Earnings
Orlando, Florida, August 3, 2020 – National Retail Properties, Inc. (NYSE: NNN), a real estate investment trust, today announced its operating results for the quarter and six months ended June 30, 2020. Highlights include: Operating Results:
  • Revenues and net earnings, FFO, Core FFO and AFFO available to common stockholders and diluted per share amounts:
    Second Quarter 2020 Highlights:
  • Portfolio occupancy was 98.7% at June 30, 2020 as compared to 98.8% at March 31, 2020 and 99.0% at December 31, 2019
  • Invested $6.9 million in property investments, and completed construction on 8 properties with an aggregate 67,000 square feet of gross leasable area
  • Sold 8 properties for $3.8 million producing $0.7 million of gains on sales
  • Raised $52.6 million net proceeds from the issuance of 1,438,695 common shares
  • Ended the quarter with $224.6 million of cash and no amounts drawn on $900 million bank credit facility
First Half of 2020 Highlights:
  • Invested $74.1 million in property investments, including the acquisition of 21 properties with an aggregate 284,000 square feet of gross leasable area at an initial cash yield of 9%
  • Sold 22 properties for $40.1 million producing $13.5 million of gains on sales
  • Raised $53.3 million net proceeds from the issuance of 1,451,223 common shares
  • Issued $400 million principal amount of 50% senior unsecured notes due 2030 generating net proceeds of $395.1 million
  • Issued $300 million principal amount of 10% senior unsecured notes due 2050 generating net proceeds of $290.5 million
  • Paid off $325 million principal amount of 3.800% senior unsecured notes due 2022
NNN is actively working with its tenants that have been impacted by the COVID-19 pandemic. As of July 30, 2020, NNN had collected approximately 69% of rent due for the quarter ended June 30, 2020, and approximately 84% originally due in July 2020. During the second quarter, NNN entered into rent deferral lease amendments with certain tenants representing approximately 21% of annualized base rent due for the quarter ended June 30, 2020. On average, 2.4 months of rent was deferred with approximately 86% of deferred rent originally due in the second quarter of 2020 and 14% originally due in the third quarter of 2020. Approximately 66% of this deferred rent is due to be paid to NNN by June 30, 2021 and 94% is due by December 31, 2021. Jay Whitehurst, Chief Executive Officer, commented: “National Retail Properties’ second quarter results reflect the basic strength and resiliency of our long-term strategy and business model. We ended the quarter with a balance sheet that is one of the strongest in our industry and recently announced an increase in our common stock dividend, thus making 2020 the 31st consecutive year of annual dividend increases for National Retail Properties.” National Retail Properties invests primarily in high-quality retail properties subject generally to long-term, net leases. As of June 30, 2020, the company owned 3,117 properties in 48 states with a gross leasable area of approximately 32.5 million square feet and with a weighted average remaining lease term of 10.9 years. For more information on the company, visit nnnreit.nnnr.staging.findsomewinmore.com. Management will hold a conference call on August 3, 2020, at 10:30 a.m. ET to review these results. The call can be accessed on the National Retail Properties web site live at https://nnnreit.nnnr.staging.findsomewinmore.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. Click here for the full press release including all financial tables.

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