ORLANDO, Fla., Nov. 6 /PRNewswire-FirstCall/ -- National Retail
Properties, Inc. (NYSE:NNN), a real estate investment trust, today
announced operating results for the quarter ended September 30,
2009. Highlights include: Operating Results: -- Revenues, net
earnings and FFO available to common stockholders: Quarter Ended
Nine Months Ended September 30, September 30, 2009 2008 2009 2008
-------- -------- -------- -------- (in thousands, except per share
data) Revenues $57,035 $58,496 $173,313 $169,404 Net earnings
available to common stockholders $20,747 $27,070 $71,111 $85,182
Net earnings per common share (diluted) $0.26 $0.37 $0.89 $1.16 FFO
available to common stockholders $31,423 $35,198 $102,480 $106,390
FFO per common share (diluted) $0.39 $0.48 $1.29 $1.45 -- NNN paid
cash dividends to its common shareholders of $0.375 per share
during the quarter and $1.125 for the nine months ended September
30, 2009. -- Investment Portfolio occupancy was 96.3% at September
30, 2009. Investments and Dispositions for the quarter ended
September 30, 2009: -- Investments: -- $9.7 million in the
Investment Portfolio, including acquiring five properties with an
aggregate 37,000 square feet of gross leasable area -- $487,000 of
development funding in the Inventory Portfolio -- Dispositions: --
One Inventory property with net proceeds of $315,000 Investments
and Dispositions for the nine months ended September 30, 2009: --
Investments -- $29.3 million in the Investment Portfolio, including
acquiring five properties and development funding with an aggregate
268,000 square feet of gross leasable area -- $2.7 million of
development funding in the Inventory Portfolio -- Dispositions --
Six Investment properties with an aggregate 107,000 square feet of
gross leasable area, with net proceeds of $9.7 million, resulting
in a gain of $1.6 million -- Three Inventory properties with net
proceeds of $5.7 million Capital transactions for the quarter ended
September 30, 2009: -- Issued 1,907,811 shares of common stock
generating $35,510,000 of net proceeds pursuant to the Dividend
Reinvestment and Stock Purchase Plan National Retail Properties
announced 2010 FFO guidance of $1.51 to $1.58 per share. This
guidance includes non-cash interest expense of approximately 7
cents per share due to changes required in accounting for
convertible debt interest beginning in 2009, as well as an
additional 8 cents per share for other non-cash items noted on page
5 of this press release. This guidance equates to net earnings
before any gains or losses from the sale of investment properties
of $1.00 to $1.07 per share plus $0.51 per share of expected real
estate related depreciation and amortization. These projections are
based on current plans, assumptions, and estimates and are subject
to the risks and uncertainties more fully described in this press
release and the company's reports filed with the Securities and
Exchange Commission. Craig Macnab, Chief Executive Officer,
commented: "We are well positioned for 2010 with exceptional
balance sheet strength and a well-leased portfolio with current
occupancy at 96.3%. We believe that there will be good acquisition
opportunities in 2010, including some prospects currently under
evaluation. Finally, we are delighted that our $1.50 per share cash
dividend in 2009 marks the 20th consecutive year of annual dividend
increases." National Retail Properties invests primarily in
high-quality retail properties subject generally to long-term, net
leases. As of September 30, 2009, the company owned 1,004
Investment properties in 44 states with a gross leasable area of
approximately 11.4 million square feet. NNN is one of only four
publicly traded REITs and 156 publicly traded companies in America
to have increased its annual dividends for 20 or more consecutive
years. For more information on the company, visit
http://www.nnnreit.com/. Management will hold a conference call on
November 6, 2009 at 2:00 p.m. EDT to review these results. The call
can be accessed on National Retail Properties, Inc.'s 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 unaudited and there can be no assurance that
