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Share Name | Share Symbol | Market | Type |
---|---|---|---|
NNN REIT Inc | NYSE:NNN | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.35 | 0.83% | 42.46 | 42.60 | 42.12 | 42.40 | 1,707,172 | 23:44:29 |
Maryland | 001-11290 | 56-1431377 | ||
(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employment Identification No.) |
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02. | Results of Operations and Financial Condition. |
Item 9.01. | Financial Statements and Exhibits. |
(d) | Exhibits. |
99.1 | Press Release, dated February 11, 2016, of National Retail Properties, Inc. | ||
99.2 | Supplemental Data for the quarter and year ended December 31, 2015, of National Retail Properties, Inc. |
National Retail Properties, Inc. | ||||
Dated: February 11, 2016 | By: | /s/ Kevin B. Habicht | ||
Kevin B. Habicht | ||||
Executive Vice President and Chief Financial Officer |
Exhibit No. | Description | ||
99.1 | Press Release, dated February 11, 2016, of National Retail Properties, Inc. | ||
99.2 | Supplemental Data, dated February 11, 2016, of National Retail Properties, Inc. |
• | Revenues and net earnings, FFO, Recurring FFO and AFFO available to common stockholders and diluted per share amounts: |
Quarter Ended | Year Ended | ||||||||||||||
December 31, | December 31, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
(in thousands, except per share data) | |||||||||||||||
Revenues | $ | 126,377 | $ | 115,315 | $ | 482,914 | $ | 434,847 | |||||||
Net earnings available to common stockholders | $ | 33,612 | $ | 44,898 | $ | 162,402 | $ | 155,167 | |||||||
Net earnings per common share | $ | 0.24 | $ | 0.35 | $ | 1.20 | $ | 1.24 | |||||||
FFO available to common stockholders | $ | 67,319 | $ | 72,202 | $ | 289,193 | $ | 260,902 | |||||||
FFO per common share | $ | 0.49 | $ | 0.56 | $ | 2.15 | $ | 2.09 | |||||||
Recurring FFO available to common stockholders | $ | 76,661 | $ | 70,410 | $ | 299,171 | $ | 259,366 | |||||||
Recurring FFO per common share | $ | 0.56 | $ | 0.55 | $ | 2.22 | $ | 2.08 | |||||||
AFFO available to common stockholders | $ | 77,953 | $ | 71,895 | $ | 304,772 | $ | 263,968 | |||||||
AFFO per common share | $ | 0.57 | $ | 0.56 | $ | 2.27 | $ | 2.12 |
• | Portfolio occupancy was 99.1% at December 31, 2015 and September 30, 2015, as compared to 98.6% at December 31, 2014 |
• | Increased annual Recurring FFO per common share 6.7% |
• | Increased annual AFFO per common share 7.1% |
• | Dividend yield of 4.3% at December 31, 2015 |
• | Dividends per common share increased to $1.71 marking the 26th consecutive year of annual dividend increases - making the company one of only four equity REITs and one of only 99 public companies with 26 or more consecutive annual dividend increases |
• | Maintained high occupancy levels above 98.5% for the entire year with a weighted average remaining lease term of 11.4 years |
• | Invested $726.3 million in 221 properties with an aggregate gross leasable area of approximately 2,706,000 square feet at an initial cash yield of 7.2% |
• | Sold 19 properties for $39.1 million, producing $10.4 million of gains on sale, net of income tax and noncontrolling interest at a cap rate of 5.9% |
• | Raised $723.6 million of new long-term capital at attractive pricing |
◦ | Raised $328.2 million in net proceeds from the issuance of 8,770,117 common shares |
◦ | Raised $395.4 million in net proceeds from the issuance of 4.00% senior unsecured notes due 2025 |
• | Paid off $150 million principal amount of 6.15% senior unsecured notes due 2015 |
• | Full $650 million availability on bank credit facility at December 31, 2015 |
• | 99.2% of properties are unencumbered with secured mortgage debt |
• | Total shareholder return of 6.4% for 2015 exceeds peers, industry averages and general equity averages |
• | Total average annual shareholder return of 14.8% over the past 25 years exceeds peers, industry averages and general equity averages |
• | Investments: |
◦ | $159.5 million in property investments, including the acquisition of 31 properties with an aggregate gross leasable area of approximately 524,000 square feet at an initial cash yield of 7.3% |
• | Dispositions: |
◦ | Five properties sold with net proceeds of $5.5 million, producing $1.3 million of gains on sales, net of income tax at a cap rate of 8.4% |
• | Long-term capital: |
◦ | Raised $202.6 million in net proceeds from the issuance of 5,517,001 common shares |
◦ | Raised $395.4 million in net proceeds from the issuance of 4.00% senior unsecured notes due 2025 |
• | Revoked taxable REIT subsidiary status for certain subsidiaries, which resulted in a one-time non-cash charge of $9.6 million, with projected future annual income tax expense savings |
National Retail Properties, Inc. (in thousands, except per share data) (unaudited) | ||||||||||||||||
