(PRNewsfoto/National Retail Properties, Inc.)

(PRNewsfoto/National Retail Properties, Inc.)

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ORLANDO, Fla., May 4, 2021 /PRNewswire/ -- National Retail Properties, Inc. (NYSE: NNN), a real estate investment trust, today announced its operating results for the quarter ended March 31, 2021.  Highlights include:

Operating Results:

  • Revenues and net earnings, FFO, Core FFO and AFFO available to common stockholders and diluted per share amounts:


Quarter Ended



March 31,



2021



2020



(in thousands, except per share data)

Revenues

$

179,778





$

175,063











Net earnings available to common stockholders

$

52,102





$

60,693



Net earnings per common share

$

0.30





$

0.35











FFO available to common stockholders

$

99,821





$

102,509



FFO per common share

$

0.57





$

0.60











Core FFO available to common stockholders

$

121,149





$

119,188



Core FFO per common share

$

0.69





$

0.70











AFFO available to common stockholders

$

133,532



(1)

$

121,750



AFFO per common share

$

0.76



(1)

$

0.71





(1)

Amounts include $9,385 of net straight-line accrued rent from rent deferral repayments from the COVID-19 rent deferral lease amendments. Excluding such, AFFO per common share would have been $0.71 for the quarter ended March 31, 2021.

First Quarter 2021 Highlights:

  • As of April 28, 2021, NNN had collected approximately 97% of rent originally due for the quarter ended March 31, 2021, and approximately 98% of rent originally due in April 2021
  • Collected approximately $2.2 million of receivables written-off in 2020 from cash basis tenants
  • Maintained high occupancy levels at 98.3%, with a weighted average remaining lease term of 10.6 years, at March 31, 2021 as compared to 98.5% at December 31, 2020 and 98.8% at March 31, 2020
  • Invested $105.6 million in property investments, including the acquisition of 29 properties with an aggregate 355,000 square feet of gross leasable area at an initial cash yield of 6.4%
  • Sold 11 properties for $17.6 million producing $4.3 million of gains on sales
  • Issued $450 million principal amount of 3.500% senior unsecured notes due 2051
  • Redeemed $350 million principal amount of 3.300% senior unsecured notes due 2023
  • Weighted average debt maturity increased to 13.3 years at March 31, 2021
  • Ended the quarter with $311.2 million of cash and no amounts drawn on the $900 million bank credit facility

NNN has entered into rent deferral lease amendments with certain tenants for an aggregate $51,269,000 and $4,677,000 of rent originally due for the years ended December 31, 2020 and December 31, 2021, respectively. The rent deferral lease amendments require the deferred rents to be repaid at a later time during the lease term. Approximately $3,259,000 of deferred rent was repaid in 2020 and approximately $10,817,000 of deferred rent was repaid in the quarter ending March 31, 2021.

Core FFO guidance for 2021 was increased from a range of $2.55 to $2.62 to a range of $2.70 to $2.75 per share. The 2021 AFFO is estimated to be $2.91 to $2.96 per share. The Core FFO guidance equates to net earnings of $1.56 to $1.61 per share, plus $1.14 per share of expected real estate depreciation and amortization and excludes any gains from the sale of real estate and any charges for impairments or loss on early extinguishment of debt. The guidance is based on current plans and assumptions and subject to risks and uncertainties more fully described in this press release and the company's reports filed with the Securities and Exchange Commission.

Jay Whitehurst, Chief Executive Officer, commented: "2021 is off to a great start for National Retail Properties. As the economic effects of the pandemic appear to recede, our impressive results have once again validated our consistent, long-term strategy of acquiring well-located parcels leased to strong regional and national operators at reasonable rents, all while maintaining low leverage and a flexible balance sheet. Based on our continued high occupancy, strong rent collections, solid quarter of acquisitions, and fortress-like balance sheet, we are pleased to increase our guidance for Core FFO per share by approximately six percent. Our acquisition pipeline of direct sale-leaseback transactions with our relationship tenants continues to grow, and with over $300 million of cash in the bank, zero balance drawn on our line of credit, no material debt maturities until 2024, and an average debt duration of over 13 years, we are well positioned to fund our 2021 acquisition guidance with the available capital on hand."

