ORLANDO, Fla., Feb. 5 /PRNewswire-FirstCall/ -- National Retail
Properties, Inc. (NYSE:NNN), a real estate investment trust, today
announced operating results for the quarter and year ended December
31, 2009. NNN reported Recurring Funds From Operations (FFO) for
the fourth quarter of $29.8 million or 36 cents per share compared
to $32.6 million or 42 cents per share for the same period in 2008.
For the year ended December 31, 2009, Recurring FFO was $129.0
million or $1.61 per share compared to $135.3 million or $1.82 per
share for the prior year. Recurring FFO is FFO excluding gain and
loss on sale of real estate in our Inventory Portfolio, gain on
early debt extinguishment, restructuring charges, impairments, and
loss on note foreclosure. NNN reported FFO available to common
stockholders for the fourth quarter of $(12.4) million or (15)
cents per share compared to $36.0 million or 46 cents per share for
the same period in 2008. For the year ended December 31, 2009, FFO
available to common stockholders was $90.1 million or $1.13 per
share compared to $142.4 million or $1.91 per share for the prior
year. Highlights include: Operating Results: -- Revenues, net
earnings, Recurring FFO and FFO available to common stockholders:
Quarter Ended Year Ended December 31, December 31, 2009 2008 2009
2008 ------------------- ------------------- (in thousands, except
per share data) Revenues $57,750 $57,454 $231,799 $228,136 Net
earnings (loss) available to common stockholders $(23,087) $25,186
$48,025 $110,368 Net earnings (loss) per common share (diluted)
$(0.28) $0.32 $0.60 $1.48 Recurring FFO available to common
stockholders $29,797 $32,565 $129,013 $135,258 Recurring FFO per
common share (diluted) $0.36 $0.42 $1.61 $1.82 FFO available to
common stockholders $(12,394) $35,964 $90,087 $142,355 FFO per
common share (diluted) $(0.15) $0.46 $1.13 $1.91 -- NNN paid cash
dividends to its common stockholders of $0.375 per share during the
quarter and $1.50 for the year ended December 31, 2009. -- Annual
dividends per share increased from $1.48 to $1.50 marking the 20th
consecutive year of dividend increases - one of only 156 public
companies with a dividend increase record of 20 or more years. --
Investment Portfolio occupancy was 96.4% at December 31, 2009, as
compared to 96.3% at September 30, 2009, and 96.7% at December 31,
2008. Investments and Dispositions for the quarter ended December
31, 2009: -- Investments: -- $7.0 million in the Investment
Portfolio, including acquiring three properties with an aggregate
22,000 square feet of gross leasable area -- Dispositions: -- Three
Investment properties with an aggregate 127,000 square feet of
gross leasable area, with net proceeds of $5.9 million, resulting
in a gain of $759,000 -- One Inventory property with net proceeds
of $597,000 Investments and Dispositions for the year ended
December 31, 2009: -- Investments: -- $36.3 million in the
Investment Portfolio, including acquiring eight properties with an
aggregate 290,000 square feet of gross leasable area -- $2.6
million of development funding in the Inventory Portfolio --
Dispositions: -- Nine Investment properties with an aggregate
234,000 square feet of gross leasable area, with net proceeds of
$15.6 million, resulting in a gain of $2.4 million -- Four
Inventory properties with net proceeds of $6.3 million Capital
transactions for the quarter ended December 31, 2009: -- Issued
518,569 shares of common stock generating $10,480,000 of net
proceeds pursuant to the Dividend Reinvestment and Stock Purchase
Plan Impairment charge summary for the quarter ended December 31,
2009: During the quarter, NNN recorded charges totaling $42.2
million for impairments and losses primarily comprised of the
following: -- $33.4 million related to 24 properties, including
five undeveloped TRS land parcels -- $8.2 million of goodwill
previously recognized related to California auto service business
valuation/note foreclosure -- $0.5 million related to impairment of
commercial mortgage residual interests Craig Macnab, Chief
Executive Officer, commented: "NNN remains well positioned and our
previously issued 2010 guidance is not impacted by the non-cash
impairments taken this quarter. Our high quality net leased retail
portfolio is 96.4% occupied and has remained at least 96% leased
for the last seven years. Our balance sheet is extremely strong
which will allow us to take advantage of acquisition opportunities
as they become available. While the acquisition volume has not been
robust, we are encouraged with the quality of the opportunities
that we are seeing." National Retail Properties invests primarily
in high-quality retail properties subject generally to long-term,
net leases. As of December 31, 2009, the company owned 1,015
Investment Properties in 44 states with a gross leasable area of
approximately 11.4 million square feet. For more information on the
company, visit http://www.nnnreit.com/. Management will hold a
conference call on February 5, 2010 at 10:30 a.m. EST to review
these results. The call can be accessed on National Retail
Properties, Inc. 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. 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 availability of capital,
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 those
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. Consequently, 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 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 SEC for the
year ended December 31, 2009. 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) on
the disposition of real estate held for investment, and the
company's share of these items from the company's unconsolidated
partnerships. 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.