Quarter Ended | Year Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Income Statement Summary | ||||||||||||||||
Revenues: | ||||||||||||||||
Rental and earned income | $ | 121,106 | $ | 110,248 | $ | 465,282 | $ | 416,842 | ||||||||
Real estate expense reimbursement from tenants | 4,561 | 4,093 | 14,868 | 13,875 | ||||||||||||
Interest and other income from real estate transactions | 264 | 510 | 986 | 2,296 | ||||||||||||
Interest income on commercial mortgage residual interests | 446 | 464 | 1,778 | 1,834 | ||||||||||||
126,377 | 115,315 | 482,914 | 434,847 | |||||||||||||
Operating expenses: | ||||||||||||||||
General and administrative | 9,657 | 7,712 | 34,736 | 32,518 | ||||||||||||
Real estate | 5,575 | 5,236 | 19,774 | 18,905 | ||||||||||||
Depreciation and amortization | 34,848 | 30,376 | 134,798 | 116,162 | ||||||||||||
Impairment – commercial mortgage residual interests valuation | 51 | — | 531 | 256 | ||||||||||||
Impairment losses and other charges, net of recoveries | 708 | 198 | 4,420 | 760 | ||||||||||||
50,839 | 43,522 | 194,259 | 168,601 | |||||||||||||
Other expenses (revenues): | ||||||||||||||||
Interest and other income | (42 | ) | (113 | ) | (109 | ) | (357 | ) | ||||||||
Interest expense | 24,548 | 21,830 | 90,008 | 85,510 | ||||||||||||
Real estate acquisition costs | 33 | 202 | 927 | 1,391 | ||||||||||||
24,539 | 21,919 | 90,826 | 86,544 | |||||||||||||
Income tax benefit (expense) | (9,827 | ) | 797 | (10,318 | ) | 75 | ||||||||||
Earnings from continuing operations | 41,172 | 50,671 | 187,511 | 179,777 | ||||||||||||
Earnings from discontinued operations, net of income tax expense | — | — | — | 124 | ||||||||||||
Earnings before gain on disposition of real estate, net of income tax expense | 41,172 | 50,671 | 187,511 | 179,901 | ||||||||||||
Gain on disposition of real estate, net of income tax expense | 1,305 | 3,103 | 10,450 | 11,269 | ||||||||||||
Earnings including noncontrolling interests | 42,477 | 53,774 | 197,961 | 191,170 | ||||||||||||
Earnings from continuing operations attributable to noncontrolling interests: | (6 | ) | (17 | ) | (125 | ) | (569 | ) | ||||||||
Net earnings attributable to NNN | 42,471 | 53,757 | 197,836 | 190,601 | ||||||||||||
Series D preferred stock dividends | (4,762 | ) | (4,762 | ) | (19,047 | ) | (19,047 | ) | ||||||||
Series E preferred stock dividends | (4,097 | ) | (4,097 | ) | (16,387 | ) | (16,387 | ) | ||||||||
Net earnings available to common stockholders | $ | 33,612 | $ | 44,898 | $ | 162,402 | $ | 155,167 | ||||||||
National Retail Properties, Inc. (in thousands, except per share data) (unaudited) | ||||||||||||||||
Quarter Ended | Year Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Weighted average common shares outstanding: | ||||||||||||||||
Basic | 137,111 | 128,332 | 133,999 | 124,258 | ||||||||||||
Diluted | 137,623 | 128,813 | 134,489 | 124,710 | ||||||||||||
Net earnings per share available to common stockholders: | ||||||||||||||||
Basic: | ||||||||||||||||
Continuing operations | $ | 0.24 | $ | 0.35 | $ | 1.21 | $ | 1.24 | ||||||||
Net earnings | $ | 0.24 | $ | 0.35 | $ | 1.21 | $ | 1.24 | ||||||||
Diluted: | ||||||||||||||||
Continuing operations | $ | 0.24 | $ | 0.35 | $ | 1.20 | $ | 1.24 | ||||||||
Net earnings | $ | 0.24 | $ | 0.35 | $ | 1.20 | $ | 1.24 | ||||||||
National Retail Properties, Inc. (in thousands, except per share data) (unaudited) | ||||||||||||||||
Quarter Ended | Year Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Funds From Operations (FFO) Reconciliation: | ||||||||||||||||
Net earnings available to common stockholders | $ | 33,612 | $ | 44,898 | $ | 162,402 | $ | 155,167 | ||||||||
Real estate depreciation and amortization: | ||||||||||||||||
Continuing operations | 34,754 | 30,284 | 134,380 | 115,888 | ||||||||||||
Discontinued operations | — | — | — | 3 | ||||||||||||
Gain on disposition of real estate, net of income tax and noncontrolling interest | (1,305 | ) | (3,103 | ) | (10,397 | ) | (10,904 | ) | ||||||||
Impairment losses – depreciable real estate, net of recoveries and income tax | 258 | 123 | 2,808 | 748 | ||||||||||||
Total FFO adjustments | 33,707 | 27,304 | 126,791 | 105,735 | ||||||||||||
FFO available to common stockholders | $ | 67,319 | $ | 72,202 | $ | 289,193 | $ | 260,902 | ||||||||
FFO per common share: | ||||||||||||||||
Basic | $ | 0.49 | $ | 0.56 | $ | 2.16 | $ | 2.10 | ||||||||
Diluted | $ | 0.49 | $ | 0.56 | $ | 2.15 | $ | 2.09 | ||||||||
Recurring Funds from Operations Reconciliation: | ||||||||||||||||
Net earnings available to common stockholders | $ | 33,612 | $ | 44,898 | $ | 162,402 | $ | 155,167 | ||||||||
Total FFO adjustments | 33,707 | 27,304 | 126,791 | 105,735 | ||||||||||||
FFO available to common stockholders | 67,319 | 72,202 | 289,193 | 260,902 | ||||||||||||