the results will not vary from the final information for the
quarter ended September 30, 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 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. 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 and net earnings available to common stockholders are not
affected. National Retail Properties, Inc. (In thousands, except
per share data) (unaudited) Quarter Ended Nine Months Ended
September 30, September 30, 2009 2008 2009 2008 -------- --------
-------- -------- Income Statement Summary Revenues: Rental and
earned income $53,015 $54,638 $160,381 $156,516 Real estate expense
reimbursement from tenants 1,872 1,421 6,272 4,398 Interest and
other income from real estate transactions 1,102 1,313 3,560 4,839
Interest income on commercial mortgage residual interests 1,046
1,124 3,100 3,651 -------- -------- -------- -------- 57,035 58,496
173,313 169,404 -------- -------- -------- -------- Disposition of
real estate, Inventory Portfolio: Gross proceeds 353 - 353 4,900
Costs (317) - (317) (4,879) -------- -------- -------- --------
Gain 36 - 36 21 -------- -------- -------- -------- Retail
operations: Revenues 7,317 - 7,317 - Operating expenses (7,550) -
(7,575) - -------- -------- -------- -------- Net (233) - (258) -
-------- -------- -------- -------- Operating expenses: General and
administrative 4,937 5,242 16,027 18,842 Real estate 3,494 2,326
10,208 6,952 Depreciation and amortization 11,350 11,443 34,374
32,096 Impairment - real estate - - 1,064 - Impairment - commercial
mortgage residual interests valuation adjustment - - - 758
Restructuring costs - - 731 - -------- -------- -------- --------
19,781 19,011 62,404 58,648 -------- -------- -------- --------
Other expenses (revenues): Interest and other income (262) (818)
(1,025) (3,047) Interest expense 15,618 16,329 46,484 48,796 Loss
on interest rate hedge - - - 804 -------- -------- --------
-------- 15,356 15,511 45,459 46,553 -------- -------- --------
-------- Income tax benefit 504 1,653 1,586 6,002 Equity in
earnings of unconsolidated affiliate 105 100 315 280 Gain on note
receivable foreclosure - - 1,048 - Gain on extinguishment of debt -
- 3,432 - -------- -------- -------- -------- Earnings from
continuing operations 22,310 25,727 71,609 70,506 Earnings from
discontinued operations: Real estate, Investment Portfolio (70)
2,962 4,076 12,820 Real estate, Inventory Portfolio, net of income
tax expense 556 202 1,014 9,580 -------- -------- -------- --------
Earnings including noncontrolling interests 22,796 28,891 76,699
92,906 Loss (earnings) attributable to noncontrolling interests:
Continuing operations (152) (117) (502) 465 Discontinued operations
(201) (8) 3 (3,100) -------- -------- -------- -------- (353) (125)
(499) (2,635) -------- -------- -------- -------- Net earnings
attributable to National Retail Properties, Inc. 22,443 28,766
76,200 90,271 Series C preferred stock dividends (1,696) (1,696)
(5,089) (5,089) -------- -------- -------- -------- Net earnings
available to common stockholders - basic and diluted $20,747
$27,070 $71,111 $85,182 ======== ======== ======== ========
National Retail Properties, Inc. (In thousands, except per share
data) (unaudited) Quarter Ended Nine Months Ended September 30,
September 30, 2009 2008 2009 2008 -------- -------- --------
-------- Weighted average common shares outstanding: Basic 80,344
73,717 79,232 73,041 ====== ====== ====== ====== Diluted 80,455
73,818 79,335 73,141 ====== ====== ====== ====== Net earnings per
share available to common stockholders: Basic: Continuing
operations $0.25 $0.33 $0.83 $0.90 Discontinued operations 0.01
0.04 0.06 0.26 ------ ------ ------ ------ Net earnings $0.26 $0.37
$0.89 $1.16 ====== ====== ====== ====== Diluted: Continuing
operations $0.25 $0.33 $0.83 $0.90 Discontinued operations 0.01
0.04 0.06 0.26 ------ ------ ------ ------ Net earnings $0.26 $0.37
$0.89 $1.16 ====== ====== ====== ====== Supplemental Information:
Selected Non-Cash Income Statement Items: ------------------------
Straight-line rent $(640) $151 $(1,528) $(978) ====== ======
======= ====== Net capital lease rent adjustment $350 $296 $1,018
