Earnings
Orlando, Florida, February 11, 2021 – National Retail Properties, Inc. (NYSE: NNN), a real estate investment trust, today announced operating results for the quarter and year ended December 31, 2020.  Highlights include: Operating Results:
  • Revenues and net earnings, FFO, Core FFO and AFFO available to common stockholders and diluted per share amounts:
Quarter Ended
December 31,		 Year Ended
December 31,
2020 2019 2020 2019
(in thousands, except per share data)
Revenues $163,284 $173,376 $660,681 $670,487

Net earnings available to common stockholders $56,802 (1) $58,534 $210,859 (1) $258,183
Net earnings per common share $0.33 (1) $0.34 $1.22 (1) $1.56
FFO available to common stockholders $107,565 $110,445 $428,236 $446,661
FFO per common share $0.62 $0.65 $2.49 $2.71
Core FFO available to common stockholders $109,331 $120,301 $446,681 $455,186
Core FFO per common share $0.63 $0.70 $2.59 $2.76
AFFO available to common stockholders $119,764 (2) $122,205 $431,444 (2) $462,325
AFFO per common share $0.69 (2) $0.71 $2.51 (2) $2.80
(1) Includes the write-off of $7,034 (or $0.04 per share) and $21,792 (or $0.13 per share) of receivables due to reclassifying certain
tenants as cash basis for accounting purposes during the quarter and year ended December 31, 2020, respectively.
(2) Amounts include the net straight-line accrued rent impact of the rent deferrals (repayments) from the COVID-19 rent deferral lease
amendments of ($2,507) and $30,474 for the quarter and year ended December 31, 2020, respectively. Absent such, AFFO per common
share results would have been $0.68 and $2.68 for the quarter and year ended December 31, 2020, respectively.

2020 Highlights:
  • As of January 31, 2021, NNN had collected approximately 89.7% of rent originally due for the year ended December 31, 2020
  • Dividend yield of 5.1% at December 31, 2020
  • Annual dividend per common share increased 2.0% to $2.07 marking the 31st consecutive year of annual dividend increases – the third longest record of consecutive annual dividend increases of all public REITs and 99% of all public companies
  • Maintained high occupancy levels at 98.5%, with a weighted average remaining lease term of 10.7 years, at December 31, 2020 as compared to 98.4% at September 30, 2020, and 99.0% at December 31, 2019.
  • $180.0 million in property investments, including the acquisition of 63 properties with aggregate gross leasable area of approximately 449,000 square feet at an initial cash yield of 6.5%
  • Sold 38 properties for $54.5 million, producing $16.2 million of gains on sale, at a cap rate of 6.1%
  • Raised $124.3 million in net proceeds from issuance of 3,257,660 common shares
  • Raised $395.1 million in net proceeds from the issuance of 2.500% senior unsecured notes due 2030
  • Raised $290.5 million in net proceeds from the issuance of 3.100% senior unsecured notes due 2050
  • Redeemed $325 million principal amount of 3.800% senior unsecured notes due 2022
  • Ended the year with $267.2 million of cash and no amounts drawn on the $900 million bank credit facility
  • 7% of properties are unencumbered with secured mortgage debt
  • Total average annual shareholder return of 12% over the past 25 years exceeds industry and general equity averages
Selected Highlights for the quarter ended December 31, 2020:
  • As of January 31, 2021, NNN had collected approximately 95.7% of rent originally due for the quarter ended December 31, 2020, and approximately 95.0% of rent originally due in January 2021
  • $102.0 million in property investments, including the acquisition of 42 properties with an aggregate gross leasable area of approximately 150,000 square feet at an initial cash yield of 6.2%
  • Sold 13 properties with net proceeds of $12.0 million, producing $2.6 million of gains on sales at a cap rate of 7.2%
  • Raised $60.1 million in net proceeds from the issuance of 1,501,322 common shares
During the year ended December 31, 2020, NNN entered into rent deferral lease amendments with certain tenants for an aggregate $50,719,000 and $1,410,000 of rent originally due for the year ending December 31, 2020 and 2021, respectively. The rent deferral lease amendments required the deferred rents to be repaid at a later time during the lease term.  Approximately $3,259,000 of the deferred rent was repaid in 2020.  Deferred rents of $36,794,000, $10,944,000, and $1,132,000 are due to be repaid during the years ended December 31, 2021, 2022 and 2023, respectively. The company announced 2021 Core FFO guidance of $2.55 to $2.62 per share and estimated 2021 AFFO to be $2.77 to $2.84 per share. The Core FFO guidance equates to net earnings of $1.42 to $1.49 per share, plus $1.13 per share of expected real estate depreciation and amortization and excludes any gains from the sale of real estate, and any charges for impairments. 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: “National Retail Properties posted solid fourth quarter results, with continued high occupancy, strong rent collections and renewed acquisition volume, all bolstered by a fortress-like balance sheet.  The value of our consistent, long-term focus was never more apparent than in 2020, as our team of experienced associates addressed the challenges and opportunities of the COVID-19 pandemic and related economic turmoil. This long-term approach to all aspects of our business and our culture positions us well to continue creating shareholder value in the years ahead.” National Retail Properties invests primarily in high-quality retail properties subject generally to long-term, net leases.  As of December 31, 2020, the company owned 3,143 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 10.7 years.  For more information on the company, visit nnnreit.nnnr.staging.findsomewinmore.com. Management will hold a conference call on February 11, 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 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 to view the PDF with full financial tables.

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