Impairment – commercial mortgage residual interests valuation | 51 | — | 531 | 256 | ||||||||||||
Impairment losses – non-depreciable real estate | — | — | 156 | — | ||||||||||||
Income tax benefit | (316 | ) | (1,792 | ) | (316 | ) | (1,792 | ) | ||||||||
Taxable REIT subsidiary revocation election | 9,607 | — | 9,607 | — | ||||||||||||
Total Recurring FFO adjustments | 9,342 | (1,792 | ) | 9,978 | (1,536 | ) | ||||||||||
Recurring FFO available to common stockholders | $ | 76,661 | $ | 70,410 | $ | 299,171 | $ | 259,366 | ||||||||
Recurring FFO per common share: | ||||||||||||||||
Basic | $ | 0.56 | $ | 0.55 | $ | 2.23 | $ | 2.09 | ||||||||
Diluted | $ | 0.56 | $ | 0.55 | $ | 2.22 | $ | 2.08 | ||||||||
National Retail Properties, Inc. (in thousands, except per share data) (unaudited) | ||||||||||||||||
Quarter Ended | Year Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Adjusted Funds From Operations (AFFO) Reconciliation: | ||||||||||||||||
Net earnings available to common stockholders | $ | 33,612 | $ | 44,898 | $ | 162,402 | $ | 155,167 | ||||||||
Total FFO adjustments | 33,707 | 27,304 | 126,791 | 105,735 | ||||||||||||
Total Recurring FFO adjustments | 9,342 | (1,792 | ) | 9,978 | (1,536 | ) | ||||||||||
Recurring FFO available to common stockholders | 76,661 | 70,410 | 299,171 | 259,366 | ||||||||||||
Straight-line accrued rent | (529 | ) | (318 | ) | (368 | ) | (1,731 | ) | ||||||||
Net capital lease rent adjustment | 331 | 356 | 1,277 | 1,369 | ||||||||||||
Below market rent amortization | (671 | ) | (692 | ) | (3,046 | ) | (2,631 | ) | ||||||||
Stock based compensation expense | 2,461 | 2,450 | 9,671 | 9,224 | ||||||||||||
Capitalized interest expense | (750 | ) | (311 | ) | (2,383 | ) | (1,629 | ) | ||||||||
Loss on sale of mortgage receivable | 450 | — | 450 | — | ||||||||||||
Total AFFO adjustments | 1,292 | 1,485 | 5,601 | 4,602 | ||||||||||||
AFFO available to common stockholders | $ | 77,953 | $ | 71,895 | $ | 304,772 | $ | 263,968 | ||||||||
AFFO per common share: | ||||||||||||||||
Basic | $ | 0.57 | $ | 0.56 | $ | 2.27 | $ | 2.12 | ||||||||
Diluted | $ | 0.57 | $ | 0.56 | $ | 2.27 | $ | 2.12 | ||||||||
Other Information: | ||||||||||||||||
Percentage rent | $ | 802 | $ | 585 | $ | 1,430 | $ | 1,074 | ||||||||
Amortization of debt costs | $ | 773 | $ | 716 | $ | 2,915 | $ | 2,782 | ||||||||
Scheduled debt principal amortization (excluding maturities) | $ | 378 | $ | 326 | $ | 1,587 | $ | 1,151 | ||||||||
Non-real estate depreciation expense | $ | 77 | $ | 98 | $ | 418 | $ | 297 |
National Retail Properties, Inc. (in thousands) (unaudited) | ||||||||
December 31, 2015 | December 31, 2014 | |||||||
Balance Sheet Summary | ||||||||
Assets: | ||||||||
Cash and cash equivalents | $ | 14,260 | $ | 10,604 | ||||
Receivables, net of allowance | 3,344 | 3,013 | ||||||
Mortgages, notes and accrued interest receivable, net of allowance | 8,688 | 11,075 | ||||||
Real estate: | ||||||||
Accounted for using the operating method, net of accumulated depreciation and amortization | 5,256,274 | 4,685,001 | ||||||
Accounted for using the direct financing method | 14,518 | 16,974 | ||||||
Real estate held for sale | 32,666 | 38,074 | ||||||
Commercial mortgage residual interests | 11,115 | 11,626 | ||||||
Accrued rental income, net of allowance | 25,529 | 25,659 | ||||||
Debt costs, net of accumulated amortization | 4,003 | 5,290 | ||||||
Other assets | 89,647 | 108,235 | ||||||
Total assets | $ | 5,460,044 | $ | 4,915,551 | ||||
Liabilities: | ||||||||
Mortgages payable, including unamortized premium and net of unamortized debt cost | 23,964 | 26,182 | ||||||
Notes payable, net of unamortized discount and unamortized debt costs | 1,951,980 | 1,703,709 | ||||||
Accrued interest payable | 20,113 | 17,396 | ||||||
Other liabilities | 121,594 | 85,172 | ||||||
Total liabilities | 2,117,651 | 1,832,459 | ||||||
Stockholders’ equity of NNN | 3,342,134 | 3,082,515 | ||||||
Noncontrolling interests | 259 | 577 | ||||||
Total equity | 3,342,393 | 3,083,092 | ||||||
Total liabilities and equity | $ | 5,460,044 | $ | 4,915,551 | ||||
Common shares outstanding | 141,008 | 132,010 | ||||||
Gross leasable area, Property Portfolio (square feet) | 24,964 | 22,479 | ||||||
National Retail Properties, Inc Debt Summary As of December 31, 2015 (in thousands) (unaudited) | ||||||||||||||
Unsecured Debt | Principal | Principal, Net of Unamortized Discount | Stated Rate | Effective Rate | Maturity Date | |||||||||
Line of credit payable | $ | — | $ | — | L + 92.5 bps | — | January 2019 | |||||||
Unsecured notes payable: | ||||||||||||||
2017 | 250,000 | 249,796 | 6.875% | 6.924% | October 2017 | |||||||||
2021 | 300,000 | 297,344 | 5.500% | 5.689% | July 2021 | |||||||||
2022 | 325,000 | 321,452 | 3.800% | 3.985% | October 2022 | |||||||||
2023 | 350,000 | 348,025 | 3.300% | 3.388% | April 2023 | |||||||||