For information purposes, we also provide FFO adjusted for certain
non-recurring items such as gain and loss on sale of real estate in
our Inventory Portfolio, gain on early debt extinguishment,
restructuring charges, impairments, loss on note foreclosure and
impairment charges which management defines as Recurring FFO.
Although our calculation of Recurring FFO differs from FFO as
defined by NAREIT and may not be comparable to that of other REITs,
we believe it provides a meaningful supplemental measure of our
operating performance. A reconciliation of FFO, as defined by
NAREIT, to Recurring FFO is included in the financial information
accompanying this release. The company has determined that there
are earnings from discontinued operations in each of its segments,
real estate held for investment and real estate held for sale. All
property dispositions from the company's held for investment
segment are classified as discontinued operations. In addition,
certain properties in the company's held for sale segment that have
generated revenues before disposition are classified as
discontinued operations. The results of operations for prior
periods for these properties now classified as discontinued
operations have been restated to reflect the results in earnings
from discontinued operations for comparability purposes. These
adjustments resulted in a decrease in the company's reported total
revenues and total and per share earnings from continuing
operations and an increase in the company's earnings from
discontinued operations. However, the company's total and per share
FFO, Recurring FFO and net earnings available to common
stockholders are not affected. National Retail Properties, Inc. (in
thousands, except per share data) (unaudited) Quarter Ended Year
Ended December 31, December 31, 2009 2008 2009 2008 --------
-------- -------- -------- Income Statement Summary Revenues:
Rental and earned income $53,518 $52,886 $214,625 $210,684 Real
estate expense reimbursement from tenants 2,104 2,613 8,387 7,012
Interest and other income from real estate transactions 975 970
4,535 5,804 Interest income on commercial mortgage residual
interests 1,153 985 4,252 4,636 -------- -------- -------- --------
57,750 57,454 231,799 228,136 -------- -------- -------- --------
Disposition of real estate, Inventory Portfolio: Gross proceeds 600
- 953 4,900 Costs (599) - (916) (4,879) -------- -------- --------
-------- Gain 1 - 37 21 -------- -------- -------- -------- Retail
operations: Revenues 8,277 - 15,595 - Operating expenses (7,601) -
(15,176) - -------- -------- -------- -------- Net 676 - 419 -
-------- -------- -------- -------- Operating expenses: General and
administrative 5,746 6,025 21,776 24,878 Real estate 3,760 3,307
13,684 10,007 Depreciation and amortization 12,569 12,270 46,769
44,181 Impairment - real estate 27,050 - 28,114 1,234 Impairment -
commercial mortgage residual interests valuation 498 - 498 758
Restructuring costs - - 731 - -------- -------- -------- --------
49,623 21,602 111,572 81,058 -------- -------- -------- --------
Other expenses (revenues): Interest and other income (350) (701)
(1,375) (3,748) Interest expense 15,728 15,167 62,151 63,964 Loss
on interest rate hedge - - - 804 -------- -------- --------
-------- 15,378 14,466 60,776 61,020 -------- -------- --------
-------- Income tax benefit (expense) (80) 1,301 1,126 7,178 Equity
in earnings of unconsolidated affiliate 107 83 421 364 Loss on note
receivable foreclosure/goodwill adjustment (8,244) - (7,196) - Gain
on extinguishment of debt - 4,961 3,432 4,961 -------- --------
-------- -------- Earnings (loss) from continuing operations
(14,791) 27,731 57,690 98,582 Earnings (loss) from discontinued
operations: Real estate, Investment Portfolio (3,565) (568) 260
12,112 Real estate, Inventory Portfolio, net of income tax expense
(1,945) (98) (1,551) 9,277 -------- -------- -------- --------
Earnings (loss) including noncontrolling interests (20,301) 27,065
56,399 119,971 Loss (earnings) attributable to noncontrolling
interests: Continuing operations (1,040) (355) (1,542) 109
Discontinued operations (50) 172 (47) (2,927) -------- --------