National Retail Properties invests primarily in high-quality retail properties subject generally to long-term, net leases.  As of March 31, 2021, the company owned 3,161 properties in 48 states with a gross leasable area of approximately 32.7 million square feet and with a weighted average remaining lease term of 10.6 years.  For more information on the company, visit www.nnnreit.com.

Management will hold a conference call on May 4, 2021, 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, 2020 and (ii) Quarterly Report on Form 10-Q for the quarter ended March 31, 2021.  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 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.

 

 

National Retail Properties, Inc.

(in thousands, except per share data)

(unaudited)

 







Quarter Ended







March 31,







2021



2020



Income Statement Summary























Revenues:











Rental income



$

179,198





$

174,547





Interest and other income from real estate transactions



580





516









179,778





175,063

















Operating expenses:











General and administrative



11,748





10,100





Real estate



7,725





7,635





Depreciation and amortization



49,980





49,188





Leasing transaction costs



38





36





Impairment losses – real estate, net of recoveries



2,131





5,513









71,622





72,472





Gain on disposition of real estate



4,281





12,770





Earnings from operations



112,437





115,361

















Other expenses (revenues):











Interest and other income



(65)





(164)





Interest expense



34,587



(1)

33,670



(2)

Loss on early extinguishment of debt



21,328





16,679









55,850





50,185

















Net earnings



56,587





65,176





Loss attributable to noncontrolling interests







2

















Net earnings attributable to NNN



56,587





65,178





Series F preferred stock dividends



(4,485)





(4,485)





Net earnings available to common stockholders



$

52,102





$

60,693

















Weighted average common shares outstanding:











Basic



174,589





171,039





Diluted



174,715





171,232

















Net earnings per share available to common stockholders:











Basic



$

0.30





$

0.35





Diluted



$

0.30





$

0.35

















(1) Includes $2,078 in connection with the redemption of 3.30% senior unsecured notes due 2023 for the quarter ended March 31, 2021.

(2) Includes $2,291 in connection with the redemption of 3.80% senior unsecured notes due 2022 for the quarter ended March 31, 2020.

 

 

National Retail Properties, Inc.

(in thousands, except per share data)

(unaudited)

 













Quarter Ended







March 31,







2021



2020



Funds From Operations (FFO) Reconciliation:











Net earnings available to common stockholders



$

52,102





$

60,693





Real estate depreciation and amortization



49,869





49,073





Gain on disposition of real estate



(4,281)





(12,770)





Impairment losses – depreciable real estate, net of recoveries



2,131





5,513





Total FFO adjustments



47,719





41,816





FFO available to common stockholders



$

99,821





$

102,509

















FFO per common share:











Basic



$

0.57





$

0.60





Diluted



$

0.57





$

0.60

















Core Funds From Operations (Core FFO) Reconciliation:











Net earnings available to common stockholders



$

52,102





$

60,693





Total FFO adjustments



47,719





41,816





FFO available to common stockholders



99,821





102,509

















Loss on early extinguishment of debt



21,328





16,679





Total Core FFO adjustments



21,328





16,679





Core FFO available to common stockholders



$

121,149





$

119,188

















Core FFO per common share:











Basic



$

0.69





$

0.70





Diluted



$

0.69





$

0.70













































 

National Retail Properties, Inc.

(in thousands, except per share data)

(unaudited)

 

















Quarter Ended







March 31,







2021



2020



Adjusted Funds From Operations (AFFO) Reconciliation:











Net earnings available to common stockholders



$

52,102





$

60,693





Total FFO adjustments



47,719





41,816





Total Core FFO adjustments



21,328





16,679





Core FFO available to common stockholders



121,149





119,188

















Straight-line accrued rent, net of reserves



8,332





(61)





Net capital lease rent adjustment



90





61





Below-market rent amortization



(162)





(220)





Stock based compensation expense



4,186





3,248





Capitalized interest expense



(63)





(466)





Total AFFO adjustments



12,383





2,562





AFFO available to common stockholders



$

133,532



(1)

$

121,750

















AFFO per common share:











Basic



$

0.76



(1)

$

0.71





Diluted



$

0.76



(1)

$

0.71

















Other Information:











Rental income from operating leases(2)



$

173,583





$

168,733





Earned income from direct financing leases(2)



$

158





$

164





Percentage rent(2)