2024 | 350,000 | 349,389 | 3.900% | 3.924% | June 2024 | |||||||||
2025 | 400,000 | 399,052 | 4.000% | 4.029% | November 2025 | |||||||||
Total | 1,975,000 | 1,965,058 | ||||||||||||
Total unsecured debt (1) | $ | 1,975,000 | $ | 1,965,058 | ||||||||||
Debt costs | (19,100 | ) | ||||||||||||
Accumulated amortization | 6,022 | |||||||||||||
Debt costs, net of accumulated amortization | (13,078 | ) | ||||||||||||
Notes payable, net of unamortized discount and unamortized debt costs | $ | 1,951,980 | ||||||||||||
(1) Unsecured notes payable have a weighted average interest rate of 4.5% and a weighted average maturity of 7 years |
Mortgages Payable | Principal Balance | Interest Rate | Maturity Date | |||||
Mortgage(1) | $ | 14,555 | 5.230% | July 2023 | ||||
Mortgage(1) | 5,890 | 5.750% | April 2016 | |||||
Mortgage(1) | 2,804 | 6.400% | February 2017 | |||||
Mortgage | 848 | 6.900% | January 2017 | |||||
24,097 | (2) | |||||||
Debt costs | (226 | ) | ||||||
Accumulated amortization | 93 | |||||||
Debt costs, net of accumulated amortization | (133 | ) | ||||||
Mortgages payable, including unamortized premium and net of unamortized debt costs | $ | 23,964 | ||||||
(1) Includes unamortized premium | ||||||||
(2) Mortgages payable have a weighted average interest rate of 5.4% and a weighted average maturity of 5 years |
As of December 31, | ||||||||
Line of Trade | 2015(1) | 2014(2) | ||||||
1. | Convenience stores | 16.7 | % | 18.0 | % | |||
2. | Restaurants - full service | 11.0 | % | 9.1 | % | |||
3. | Restaurants - limited service | 7.2 | % | 6.5 | % | |||
4. | Automotive service | 7.0 | % | 7.2 | % | |||
5. | Family entertainment centers | 5.6 | % | 5.1 | % | |||
6. | Theaters | 5.2 | % | 5.2 | % | |||
7. | Automotive parts | 4.2 | % | 4.7 | % | |||
8. | Health and fitness | 3.8 | % | 3.9 | % | |||
9. | Recreational vehicle dealers, parts and accessories | 3.6 | % | 3.1 | % | |||
10. | Banks | 3.4 | % | 3.7 | % | |||
11. | Sporting goods | 3.3 | % | 3.5 | % | |||
12. | Wholesale clubs | 2.6 | % | 2.9 | % | |||
13. | Drug stores | 2.3 | % | 2.5 | % | |||
14. | Consumer electronics | 2.2 | % | 2.4 | % | |||
15. | Medical service providers | 2.2 | % | 2.0 | % | |||
16. | Travel plazas | 2.1 | % | 2.3 | % | |||
17. | General merchandise | 1.9 | % | 1.6 | % | |||
18. | Home furnishings | 1.9 | % | 1.9 | % | |||
19. | Home improvement | 1.8 | % | 2.1 | % | |||
20. | Grocery | 1.7 | % | 1.6 | % | |||
Other | 10.3 | % | 10.7 | % | ||||
Total | 100.0 | % | 100.0 | % |
State | % of Total(1) | State | % of Total(1) | |||||||||
1. | Texas | 19.7 | % | 6. | Georgia | 4.5 | % | |||||
2. | Florida | 9.3 | % | 7. | Virginia | 3.8 | % | |||||
3. | Ohio | 5.2 | % | 8. | Indiana | 3.8 | % | |||||
4. | North Carolina | 5.2 | % | 9. | Alabama | 3.2 | % | |||||
5. | Illinois | 4.9 | % | 10. | Tennessee | 3.0 | % |
(1) | Based on the annualized base rent for all leases in place as of December 31, 2015. |
(2) | Based on the annualized base rent for all leases in place as of December 31, 2014. |
Properties | % of Total (1) | ||||
Sunoco | 125 | 5.9% | |||
Mister Car Wash | 90 | 4.4% | |||
LA Fitness | 25 | 3.7% | |||
Couche-Tard (Pantry) | 86 | 3.6% | |||
Camping World | 32 | 3.6% | |||
7-Eleven | 77 | 3.5% | |||
SunTrust | 121 | 3.3% | |||
AMC Theatre | 16 | 3.0% | |||
Chuck E. Cheese's | 53 | 2.7% | |||
BJ's Wholesale Club | 7 | 2.6% | |||
Frisch's Restaurant | 74 | 2.4% | |||
Gander Mountain | 12 | 2.4% | |||
Bell American (Taco Bell) | 78 | 2.2% | |||
Best Buy | 19 | 2.1% | |||
% of Total(1) | # of Properties | Gross Leasable Area (3) | % of Total(1) | # of Properties | Gross Leasable Area (3) | |||||||||||
2016 | 1.0% | 27 | 363,000 | 2022 | 5.6% | 96 | 1,143,000 | |||||||||
2017 | 3.0% | 52 | 1,084,000 | 2023 | 2.5% | 55 | 903,000 | |||||||||
2018 | 6.3% | 183 | 1,645,000 | 2024 | 2.6% | 49 | 767,000 | |||||||||
2019 | 3.4% | 80 | 1,109,000 | 2025 | 5.3% | 132 | 996,000 | |||||||||
2020 | 4.3% | 137 | 1,550,000 | 2026 | 5.8% | 162 | 1,624,000 | |||||||||
2021 | 4.7% | 116 | 1,271,000 | Thereafter | 55.5% | 1,140 | 12,089,000 |
(1) | Based on the annual base rent of $487,410,000, which is the annualized base rent for all leases in place as of December 31, 2015. |
(2) | As of December 31, 2015, the weighted average remaining lease term is 11.4 years. |
(3) | Square feet. |
PAGE REFERENCE | |
Financial Summary | |
Income Statement Summary | |
Funds From Operations (FFO) | |
Recurring Funds From Operation | |
Adjusted Funds From Operations (AFFO) | |
Other Information | |
Balance Sheet | |
Debt Summary | |
Credit Metrics | |
Credit Facility and Note Covenants | |
Long-Term Dividend History | |
Transaction Summary | |
Property Acquisitions | |
Property Dispositions | |
Property Portfolio | |
Lease Expirations | |
Top 20 Lines of Trade | |
Top 10 States | |
Portfolio By Region | |
Top Tenants | |
Same Store Rental Income | |