-------- -------- (1,090) (183) (1,589) (2,818) -------- --------
-------- -------- Net earnings (loss) attributable to National
Retail Properties, Inc. (21,391) 26,882 54,810 117,153 Series C
preferred stock dividends (1,696) (1,696) (6,785) (6,785) --------
-------- -------- -------- Net earnings (loss) available to common
stockholders - basic and diluted $(23,087) $25,186 $48,025 $110,368
======== ======== ======== ======== National Retail Properties,
Inc. (in thousands, except per share data) (unaudited) Quarter
Ended Year Ended December 31, December 31, 2009 2008 2009 2008
-------- -------- -------- -------- Weighted average common shares
outstanding: Basic 81,668 77,816 79,846 74,249 ======== ========
======== ======== Diluted 81,786 77,896 79,953 74,344 ========
======== ======== ======== Net earnings (loss) per share available
to common stockholders: Basic: Continuing operations $(0.21) $0.33
$0.62 $1.23 Discontinued operations (0.07) (0.01) (0.02) 0.25
-------- -------- -------- -------- Net earnings $(0.28) $0.32
$0.60 $1.48 ======== ======== ======== ======== Diluted: Continuing
operations $(0.21) $0.33 $0.61 $1.23 Discontinued operations (0.07)
(0.01) (0.01) 0.25 -------- -------- -------- -------- Net earnings
$(0.28) $0.32 $0.60 $1.48 ======== ======== ======== ========
National Retail Properties, Inc. (in thousands, except per share
data) (unaudited) Quarter Ended Year Ended December 31, December
31, 2009 2008 2009 2008 -------- -------- -------- --------
Reconciliation of net earnings (loss) available to common
stockholders to FFO available to common stockholders: Net earnings
(loss) available to common stockholders $(23,087) $25,186 $48,025
$110,368 Real estate depreciation and amortization: Continuing
operations 11,350 11,330 43,067 40,850 Discontinued operations 58
154 1,209 940 Joint venture real estate depreciation 44 44 178 177
Gain on disposition of real estate - Investment Portfolio (759)
(750) (2,392) (9,980) -------- -------- -------- -------- FFO
available to common stockholders - basic and diluted $(12,394)
$35,964 $90,087 $142,355 ======== ======== ======== ======== FFO
available to common stockholders - basic and diluted $(12,394)
$35,964 $90,087 $142,355 Adjustments to reconcile to Recurring
Funds From Operations: Real estate related impairments and loss
42,192 1,563 42,208 6,418 Restructuring charges - - 731 - Loss on
derivative instrument - - - 804 Gain on early debt extinguishment -
(4,961) (3,432) (4,961) Gain on disposition of real estate -
Inventory Portfolio - net of noncontrolling interest (1) (1) (581)
(9,358) -------- -------- -------- -------- Recurring Funds From
Operations $29,797 $32,565 $129,013 $135,258 ======== ========
======== ======== Supplemental Information:
------------------------- Selected Non-Cash Income Statement Items:
------------------------ Straight-line accrued rent $(715) $(107)
$(2,243) $(1,085) Net capital lease rent adjustment 360 305 1,378
1,204 Above (below) market rent amortization (93) (64) (1,074)
(611) Stock based compensation expense 1,020 911 4,172 3,299
Capitalized interest expense (163) (605) (1,243) (2,013)
Convertible debt interest expense 1,476 1,508 5,809 5,481
Impairment - real estate 33,450 1,563 34,514 5,660 Impairment -
mortgage residual interests 498 - 498 758 Loss on note receivable
foreclosure/goodwill adjustment 8,244 - 7,196 - -------- --------
-------- -------- Total $44,077 $3,511 $49,007 $12,693 ========
======== ======== ======== Other Information: ------------------
Percentage rent $757 $705 $1,340 $1,268 ======== ======== ========
======== Net Inventory Portfolio gain on disposition (TRS) $1 $1
$581 $9,358 ======== ======== ======== ======== Amortization of
debt costs $1,152 $860 $3,408 $3,024 ======== ======== ========
======== Scheduled debt principal amortization (excluding
maturities) $258 $308 $1,000 $1,190 ======== ======== ========
======== Non-real estate depreciation expense $74 $79 $301 $279
======== ======== ======== ======== National Retail Properties,
Inc. (in thousands) (unaudited) Earnings from Discontinued
Operations: The company has classified its investment assets sold