$

104





$

403

















Real estate expense reimbursement from tenants(2)



$

5,353





$

5,247





Real estate expenses



(7,725)





(7,635)





Real estate expenses, net of tenant reimbursements



$

(2,372)





$

(2,388)

















Amortization of debt costs



$

1,840



(3)

$

1,816



(4)

Scheduled debt principal amortization (excluding maturities)



$

156





$

147





Non-real estate depreciation expense



$

113





$

118

















(1) 

Amounts include the net straight-line accrued rent impact of the rent deferral repayments from the COVID-19 rent deferral lease amendments of $9,385 for the quarter ended March 31, 2021. Excluding such, AFFO per common share results would have been $0.71 for the quarter ended March 31, 2021.





(2) 

For the quarter ended March 31, 2021 and 2020, the aggregate of such amounts is $179,198 and $174,547, respectively, classified as rental income on the income statement summary.





(3) 

Includes $745 in connection with the redemption of the 3.30% senior unsecured notes due 2023 for the quarter ended March 31, 2021.





(4) 

Includes $851 in connection with the redemption of the 3.80% senior unsecured notes due 2022 for the quarter ended March 31, 2020.

 

2021 Earnings Guidance:















Guidance is based on current plans and assumptions and subject to risks and uncertainties more fully described in this press release

and the company's reports filed with the Commission.





2021 Guidance

  Net earnings per common share excluding any gains on

   disposition of real estate, impairment charges and loss on early

   extinguishment of debt



$1.56 - $1.61 per share

  Real estate depreciation and amortization per share



$1.14 per share

Core FFO per share



$2.70 - $2.75 per share

  AFFO per share(1)



$2.91 - $2.96 per share

  General and administrative expenses



$43 - $45 Million

  Real estate expenses, net of tenant reimbursements



$11 - $13 Million

  Acquisition volume



$400 - $500 Million

  Disposition volume



$80 - $100 Million

(1) 

Estimates include the net straight-line accrued rent impact of the rent repayment from the COVID-19 rent deferral lease amendments of $24,961,000 for 2021. Absent such, AFFO per common share guidance would have been $2.77 - $2.82 per share for 2021.

 

 

National Retail Properties, Inc.

(in thousands)

(unaudited)

 







March 31,

2021



December 31,

2020

Balance Sheet Summary



















Assets:









Real estate portfolio



$

7,249,613





$

7,212,655



Real estate held for sale



6,498





5,671



Cash and cash equivalents



311,231





267,236



Receivables, net of allowance of $846 and $835, respectively



4,611





4,338



Accrued rental income, net of allowance of $6,030 and $6,947, respectively



45,450





53,958



Debt costs, net of accumulated amortization of $17,764 and $17,294, respectively



1,492





1,917



Other assets



93,308





92,069



Total assets



$

7,712,203





$

7,637,844













Liabilities:









Line of credit payable



$





$



 Mortgages payable, including unamortized premium and net of unamortized debt cost



11,222





11,395



 Notes payable, net of unamortized discount and unamortized debt costs



3,298,302





3,209,527



Accrued interest payable



44,668





19,401



Other liabilities



70,172





78,217



Total liabilities



3,424,364





3,318,540













Stockholders' equity of NNN



4,287,835





4,319,300



Noncontrolling interests



4





4



Total equity



4,287,839





4,319,304













Total liabilities and equity



$

7,712,203





$

7,637,844











































Common shares outstanding



175,580





175,233













Gross leasable area, Property Portfolio (square feet)



32,717





32,461













 

National Retail Properties, Inc.

Debt Summary

As of March 31, 2021

(in thousands)

(unaudited)



Unsecured Debt



Principal



Principal,

Net of

Unamortized

Discount



Stated Rate



Effective Rate



Maturity Date

Line of credit payable



$





$





L + 87.5 bps



%



   January 2022























Unsecured notes payable:





















2024



350,000





349,744





3.900

%



3.924

%



   June 2024

2025



400,000





399,509





4.000

%



4.029

%



   November 2025

2026



350,000





347,625





3.600

%



3.733

%



   December 2026

2027



400,000





398,880





3.500

%



3.548

%



   October 2027

2028



400,000





397,751





4.300

%



4.388

%



   October 2028

2030



400,000





398,834





2.500

%



2.536

%



April 2030

2048



300,000





295,928





4.800

%



4.890

%



   October 2048

2050



300,000





294,065





3.100

%



3.205

%



April 2050

2051



450,000





441,601





3.500

%



3.602

%



April 2051























Total



3,350,000





3,323,937





































Total unsecured debt(1)