Leasing Data | |
Other Property Portfolio Data | |
Earnings Guidance |
INCOME STATEMENT SUMMARY | ||||||||||||||||
(in thousands, except per share data) | ||||||||||||||||
(unaudited) | ||||||||||||||||
Quarter Ended | Year Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Revenues: | ||||||||||||||||
Rental and earned income | $ | 121,106 | $ | 110,248 | $ | 465,282 | $ | 416,842 | ||||||||
Real estate expense reimbursement from tenants | 4,561 | 4,093 | 14,868 | 13,875 | ||||||||||||
Interest and other income from real estate transactions | 264 | 510 | 986 | 2,296 | ||||||||||||
Interest income on commercial mortgage residual interests | 446 | 464 | 1,778 | 1,834 | ||||||||||||
126,377 | 115,315 | 482,914 | 434,847 | |||||||||||||
Operating expenses: | ||||||||||||||||
General and administrative | 9,657 | 7,712 | 34,736 | 32,518 | ||||||||||||
Real estate | 5,575 | 5,236 | 19,774 | 18,905 | ||||||||||||
Depreciation and amortization | 34,848 | 30,376 | 134,798 | 116,162 | ||||||||||||
Impairment – commercial mortgage residual interests valuation | 51 | — | 531 | 256 | ||||||||||||
Impairment losses and other charges, net of recoveries | 708 | 198 | 4,420 | 760 | ||||||||||||
50,839 | 43,522 | 194,259 | 168,601 | |||||||||||||
Other expenses (revenues): | ||||||||||||||||
Interest and other income | (42 | ) | (113 | ) | (109 | ) | (357 | ) | ||||||||
Interest expense | 24,548 | 21,830 | 90,008 | 85,510 | ||||||||||||
Real estate acquisition costs | 33 | 202 | 927 | 1,391 | ||||||||||||
24,539 | 21,919 | 90,826 | 86,544 | |||||||||||||
Income tax benefit (expense) | (9,827 | ) | 797 | (10,318 | ) | 75 | ||||||||||
Earnings from continuing operations | 41,172 | 50,671 | 187,511 | 179,777 | ||||||||||||
Earnings from discontinued operations, net of income tax expense | — | — | — | 124 | ||||||||||||
Earnings before gain on disposition of real estate, net of income tax expense | 41,172 | 50,671 | 187,511 | 179,901 | ||||||||||||
Gain on disposition of real estate, net of income tax expense | 1,305 | 3,103 | 10,450 | 11,269 | ||||||||||||
Earnings including noncontrolling interests | 42,477 | 53,774 | 197,961 | 191,170 | ||||||||||||
Earnings from continuing operations attributable to noncontrolling interests: | (6 | ) | (17 | ) | (125 | ) | (569 | ) | ||||||||
Net earnings attributable to NNN | 42,471 | 53,757 | 197,836 | 190,601 |
INCOME STATEMENT SUMMARY | ||||||||||||||||
(in thousands, except per share data) | ||||||||||||||||
(unaudited) | ||||||||||||||||
Quarter Ended | Year Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Net earnings attributable to NNN | 42,471 | 53,757 | 197,836 | 190,601 | ||||||||||||
Series D preferred stock dividends | (4,762 | ) | (4,762 | ) | (19,047 | ) | (19,047 | ) | ||||||||
Series E preferred stock dividends | (4,097 | ) | (4,097 | ) | (16,387 | ) | (16,387 | ) | ||||||||
Net earnings available to common stockholders | $ | 33,612 | $ | 44,898 | $ | 162,402 | $ | 155,167 | ||||||||
Weighted average common shares outstanding: | ||||||||||||||||
Basic | 137,111 | 128,332 | 133,999 | 124,258 | ||||||||||||
Diluted | 137,623 | 128,813 | 134,489 | 124,710 | ||||||||||||
Net earnings per share available to common stockholders: | ||||||||||||||||
Basic: | ||||||||||||||||
Continuing operations | $ | 0.24 | $ | 0.35 | $ | 1.21 | $ | 1.24 | ||||||||
Net earnings | $ | 0.24 | $ | 0.35 | $ | 1.21 | $ | 1.24 | ||||||||
Diluted: | ||||||||||||||||
Continuing operations | $ | 0.24 | $ | 0.35 | $ | 1.20 | $ | 1.24 | ||||||||
Net earnings | $ | 0.24 | $ | 0.35 | $ | 1.20 | $ | 1.24 |
FUNDS FROM OPERATIONS (FFO) | ||||||||||||||||
(in thousands, except per share data) | ||||||||||||||||
(unaudited) | Quarter Ended | Year Ended | ||||||||||||||
December 31, | December 31, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Net earnings available to common stockholders | $ | 33,612 | $ | 44,898 | $ | 162,402 | $ | 155,167 | ||||||||
Real estate depreciation and amortization: | ||||||||||||||||
Continuing operations | 34,754 | 30,284 | 134,380 | 115,888 | ||||||||||||
Discontinued operations | — | — | — | 3 | ||||||||||||
Gain on disposition of real estate, net of income tax and noncontrolling interest | (1,305 | ) | (3,103 | ) | (10,397 | ) | (10,904 | ) | ||||||||
Impairment losses – depreciable real estate, net of recoveries and income tax | 258 | 123 | 2,808 | 748 | ||||||||||||
Total FFO adjustments | 33,707 | 27,304 | 126,791 | 105,735 | ||||||||||||
FFO available to common stockholders | $ | 67,319 | $ | 72,202 | $ | 289,193 | $ | 260,902 | ||||||||
FFO per common share: | ||||||||||||||||
Basic | $ | 0.49 | $ | 0.56 | $ | 2.16 | $ | 2.10 | ||||||||
Diluted | $ | 0.49 | $ | 0.56 | $ | 2.15 | $ | 2.09 |
RECURRING FUNDS FROM OPERATIONS | ||||||||||||||||
(in thousands, except per share data) | ||||||||||||||||
(unaudited) | Quarter Ended | Year Ended | ||||||||||||||
