 %76  1,054,000  
20243.7 %100  1,602,000  20303.5 %102  1,101,000  
20256.2 %196  2,065,000  Thereafter55.2 %1,706  16,011,000  

(1)Based on the annual base rent of $676,538,000, which is the annualized base rent for all leases in place as of June 30, 2020.
(2)As of June 30, 2020, the weighted average remaining lease term is 10.9 years.
(3)Square feet.









11
(Back To Top)