and leasehold interests expired as discontinued operations. In
addition, the company has classified any investment asset or
revenue generating inventory asset that was held for sale at
December 31, 2009, as discontinued operations. The following is a
summary of earnings from discontinued operations. Quarter Ended
Year Ended December 31, December 31, 2009 2008 2009 2008 --------
-------- -------- -------- Earnings (loss) from Discontinued
Operations -Investment Portfolio: ------------------------
Revenues: Rental and earned income $15 $518 $3,826 $4,638 Real
estate expense reimbursement from tenants 62 61 182 176 Interest
and other income from real estate transactions 115 8 121 434
-------- -------- -------- -------- 192 587 4,129 5,248 --------
-------- -------- -------- Expenses: General and administrative 4 4
4 (74) Real estate 148 184 742 520 Depreciation and amortization 58
154 1,209 940 Impairment - real estate 4,306 1,563 4,306 1,730
-------- -------- -------- -------- 4,516 1,905 6,261 3,116
-------- -------- -------- -------- Gain on disposition of real
estate 759 750 2,392 9,980 -------- -------- -------- --------
Earnings (loss) from discontinued operations attributable to
National Retail Properties, Inc. $(3,565) $(568) $260 $12,112
======== ======== ======== ======== Earnings (loss) from
Discontinued Operations -Inventory Portfolio:
------------------------ Revenues: Rental income $1,219 $1,528
$4,975 $8,785 Real estate expense reimbursement from tenants 206 17
1,513 867 Interest and other income from real estate transactions
37 28 141 568 -------- -------- -------- -------- 1,462 1,573 6,629
10,220 -------- -------- -------- -------- Disposition of real
estate: Gross proceeds - 615 5,402 151,713 Costs - (614) (4,844)
(139,069) -------- -------- -------- -------- Gain - 1 558 12,644
-------- -------- -------- -------- Expenses: General and
administrative 30 (40) 116 22 Real estate 232 227 2,169 1,468
Depreciation and amortization 64 61 323 226 Impairment - real
estate 2,094 - 2,094 2,696 Interest 984 1,378 3,790 5,290 --------
-------- -------- -------- 3,404 1,626 8,492 9,702 --------
-------- -------- -------- Income tax expense 3 46 246 3,885
-------- -------- -------- -------- Earnings (loss) from
discontinued operations including noncontrolling interests (1,945)
(98) (1,551) 9,277 Loss (earnings) attributable to noncontrolling
interests (50) 172 (47) (2,927) -------- -------- -------- --------
Earnings (loss) from discontinued operations attributable to
National Retail Properties, Inc. $(1,995) $74 $(1,598) $6,350
======== ======== ======== ======== National Retail Properties,
Inc. (in thousands) (unaudited) Quarter Ended December 31, 2009
2008 --------------------- --------------------- # of # of
Properties Gain Properties Gain ---------- ---------- ----------
---------- Real Estate Disposition Summary:
----------------------------- Reconciliation of gain on disposition
between continuing and discontinued operations: Continuing
operations 1 $1 - $- Discontinued operations: Investment Portfolio
3 759 2 750 Inventory Portfolio - - 1 1 Noncontrolling interest,
Inventory Portfolio - - - - ---------- ---------- ----------
---------- 4 $760 3 $751 ========== ========== ==========
========== Reconciliation of gain on disposition by type: Inventory
Portfolio: Development 1 $1 1 $1 Exchange - - - - Noncontrolling
interest, Development - - - - ---------- ---------- ----------
---------- Total Inventory gain (TRS) 1 1 1 1 Investment Portfolio
3 759 2 750 ---------- ---------- ---------- ---------- 4 $760 3
$751 ========== ========== ========== ========== Year Ended
December 31, 2009 2008 --------------------- ---------------------
# of # of Properties Gain Properties Gain ---------- ----------
---------- ---------- Real Estate Disposition Summary:
---------------------------- Reconciliation of gain on disposition
between continuing and discontinued operations: Continuing
operations 2 $37 1 $21 Discontinued operations: Investment
Portfolio 9 2,392 19 9,980 Inventory Portfolio 2 558 24 12,644
Noncontrolling interest, Inventory Portfolio - (14) - (3,307)