December 31, | December 31, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Net earnings available to common stockholders | $ | 33,612 | $ | 44,898 | $ | 162,402 | $ | 155,167 | ||||||||
Total FFO adjustments | 33,707 | 27,304 | 126,791 | 105,735 | ||||||||||||
FFO available to common stockholders | 67,319 | 72,202 | 289,193 | 260,902 | ||||||||||||
Impairment – commercial mortgage residual interests valuation | 51 | — | 531 | 256 | ||||||||||||
Impairment losses – non-depreciable real estate | — | — | 156 | — | ||||||||||||
Income tax benefit | (316 | ) | (1,792 | ) | (316 | ) | (1,792 | ) | ||||||||
Taxable REIT subsidiary revocation election(1) | 9,607 | — | 9,607 | — | ||||||||||||
Total Recurring FFO adjustments | 9,342 | (1,792 | ) | 9,978 | (1,536 | ) | ||||||||||
Recurring FFO available to common stockholders | $ | 76,661 | $ | 70,410 | $ | 299,171 | $ | 259,366 | ||||||||
Recurring FFO per common share: | ||||||||||||||||
Basic | $ | 0.56 | $ | 0.55 | $ | 2.23 | $ | 2.09 | ||||||||
Diluted | $ | 0.56 | $ | 0.55 | $ | 2.22 | $ | 2.08 |
ADJUSTED FUNDS FROM OPERATIONS (AFFO) | ||||||||||||||||
(in thousands, except per share data) | ||||||||||||||||
(unaudited) | ||||||||||||||||
Quarter Ended | Year Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Net earnings available to common stockholders | $ | 33,612 | $ | 44,898 | $ | 162,402 | $ | 155,167 | ||||||||
Total FFO adjustments | 33,707 | 27,304 | 126,791 | 105,735 | ||||||||||||
Total Recurring FFO adjustments | 9,342 | (1,792 | ) | 9,978 | (1,536 | ) | ||||||||||
Recurring FFO available to common stockholders | 76,661 | 70,410 | 299,171 | 259,366 | ||||||||||||
Straight-line accrued rent | (529 | ) | (318 | ) | (368 | ) | (1,731 | ) | ||||||||
Net capital lease rent adjustment | 331 | 356 | 1,277 | 1,369 | ||||||||||||
Below market rent amortization | (671 | ) | (692 | ) | (3,046 | ) | (2,631 | ) | ||||||||
Stock based compensation expense | 2,461 | 2,450 | 9,671 | 9,224 | ||||||||||||
Capitalized interest expense | (750 | ) | (311 | ) | (2,383 | ) | (1,629 | ) | ||||||||
Loss on sale of mortgage receivable | 450 | — | 450 | — | ||||||||||||
Total AFFO adjustments | 1,292 | 1,485 | 5,601 | 4,602 | ||||||||||||
AFFO available to common stockholders | $ | 77,953 | $ | 71,895 | $ | 304,772 | $ | 263,968 | ||||||||
AFFO per common share: | ||||||||||||||||
Basic | $ | 0.57 | $ | 0.56 | $ | 2.27 | $ | 2.12 | ||||||||
Diluted | $ | 0.57 | $ | 0.56 | $ | 2.27 | $ | 2.12 |
OTHER INFORMATION | ||||||||||||||||
(in thousands) | ||||||||||||||||
(unaudited) | ||||||||||||||||
Quarter Ended | Year Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Percentage rent | $ | 802 | $ | 585 | $ | 1,430 | $ | 1,074 | ||||||||
Amortization of debt costs | $ | 773 | $ | 716 | $ | 2,915 | $ | 2,782 | ||||||||
Scheduled debt principal amortization (excluding maturities) | $ | 378 | $ | 326 | $ | 1,587 | $ | 1,151 | ||||||||
Non-real estate depreciation expense | $ | 77 | $ | 98 | $ | 418 | $ | 297 |
BALANCE SHEET |
(in thousands) |
(unaudited) |
December 31, 2015 | December 31, 2014 | |||||||
Assets: | ||||||||
Cash and cash equivalents | $ | 14,260 | $ | 10,604 | ||||
Receivables, net of allowance | 3,344 | 3,013 | ||||||
Mortgages, notes and accrued interest receivable, net of allowance | 8,688 | 11,075 | ||||||
Real estate: | ||||||||
Accounted for using the operating method, net of accumulated depreciation and amortization | 5,256,274 | 4,685,001 | ||||||
Accounted for using the direct financing method | 14,518 | 16,974 | ||||||
Real estate held for sale | 32,666 | 38,074 | ||||||
Commercial mortgage residual interests | 11,115 | 11,626 | ||||||
Accrued rental income, net of allowance | 25,529 | 25,659 | ||||||
Debt costs, net of accumulated amortization | 4,003 | 5,290 | ||||||
Other assets | 89,647 | 108,235 | ||||||
Total assets | $ | 5,460,044 | $ | 4,915,551 | ||||
Liabilities: | ||||||||
Mortgages payable, including unamortized premium and net of unamortized debt cost | 23,964 | 26,182 | ||||||
Notes payable, net of unamortized discount and unamortized debt costs | 1,951,980 | 1,703,709 | ||||||
Accrued interest payable | 20,113 | 17,396 | ||||||
Other liabilities | 121,594 | 85,172 | ||||||
Total liabilities | 2,117,651 | 1,832,459 | ||||||
Stockholders’ equity of NNN | 3,342,134 | 3,082,515 | ||||||
Noncontrolling interests | 259 | 577 | ||||||
Total equity | 3,342,393 | 3,083,092 | ||||||
Total liabilities and equity | $ | 5,460,044 | $ | 4,915,551 | ||||
Common shares outstanding | 141,008 | 132,010 | ||||||
Gross leasable area, Property Portfolio (square feet) | 24,964 | 22,479 |
DEBT SUMMARY |
(in thousands) |
As of December 31, 2015 |
Unsecured Debt | Principal | Principal, Net of Unamortized Discount | Stated Rate | Effective Rate | Maturity Date | |||||||||
Line of credit payable | $ | — | $ | — | L + 92.5 bps | — | January 2019 | |||||||
