Operating Results Announced by National Retail Properties, Inc.
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 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.
SOURCE National Retail Properties, Inc.
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