---------- ---------- ---------- ---------- 13 $2,973 44 $19,338
========== ========== ========== ========== Reconciliation of gain
on disposition by type: Inventory Portfolio: Development 3 $583 6
$8,058 Exchange 1 12 19 4,607 Noncontrolling interest, Development
- (14) - (3,307) ---------- ---------- ---------- ---------- Total
Inventory gain (TRS) 4 581 25 9,358 Investment Portfolio 9 2,392 19
9,980 ---------- ---------- ---------- ---------- 13 $2,973 44
$19,338 ========== ========== ========== ========== National Retail
Properties, Inc. (in thousands) (unaudited) December 31, December
31, 2009 2008 ------------ ------------ Balance Sheet Summary
Assets: Cash and cash equivalents $15,225 $2,626 Receivables, net
of allowance 1,946 3,612 Investment in unconsolidated affiliate
4,703 4,927 Mortgages, notes and accrued interest receivable 41,976
60,472 Real estate, Investment Portfolio: Accounted for using the
operating method, net of accumulated depreciation and amortization
2,329,827 2,373,878 Accounted for using the direct financing method
31,317 31,240 Real estate, Inventory Portfolio, held for sale
72,423 85,122 Commercial mortgage residual interests 20,153 22,000
Accrued rental income, net of allowance 25,745 23,972 Other assets
47,647 41,622 ---------- ---------- Total assets $2,590,962
$2,649,471 ========== ========== Liabilities: Line of credit
payable $- $26,500 Mortgages payable 25,290 26,290 Notes payable -
convertible 343,380 356,122 Notes payable, net of unamortized
discount 618,676 618,479 Other liabilities 36,754 53,134 ----------
---------- Total liabilities 1,024,100 1,080,525 Stockholders'
equity of National Retail Properties, Inc. 1,564,240 1,566,860
Noncontrolling interests 2,622 2,086 ---------- ---------- Total
equity 1,566,862 1,568,946 Total liabilities and equity $2,590,962
$2,649,471 ========== ========== Common shares outstanding 82,428
78,340 ========== ========== Gross leasable area, Investment
Portfolio (square feet) 11,373 11,251 ========== ========== Orange
Avenue Mortgage Investments, Inc. (in thousands) (unaudited) In May
2005, the company acquired a 78.9 percent equity investment of OAMI
for $9.4 million. The company's 78.9 percent share of OAMI's net
cash flow has totaled over $28.9 million since May 2005. The
following summary represents the balances related to OAMI included
in the company's Balance Sheet and Income Statement Summary:
December 31, December 31, 2009 2008 ------------ ------------
Assets: Cash and cash equivalents $1,088 $405 Receivables and other
assets 43 39 Commercial mortgage residual interests 20,153 22,000
---------- ---------- $21,284 $22,444 ========== ==========
Liabilities: Income tax liability $4,732 $5,195 Other liabilities
49 49 ---------- ---------- $4,781 $5,244 ========== ==========
Noncontrolling interests $1,579 $1,449 ========== ==========
Quarter Ended Year Ended December 31, December 31, 2009 2008 2009
2008 ------------------- ------------------- Revenues: Interest
income on commercial mortgage residual interests $1,153 $985 $4,252
$4,636 Interest and other income - 1 45 218 -------- --------
-------- -------- 1,153 986 4,297 4,854 -------- -------- --------
-------- Expenses: General and administrative 58 62 270 267
Amortization - - - 35 Impairment - commercial mortgage residual
interests valuation 498 - 498 758 Interest - - - 200 --------
-------- -------- -------- 556 62 768 1,260 -------- --------
-------- -------- Income tax benefit 131 325 463 1,572 --------
-------- -------- -------- Earnings including noncontrolling
interests 728 1,249 3,992 5,166 Earnings attributable to
noncontrolling interests (181) (143) (517) (650) -------- --------
-------- -------- Net earnings attributable to National Retail
Properties, Inc. $547 $1,106 $3,475 $4,516 ======== ========
======== ======== NNN Retail Properties Fund I LLC (in thousands)
(unaudited) In September 2007, the company entered into a joint
venture, NNN Retail Properties Fund I LLC, with an affiliate of
Crow Holdings Realty Partners IV, L.P. The company owns a 15
percent equity interest, and the following summary represents the
Balance Sheet and Income Statement Summary for the joint venture.