Unsecured notes payable: | ||||||||||||||
2017 | 250,000 | 249,796 | 6.875% | 6.924% | October 2017 | |||||||||
2021 | 300,000 | 297,344 | 5.500% | 5.689% | July 2021 | |||||||||
2022 | 325,000 | 321,452 | 3.800% | 3.985% | October 2022 | |||||||||
2023 | 350,000 | 348,025 | 3.300% | 3.388% | April 2023 | |||||||||
2024 | 350,000 | 349,389 | 3.900% | 3.924% | June 2024 | |||||||||
2025 | 400,000 | 399,052 | 4.000% | 4.029% | November 2025 | |||||||||
Total | 1,975,000 | 1,965,058 | ||||||||||||
Total unsecured debt (1) | $ | 1,975,000 | $ | 1,965,058 | ||||||||||
Debt costs | (19,100 | ) | ||||||||||||
Accumulated amortization | 6,022 | |||||||||||||
Debt costs, net of accumulated amortization | (13,078 | ) | ||||||||||||
Notes payable, net of unamortized discount and unamortized debt costs | $ | 1,951,980 | ||||||||||||
(1) Unsecured notes payable have a weighted average interest rate of 4.5% and weighted average maturity of 7.0 years. |
Mortgages Payable | Interest Rate | Maturity Date | Principal Balance | |||||||
Mortgage(1) | 5.230 | % | July 2023 | $ | 14,555 | |||||
Mortgage(1) | 5.750 | % | April 2016 | 5,890 | ||||||
Mortgage(1) | 6.400 | % | February 2017 | 2,804 | ||||||
Mortgage | 6.900 | % | January 2017 | 848 | ||||||
$ | 24,097 | (2) | ||||||||
Debt costs | (226 | ) | ||||||||
Accumulated amortization | 93 | |||||||||
Debt costs, net of accumulated amortization | (133 | ) | ||||||||
Mortgages payable, including unamortized premium and net of unamortized debt costs | $ | 23,964 | ||||||||
(1) Includes unamortized premium | ||||||||||
(2) Mortgages payable have a weighted average interest rate of 5.4% and weighted average maturity of 4.8 years. |
CREDIT METRICS | ||||||||||||||
Ratings: Moody’s Baa1; S&P BBB+; Fitch BBB+ | ||||||||||||||
2011 | 2012 | 2013 | 2014 | 2015 | ||||||||||
Debt / Total assets (gross book) | 37.0 | % | 37.5 | % | 32.9 | % | 32.6 | % | 33.2 | % | ||||
Debt + preferred / Total assets (gross book) | 39.5 | % | 44.3 | % | 44.9 | % | 43.3 | % | 42.9 | % | ||||
Market cap leverage | 33.3 | % | 31.0 | % | 28.2 | % | 24.2 | % | 25.4 | % | ||||
Debt / EBITDA (last quarter annualized) | 5.3 | 5.1 | 4.3 | 4.2 | 4.4 | |||||||||
Debt / EBITDA (last four quarters) | 5.9 | 5.3 | 4.5 | 4.5 | 4.6 | |||||||||
EBITDA / Interest expense (cash) | 3.2 | 3.7 | 4.1 | 4.4 | 4.6 | |||||||||
EBITDA / Fixed charges (cash) | 2.9 | 3.0 | 3.1 | 3.1 | 3.3 |
CREDIT FACILITY AND NOTES COVENANTS |
Unsecured Credit Facility Key Covenants | Required | December 31, 2015 | ||
Maximum leverage ratio | 0.60 to 1.00 | 0.32 | ||
Minimum fixed charge coverage ratio | > 1.50 | 3.29 | ||
Maximum secured indebtedness ratio | 0.40 to 1.00 | 0.004 | ||
Unencumbered asset value ratio | > 1.67 | 3.25 | ||
Unencumbered interest ratio | > 1.75 | 4.74 | ||
Unsecured Notes Key Covenants | Required | December 31, 2015 | ||
Limitation on incurrence of total debt | ≤ 60% | 32.4% | ||
Limitation on incurrence of secured debt | ≤ 40% | 0.4% | ||
Debt service coverage ratio | ≥ 1.50 | 4.62 | ||
Maintenance of total unencumbered assets | ≥ 150% | 309.6% |
LONG-TERM DIVIDEND HISTORY |
PROPERTY ACQUISITIONS |
Year Ended December 31, | ||||||||
2015 | 2014 | |||||||
Total dollars invested | $ | 726,303 | $ | 618,145 | ||||
Number of Properties | 221 | 221 | ||||||
Gross leasable area (square feet) | 2,706,000 | 2,417,000 | ||||||
Cash cap rate | 7.2 | % | 7.5 | % |
PROPERTY DISPOSITIONS |
Year Ended December 31, | |||||||||||||||||||
2015 | 2014 | ||||||||||||||||||
Occupied | Vacant | Total | Occupied | Vacant | Total | ||||||||||||||
Number of properties | 11 | 8 | 19 | 17 | 10 | 27 | |||||||||||||
Gross leasable area (square feet) | 106,000 | 126,000 | 232,000 | 235,000 | 82,000 | 317,000 | |||||||||||||
Acquisition costs | $ | 28,092 | $ | 11,264 | $ | 39,356 | $ | 39,980 | $ | 18,524 | $ | 58,504 | |||||||
Net book value | $ | 24,535 | $ | 3,892 | $ | 28,427 | $ | 32,000 | $ | 11,786 | $ | 43,786 | |||||||
Net sale proceeds | $ | 35,030 | $ | 4,086 | $ | 39,116 | $ | 41,522 | $ | 13,856 | $ | 55,378 | |||||||
Cash cap rate | 5.9 | % | — | 5.9 | % | 7.2 | % | — | 7.2 | % |
LEASE EXPIRATIONS |
% of Total(1) | # of Properties | Gross Leasable Area (2) | % of Total(1) | # of Properties | Gross Leasable Area (2) | |||||||||||||||
2016 | 1.0 | % | 27 | 363,000 | 2022 | 5.6 | % | 96 | 1,143,000 | |||||||||||
2017 | 3.0 | % | 52 | 1,084,000 | 2023 | 2.5 | % | 55 | 903,000 | |||||||||||
2018 | 6.3 | % | 183 | 1,645,000 | 2024 | 2.6 | % | 49 | 767,000 | |||||||||||
2019 | 3.4 | % | 80 | 1,109,000 | 2025 | 5.3 | % | 132 | 996,000 | |||||||||||
2020 | 4.3 | % | 137 | 1,550,000 | 2026 | 5.8 | % | 162 | 1,624,000 | |||||||||||
2021 | 4.7 | % | 116 | 1,271,000 | Thereafter | 55.5 | % | 1,140 | 12,089,000 |
(1) | Based on the annual base rent of $487,410,000, which is the annualized base rent for all leases in place as of December 31, 2015. |