$

3,350,000





$

3,323,937





































Debt costs







(33,178)















Accumulated amortization



7,543















Debt costs, net of accumulated amortization



(25,635)















Notes payable, net of unamortized discount and

unamortized debt costs



$

3,298,302

















(1)  Unsecured notes payable have a weighted average interest rate of 3.7% and a weighted average maturity of 13.3 years.

 

Mortgages Payable



Principal

Balance



Interest Rate



Maturity Date



Mortgage(1)



$

11,257





5.230

%



   July 2023



















Debt costs



(147)













Accumulated amortization



112













Debt costs, net of accumulated amortization



(35)













Mortgages payable, including unamortized

premium and net of unamortized debt costs



$

11,222





























(1)   Includes unamortized premium





















































 

National Retail Properties, Inc.

Debt Summary

As of March 31, 2021



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 March 31, 2021, the company believes it is in compliance with the covenants.



Unsecured Credit Facility Key Covenants



Required



March 31, 2021

Maximum leverage ratio



< 0.60



0.38

Minimum fixed charge coverage ratio



> 1.50



3.95

Maximum secured indebtedness ratio



< 0.40



0.001

Unencumbered asset value ratio



> 1.67



2.67

Unencumbered interest ratio



> 1.75



4.96











Unsecured Notes Key Covenants



Required



March 31, 2021

Limitation on incurrence of total debt



≤ 60%



36.5%

Limitation on incurrence of secured debt



≤ 40%



0.1%

Debt service coverage ratio



≥ 1.50



4.37

Maintenance of total unencumbered assets



≥ 150%



274%

 

 

National Retail Properties, Inc.

Property Portfolio

 

Top 20 Lines of Trade

 

















% of Rent

Collections

Quarter Ended

March 31,

2021(3)









As of March 31,







Line of Trade



2021(1)



2020(2)



1.



Convenience stores



18.0

%



18.1

%



99.9

%

2.



Automotive service



10.7

%



9.9

%



98.7

%

3.



Restaurants – full service



10.2

%



11.0

%



91.5

%

4.



Restaurants – limited service



9.5

%



8.7

%



99.9

%

5.



Family entertainment centers



6.0

%



6.7

%



99.6

%

6.



Health and fitness



5.2

%



5.2

%



94.2

%

7.



Theaters



4.4

%



4.7

%



75.8

%

8.



Recreational vehicle dealers, parts and accessories



3.5

%



3.4

%



100.0

%

9.



Equipment rental



3.1

%



2.6

%



100.0

%

10.



Automotive parts



3.1

%



3.1

%



99.7

%

11.



Home improvement



2.6

%



2.6

%



99.1

%

12.



Wholesale clubs



2.5

%



2.5

%



100.0

%

13.



Medical service providers



2.1

%



2.1

%



99.6

%

14.



General merchandise



1.7

%



1.7

%



99.1

%

15.



Furniture



1.7

%



1.7

%



99.2

%

16.



Home furnishings



1.6

%



1.6

%



99.9

%

17.



Travel plazas



1.5

%



1.5

%



100.0

%

18.



Consumer electronics



1.5

%



1.5

%



100.0

%

19.



Drug stores



1.4

%



1.5

%



100.0

%

20.



Bank



1.3

%



1.3

%



100.0

%





Other



8.4

%



8.6

%



99.7

%





Total



100.0

%



100.0

%



97.5

%

 

Top 10 States





State





% of Total(1)





State





% of Total(1)



1.

Texas





17.4

%



6.

Georgia





4.4

%



2.

Florida





8.7

%



7.

Indiana





4.2

%



3.

Ohio





5.7

%



8.

Tennessee





3.7

%



4.

Illinois





5.1

%



9.

California





3.4

%



5.

North Carolina





4.4

%



10.

Virginia





3.4

%





























As a percentage of annual base rent, which is the annualized base rent for all leases in place.



(1) $684,283,000 as of March 31, 2021.