The company's investment in the joint venture is included in the
company's Balance Sheet Summary under "Investment in unconsolidated
affiliate." December 31, December 31, 2009 2008 ------------
------------ Assets: Cash and cash equivalents $829 $833
Receivables 200 202 Real estate 73,279 74,463 Other assets 838
1,135 ---------- ---------- $75,146 $76,633 ========== ==========
Liabilities: Notes payable $43,600 $43,600 Other liabilities 1,427
1,677 ---------- ---------- Total liabilities 45,027 45,277
---------- ---------- Members' equity 30,119 31,356 ----------
---------- Total liabilities and equity $75,146 $76,633 ==========
========== Quarter Ended Year Ended December 31, December 31, 2009
2008 2009 2008 ------------------- ------------------- Revenues:
Rental income $1,565 $1,565 $6,261 $6,192 -------- --------
-------- -------- Expenses: General and administrative 72 142 328
347 Real estate 4 47 19 61 Depreciation and amortization 369 368
1,496 1,445 Interest 472 517 1,861 2,164 -------- -------- --------
-------- 917 1,074 3,704 4,017 -------- -------- -------- --------
Net earnings $648 $491 $2,557 $2,175 ======== ======== ========
======== National Retail Properties, Inc. Investment Portfolio Top
20 Lines of Trade ---------------------- As of December 31, Line of
Trade 2009 (1) 2008 (2) -------------------------- ------- -------
1. Convenience stores 26.7% 25.7% 2. Restaurants - full service
9.2% 8.7% 3. Automotive parts 6.8% 5.1% 4. Theaters 6.3% 6.1% 5.
Automotive service 5.7% 8.9% 6. Books 4.1% 4.0% 7. Drug stores 4.1%
4.0% 8. Restaurants - limited service 3.5% 3.3% 9. Sporting goods
3.2% 3.3% 10. Grocery 2.9% 2.6% 11. Consumer electronics 2.7% 3.2%
12. Office supplies 2.6% 2.5% 13. Travel plazas 2.5% 2.4% 14.
Furniture 2.5% 2.5% 15. Beer, wine and liquor 1.8% 1.7% 16. Health
and fitness 1.6% 0.1% 17. General merchandise 1.3% 1.3% 18. Auto
dealerships 1.3% 1.3% 19. Equipment rental 1.2% 1.2% 20. Financial
services 1.2% 1.2% Other 8.8% 10.9% ------- ------- Total 100.0%
100.0% ======= ======= Top 10 States ------------- State % of
Total(1) State % of Total(1) ---------------------------
--------------------------- 1. Texas 20.1% 6. Indiana 4.4% 2.
Florida 10.0% 7. Pennsylvania 4.3% 3. Illinois 7.0% 8. Ohio 3.8% 4.
North Carolina 6.3% 9. Tennessee 3.1% 5. Georgia 5.5% 10. Arizona
2.8% (1) Based on annual base rent of $211,993,000, which is the
annualized base rent for all leases in place as of December 31,
2009. (2) Based on annual base rent of $219,326,000, which is the
annualized base rent for all leases in place as of December 31,
2008. National Retail Properties, Inc. Investment Portfolio Top
Tenants ----------- Properties % of Total(1) ----------
------------- Pantry 96 9.1% Susser 86 8.7% Kerasotes Theatres 16
6.3% Road Ranger 34 4.0% Mister Car Wash 40 3.7% Pull-A-Part 20
3.6% Pep Boys 16 3.1% Best Buy 7 2.6% Barnes & Noble 9 2.5%
Logans Roadhouse 17 2.3% CVS 16 2.0% OfficeMax 12 2.0% Lease
Expirations ----------------- Gross Gross % of # of Leasable % of #
of Leasable Total(1) Properties Area(2) Total(1) Properties Area(2)
-------- ---------- -------- -------- ---------- -------- 2010 2.3%
36 408,000 2016 1.7% 13 240,000 2011 2.1% 21 389,000 2017 4.3% 27
676,000 2012 3.3% 34 484,000 2018 2.9% 24 345,000 2013 4.7% 39
849,000 2019 4.3% 42 632,000 2014 5.0% 44 622,000 2020 3.0% 40
336,000 2015 3.1% 22 539,000 Thereafter 63.3% 636 4,988,000 (1)
Based on annual base rent of $211,993,000, which is the annualized
base rent for all leases in place as of December 31, 2009. (2)
Square feet. DATASOURCE: National Retail Properties, Inc. CONTACT:
Kevin B. Habicht, Chief Financial Officer, National Retail
Properties, Inc., +1-407-265-7348 Web Site: http://www.nnnreit.com/
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