$899 ====== ====== ======= ====== Above (below) market rent
amortization $(93) $(245) $(981) $(547) ====== ====== =======
====== Stock based compensation expense $1,016 $916 $3,152 $2,388
====== ====== ======= ====== Impairment - real estate $ - $3,930
$1,064 $4,097 ====== ====== ======= ====== Impairment - mortgage
residual interests $ - $ - $ - $758 ====== ====== ======= ======
Amortization of debt costs $668 $768 $2,256 $2,164 ====== ======
======= ====== Capitalized interest expense $(163) $(436) $(1,080)
$(1,408) ====== ====== ======= ====== Convertible debt interest
expense $1,451 $1,538 $4,333 $3,973 ====== ====== ======= ======
Non-real estate depreciation expense $74 $65 $227 $200 ======
====== ======= ====== Other Information: ------------------
Percentage rent $317 $202 $583 $563 ====== ====== ======= ======
Net Inventory Portfolio gain on dispositions (TRS) $22 $2,807 $580
$9,358 ====== ====== ======= ====== Scheduled debt principal
amortization (excluding maturities) $249 $298 $742 $882 ======
====== ======= ====== National Retail Properties, Inc. (in
thousands, except per share data) (unaudited) Quarter Ended Nine
Months Ended September 30, September 30, 2009 2008 2009 2008
-------- -------- -------- -------- Reconciliation of net earnings
to FFO and FFO available to common stockholders: Net earnings
attributable to National Retail Properties, Inc. $22,443 $28,766
$76,200 $90,271 Real estate depreciation and amortization:
Continuing operations 10,608 10,610 31,892 29,704 Discontinued
operations 24 118 977 602 Joint venture real estate depreciation 44
44 133 132 Gain on disposition of real estate Investment Portfolio
- (2,644) (1,633) (9,230) ------- ------- ------- ------- FFO
33,119 36,894 107,569 111,479 Series C preferred stock dividends
(1,696) (1,696) (5,089) (5,089) ------- ------- ------- ------- FFO
available to common stockholders - basic and diluted $31,423
$35,198 $102,480 $106,390 ======= ======= ======== ======== FFO per
share: Basic $0.39 $0.48 $1.29 $1.46 ======= ======= ========
======== Diluted $0.39 $0.48 $1.29 $1.45 ======= ======= ========
======== Real Estate Disposition Summary
------------------------------- Quarter Ended Nine Months Ended
September 30, September 30, 2009 2008 2009 2008 ------------
-------------- ------------ ----------- #of Proper #of Proper #of
Proper #of Proper -ties Gain -ties Gain -ties Gain -ties Gain
--------------------------------------------------------
Reconciliation of gain on disposition between continuing and
discontinued operations: Continuing operations 1 $36 - $- 1 $36 1
$21 Discontinued operations: Investment Portfolio - - 6 2,644 6
1,633 17 9,230 Inventory Portfolio - - 9 2,807 2 558 23 12,643
Noncontrolling interest, Inventory Portfolio - (14) - - - (14) -
(3,306) ----- ----- ---- ------ ----- ------ --- ------- 1 $22 15
$5,451 9 $2,213 41 $18,588 ===== ===== ==== ====== ===== ====== ===
======= Reconciliation of gain on disposition by type: Inventory
Portfolio: Development 1 $36 1 $192 2 $582 5 $8,056 Exchange - - 8
2,615 1 12 19 4,608 Noncontrolling interest, Development - (14) - -
- (14) - (3,306) ----- ----- ---- ------ ----- ------ --- -------
Total Inventory gain (TRS) 1 22 9 2,807 3 580 24 9,358 Investment
Portfolio - - 6 2,644 6 1,633 17 9,230 ----- ----- ---- ------
----- ------ --- ------- 1 $22 15 $5,451 9 $2,213 41 $18,588 =====
===== ==== ====== ===== ====== === ======= 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 September 30, 2009, as discontinued operations. The following is
a summary of earnings from discontinued operations. Quarter Ended
Nine Months Ended September 30, September 30, 2009 2008 2009 2008
-------- -------- -------- -------- Earnings from Discontinued
Operations - Investment Portfolio: --------------------------
Revenues: Rental and earned income $32 $527 $3,572 $3,776 Real
estate expense reimbursement from tenants 2 42 103 109 Interest and
other income from real estate transactions 3 - 5 421 ------ ------
------ ------ 37 569 3,680 4,306 ------ ------ ------ ------
Expenses: General and administrative - - - (79) Real estate 83 133