(2) $677,536,000 as of March 31, 2020.



(3) Rent collections received as of April 28, 2021, excluding the repayment of amounts previously deferred according to

    the rent deferral lease amendments.

 

 

National Retail Properties, Inc.

Property Portfolio

 

 

Top 20 Tenants









Properties



% of Total(1)

1.

7-Eleven



140





5.0

%

2.

Mister Car Wash



115





4.5

%

3.

Camping World



47





4.3

%

4.

LA Fitness



30





3.8

%

5.

Flynn Restaurant Group (Taco Bell/Arby's)



202





3.4

%

6.

GPM Investments (Convenience Stores)



153





3.3

%

7.

AMC Theatre



19





2.8

%

8.

Couche Tard (Pantry)



82





2.7

%

9.

BJ's Wholesale Club



11





2.5

%

10.

Sunoco



59





2.2

%

11.

Mavis Tire Express Services



120





2.1

%

12.

Main Event



18





1.8

%

13.

Frisch's Restaurants



74





1.8

%

14.

Bob Evans



114





1.6

%

15.

Fikes (Convenience Stores)



56





1.6

%

16.

Chuck E. Cheese's



53





1.6

%

17.

Best Buy



15





1.5

%

18.

Life Time Fitness



3





1.5

%

19.

Dave & Buster's



11





1.4

%

20.

Ahern Rentals



35





1.4

%

 

Lease Expirations(2)







% of

Total(1)



# of

Properties



Gross Leasable

Area(3)







% of

Total(1)



# of

Properties



Gross Leasable

Area(3)

2021



2.0

%



79





765,000





2027



6.4

%



176





2,563,000



2022



5.2

%



119





1,493,000





2028



4.8

%



157





1,183,000



2023



2.7

%



113





1,417,000





2029



3.0

%



75





1,052,000



2024



3.5

%



95





1,473,000





2030



3.7

%



106





1,190,000



2025



6.2

%



198





2,092,000





2031



8.7

%



192





2,920,000



2026



5.3

%



200





2,000,000





Thereafter



48.5

%



1,593





13,762,000







(1) 

Based on the annual base rent of $684,283,000, which is the annualized base rent for all leases in place as of March 31, 2021.

(2) 

As of March 31, 2021, the weighted average remaining lease term is 10.6 years.

(3) 

Square feet.

 

 

National Retail Properties, Inc.

Rent Deferral Lease Amendments

(in thousands)

 

 

The following table outlines the rent deferred and corresponding recapture payback by quarter of the rent deferral lease

amendments executed as of March 31, 2021 (dollars in thousands):

 













Deferred





Scheduled Repayment







Accrual

Basis



Cash

Basis



Total



% of Total





Accrual

Basis



Cash

Basis



Total



% of Total



Cumulative

Total

2020





$

33,610





$

17,659





$

51,269





91.6

%





$

3,239





$

20





$

3,259





5.8

%



5.8

%











































2021

Q1



678





1,937





2,615





4.7

%





10,063





754





10,817





19.3

%



25.1

%



Q2



278





750





1,028





1.8

%





8,603





1,823





10,426





18.6

%



43.7

%



Q3



34





750





784





1.4

%





4,332





1,698





6,030





10.8

%



54.5

%



Q4







250





250





0.4

%





2,953





1,698





4,651





8.3

%



62.8

%







990





3,687





4,677





8.4

%





25,951





5,973





31,924





57.0

%



62.8

%











































2022

Q1





















1,780





2,117





3,897





7.0

%



69.8

%



Q2





















1,729





2,117





3,846





6.9

%



76.7

%



Q3





















1,201





2,117





3,318





5.9

%



82.6

%



Q4





















681





2,117





2,798





5.0

%



87.6

%

























5,391





8,468





13,859





24.8

%



87.6

%











































2023























19





3,021





3,040





5.4

%



93.0

%











































2024



























1,932





1,932





3.5

%



96.5

%











































2025



























1,932





1,932





3.5

%



100.0

%

















































$

34,600





$

21,346





$

55,946











$

34,600





$

21,346





$

55,946











 

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/first-quarter-2021-operating-results-announced-by-national-retail-properties-inc-301282630.html

SOURCE National Retail Properties, Inc.

This article originally ran on curated.tncontentexchange.com.

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