(2) | Square feet. |
TOP 20 LINES OF TRADE |
As of December 31, | ||||||||
Line of Trade | 2015(1) | 2014(2) | ||||||
1. | Convenience stores | 16.7 | % | 18.0 | % | |||
2. | Restaurants - full service | 11.0 | % | 9.1 | % | |||
3. | Restaurants - limited service | 7.2 | % | 6.5 | % | |||
4. | Automotive service | 7.0 | % | 7.2 | % | |||
5. | Family entertainment centers | 5.6 | % | 5.1 | % | |||
6. | Theaters | 5.2 | % | 5.2 | % | |||
7. | Automotive parts | 4.2 | % | 4.7 | % | |||
8. | Health and fitness | 3.8 | % | 3.9 | % | |||
9. | Recreational vehicle dealers, parts and accessories | 3.6 | % | 3.1 | % | |||
10. | Banks | 3.4 | % | 3.7 | % | |||
11. | Sporting goods | 3.3 | % | 3.5 | % | |||
12. | Wholesale clubs | 2.6 | % | 2.9 | % | |||
13. | Drug stores | 2.3 | % | 2.5 | % | |||
14. | Consumer electronics | 2.2 | % | 2.4 | % | |||
15. | Medical service providers | 2.2 | % | 2.0 | % | |||
16. | Travel plazas | 2.1 | % | 2.3 | % | |||
17. | General merchandise | 1.9 | % | 1.6 | % | |||
18. | Home furnishings | 1.9 | % | 1.9 | % | |||
19. | Home improvement | 1.8 | % | 2.1 | % | |||
20. | Grocery | 1.7 | % | 1.6 | % | |||
Other | 10.3 | % | 10.7 | % | ||||
Total | 100.0 | % | 100.0 | % |
TOP 10 STATES |
State | % of Total(1) | State | % of Total(1) | |||||||||
1. | Texas | 19.7 | % | 6. | Georgia | 4.5 | % | |||||
2. | Florida | 9.3 | % | 7. | Virginia | 3.8 | % | |||||
3. | Ohio | 5.2 | % | 8. | Indiana | 3.8 | % | |||||
4. | North Carolina | 5.2 | % | 9. | Alabama | 3.2 | % | |||||
5. | Illinois | 4.9 | % | 10. | Tennessee | 3.0 | % | |||||
(1) Based on the annualized base rent for all leases in place as of December 31, 2015. |
PORTFOLIO BY REGION |
TOP TENANTS |
▪ | 21% of annual base rent is from tenants with investment grade rated debt |
▪ | 67% of annual base rent is from tenants that are publicly traded and/or have rated debt |
▪ | Top 25 tenants (60% of annual base rent) operate an average of over 1,300 stores each |
Top Tenants (>2.0%) | Properties | % of Total (1) | ||||
Sunoco | 125 | 5.9 | % | |||
Mister Car Wash | 90 | 4.4 | % | |||
LA Fitness | 25 | 3.7 | % | |||
Couche-Tard (Pantry) | 86 | 3.6 | % | |||
Camping World | 32 | 3.6 | % | |||
7-Eleven | 77 | 3.5 | % | |||
SunTrust | 121 | 3.3 | % | |||
AMC Theatre | 16 | 3.0 | % | |||
Chuck E. Cheese's | 53 | 2.7 | % | |||
BJ's Wholesale Club | 7 | 2.6 | % | |||
Frisch's Restaurant | 74 | 2.4 | % | |||
Gander Mountain | 12 | 2.4 | % | |||
Bell American (Taco Bell) | 78 | 2.2 | % | |||
Best Buy | 19 | 2.1 | % |
Rent Coverage (With Corp. Overhead) | Fixed Charge Coverage | ||
Range | 1.6x - 6.6x | 1.3x - 5.1x | |
Average | 3.3x | 2.4x | |
Weighted average | 3.6x | 2.5x | |
SAME STORE RENTAL INCOME |
Same Store Rental Income (1) | Cash | ||
Number of leases | 1,787 | ||
Year ended December 31, 2015 | $ | 384,580 | |
Year ended December 31, 2014 | $ | 380,273 | |
Increase (in dollars) | $ | 4,307 | |
Increase (percent) | 1.1 | % | |
(1) Includes all properties owned for current and prior year period excluding any vacant properties or properties under development or re-development. |
LEASING DATA |
Year Ended December 31, 2015 | Renewals With Same Tenant(1) | Re-Lease To New Tenant | Releasing Totals | |||||||||
Number of leases | 40 | 21 | 61 | |||||||||
Prior cash rents | $ | 6,018 | $ | 3,383 | $ | 9,401 | ||||||
New cash rents | $ | 6,015 | $ | 2,634 | $ | 8,649 | (2) | |||||
Releasing spread | 100 | % | 78 | % | 92 | % | ||||||
Tenant improvements | $ | — | $ | 1,213 | $ | 1,213 |
(1) | Renewal rate of 82% |
(2) | Represents 1.8% of total annualized base rent as of December 31, 2015 |
OTHER PROPERTY PORTFOLIO DATA |
# of Properties | % of Annual Base Rent | |||||
Property Level Financial Information | 1,693 | 75 | % | |||
Tenant Corporate Financials | 1,580 | 74 | % |
Rent Increases | % of Annual Base Rent | ||||||||||
Annual | Five Year | Other | Total | ||||||||
CPI | 32 | % | 39 | % | 2 | % | 73 | % | |||
Fixed | 5 | % | 13 | % | 3 | % | 21 | % | |||
No increases | — | — | 6 | % | 6 | % | |||||
37 | % | 52 | % | 11 | % | 100 | % |
▪ | 89% of the company's annual base rent is from NNN leases |
▪ | 93% of the company's annual base rent is from NNN leases and NN leases (with roof warranty) |
EARNINGS GUIDANCE |
2016 Guidance | |
Net earnings per common share before any gains (losses) on sale of real estate | $1.31 - $1.37 per share |
Real estate depreciation and amortization per share | $0.98 |
FFO per share | $2.29 - $2.35 per share |
AFFO per share | $2.34 - $2.40 per share |
G&A expenses | $35.5 Million |
Real estate expenses, net of tenant reimbursements | $0.9 Million |
Acquisition volume | $400 - $500 Million |
Disposition volume | $75 - $100 Million |
1 Year NNN REIT Chart |
1 Month NNN REIT Chart |
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