260 26 Depreciation and amortization 24 118 977 602 Impairment -
real estate - - - 167 ------ ------ ------ ------ 107 251 1,237 716
------ ------ ------ ------ Gain on disposition of real estate -
2,644 1,633 9,230 ------ ------ ------ ------ Earnings (loss) from
discontinued operations attributable to National Retail Properties,
Inc. $(70) $2,962 $4,076 $12,820 ======= ====== ====== =======
Earnings from Discontinued Operations - Inventory Portfolio:
-------------------------- Revenues: Rental income $1,851 $2,648
$4,722 $8,882 Real estate expense reimbursement from tenants 201
301 1,335 857 Interest and other income from real estate
transactions 47 109 104 540 ------ ------ ------ ------ 2,099 3,058
6,161 10,279 ------ ------ ------ ------ Disposition of real
estate: Gross proceeds - 52,185 5,402 151,098 Costs - (49,378)
(4,844) (138,455) ------ ------ ------ ------ Gain - 2,807 558
12,643 ------ ------ ------ ------ Expenses: General and
administrative 21 23 89 72 Real estate 326 403 1,989 1,299
Depreciation and amortization 60 53 258 164 Impairment - real
estate - 3,930 - 3,930 Interest 919 1,136 2,746 3,912 ------ ------
------ ------ 1,326 5,545 5,082 9,377 ------ ------ ------ ------
Income tax expense (217) (118) (623) (3,965) ------ ------ ------
------ Earnings from discontinued operations including
noncontrolling interests 556 202 1,014 9,580 Loss (earnings)
attributable to noncontrolling interests (201) (8) 3 (3,100) ------
------ ------ ------ Earnings from discontinued operations
attributable to National Retail Properties, Inc. $355 $194 $1,017
$6,480 ====== ====== ====== ====== National Retail Properties, Inc.
(in thousands) Balance Sheet Summary September 30, December 31,
2009 2008 ------------ ----------- (unaudited) (Note 1) Assets:
Cash and cash equivalents $23,251 $2,626 Receivables, net of
allowance 2,221 3,612 Investment in unconsolidated affiliate 4,732
4,927 Mortgages, notes and accrued interest receivable 43,100
60,472 Real estate, Investment Portfolio: Accounted for using the
operating method, net of accumulated depreciation and amortization
2,346,198 2,357,894 Accounted for using the direct financing method
31,677 31,240 Real estate, Inventory Portfolio, held for sale
98,580 101,106 Commercial mortgage residual interests 23,722 22,000
Accrued rental income, net of allowance 25,081 23,972 Other assets
53,042 41,622 ---------- ---------- Total assets $2,651,604
$2,649,471 ========== ========== Liabilities: Line of credit
payable $ - $26,500 Mortgages payable 25,548 26,290 Notes payable -
convertible 341,904 356,122 Notes payable, net of unamortized
discount 618,626 618,479 Other liabilities 54,344 53,134 ----------
---------- Total liabilities 1,040,422 1,080,525 Stockholders'
equity of National Retail Properties, Inc. 1,608,329 1,566,860
Noncontrolling interests 2,853 2,086 ---------- ---------- Total
equity 1,611,182 1,568,946 Total liabilities and equity $2,651,604
$2,649,471 ========== ========== Common shares outstanding 82,010
78,415 ========== ========== Gross leasable area, Investment
Portfolio (square feet) 11,412 11,251 ========== ========== Note 1:
Includes adjustment based on the adoption of the new Financial
Accounting Standards Board guidance on convertible debt instruments
that may be settled in cash upon conversion. Orange Avenue Mortgage
Investments, Inc. (in thousands) 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 $27.3 million since May 2005. The following summary represents
the balances related to OAMI included in the company's Balance
Sheet and Income Statement Summary: September 30, December 31, 2009
2008 ------------ ----------- (unaudited) (Note 1) Assets: Cash and
cash equivalents $255 $405 Receivables and other assets 36 39
Commercial mortgage residual interests 23,722 22,000 -------
------- $24,013 $22,444 ======= ======= Liabilities: Income tax
liability $4,862 $5,195 Other liabilities 50 49 ------- -------
$4,912 $5,244 ======= ======= Noncontrolling interests $1,962
$1,449 ====== ====== Quarter Ended Nine Months Ended September 30,
September 30, 2009 2008 2009 2008 -------- -------- --------
-------- (unaudited) (unaudited) (unaudited) (unaudited) Revenues:
Interest income on commercial mortgage residual interests $1,046
$1,124 $3,100 $3,651 Interest and other income - 7 44 217 ------
------ ------ ------ 1,046 1,131 3,144 3,868 ------ ------ ------
------ Expenses: General and administrative 79 58 213 205
Amortization - - - 35 Impairment - commercial mortgage residual
interests valuation - - - 758 Interest - - - 200 ------ ------
------ ------ 79 58 213 1,198 ------ ------ ------ ------ Income
tax benefit 117 457 332 1,247 ------ ------ ------ ------ Earnings
including noncontrolling interests 1,084 1,530 3,263 3,917 Earnings
attributable to noncontrolling interests (114) (188) (336) (507)
------ ------ ------ ------ Net earnings attributable to National
Retail Properties, Inc. $970 $1,342 $2,927 $3,410 ====== ======
====== ====== Note 1: Amounts are derived from audited consolidated
financial statements included in the company's Form 8-K filed on
June 24, 2009. NNN Retail Properties Fund I LLC (dollars in
thousands) 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." September 30, December 31, 2009 2008 ------------
----------- (unaudited) Assets: Cash and cash equivalents $825 $833
Receivables 200 202 Real estate 73,575 74,463 Other assets 884
1,135 ------- ------- $75,484 $76,633 ======= ======= Liabilities:
Notes payable $43,600 $43,600 Other liabilities 1,696 1,677 -------
------- Total liabilities 45,296 45,277 ------- ------- Members'
equity 30,188 31,356 ------ ------ Total liabilities and equity
$75,484 $76,633 ======= ======= Quarter Ended Nine Months Ended
September 30, September 30, 2009 2008 2009 2008 -------- --------
-------- -------- (unaudited) (unaudited) (unaudited) (unaudited)
Revenues: Rental income $1,565 $1,565 $4,695 $4,627 ------ ------
------ ------ Expenses: General and administrative 75 67 255 205
Real estate 5 5 15 14 Depreciation and amortization 386 362 1,127
1,077 Interest 461 528 1,390 1,647 ------ ------ ------ ------ 927
962 2,787 2,943 ------ ------ ------ ------ Net earnings $638 $603
$1,908 $1,684 ====== ====== ====== ====== National Retail
Properties, Inc. Investment Portfolio Top 20 Lines of Trade
--------------------- As of September 30, Line of Trade 2009 (1)
2008 (2) ------------- -------- -------- 1. Convenience stores
26.3% 25.5% 2. Restaurants - full service 9.0% 8.8% 3. Theaters
6.3% 6.2% 4. Automotive parts 6.3% 4.8% 5. Automotive service 5.7%
8.1% 6. Drug stores 4.1% 4.0% 7. Books 4.1% 4.0% 8. Restaurants -
limited service 3.5% 3.4% 9. Sporting goods 3.2% 3.2% 10. Grocery
2.9% 2.7% 11. Consumer electronics 2.7% 3.7% 12. Office supplies
2.6% 2.5% 13. Furniture 2.5% 2.5% 14. Travel plazas 2.4% 2.4% 15.
Beer, wine and liquor 1.8% 1.7% 16. Family entertainment centers
1.6% 3.0% 17. Health and fitness 1.5% 0.1% 18. General merchandise
1.3% 1.6% 19. Auto dealerships 1.3% 1.3% 20. Financial services
1.2% 1.2% Other 9.7% 9.3% ------ ------ 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. Ohio 4.1% 3. Illinois 7.0% 8.
Pennsylvania 3.9% 4. North Carolina 6.3% 9. Tennessee 3.0% 5.
Georgia 5.6% 10. Arizona 2.8% (1) Based on annual base rent of
$211,601,000, which is the annualized base rent for all leases in
place as of September 30, 2009. (2) Based on annual base rent of
$216,782,000, which is the annualized base rent for all leases in
place as of September 30, 2008. National Retail Properties, Inc.
Investment Portfolio Top Tenants ----------- Properties % Base
Rent(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 3.5% Pep Boys 14 2.8% 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) 2009 0.3% 8 154,000 2015 3.0% 20 518,000 2010
2.3% 33 314,000 2016 1.7% 13 240,000 2011 2.1% 21 391,000 2017 4.0%
25 674,000 2012 3.4% 34 482,000 2018 2.9% 23 343,000 2013 4.7% 39
848,000 2019 4.2% 41 628,000 2014 5.6% 43 671,000 Thereafter 65.8%
655 5,317,000 (1) Based on annual base rent of $211,601,000, which
is the annualized base rent for all leases in place as of September
30, 2009. (2) Square feet. DATASOURCE: National Retail Properties,
Inc. CONTACT: Kevin B. Habicht, Chief Financial Officer,
+1-407-265-7348 Web Site: http://www.nnnreit.com/
Copyright