10-Q 1 nnn-20220331.htm 10-Q 10-Q
Q10000751364--03-31false0000751364us-gaap:RetainedEarningsMember2021-12-310000751364us-gaap:AdditionalPaidInCapitalMember2021-12-310000751364us-gaap:LineOfCreditMember2022-03-310000751364us-gaap:SubsequentEventMember2022-04-012022-04-300000751364us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2021-12-310000751364us-gaap:RetainedEarningsMember2021-03-310000751364us-gaap:SeriesFPreferredStockMemberus-gaap:PreferredStockMember2021-03-310000751364us-gaap:CommonStockMember2021-12-310000751364nnn:NotesPayableDueOctober2022Member2021-03-310000751364us-gaap:NoncontrollingInterestMember2020-12-310000751364us-gaap:AboveMarketLeasesMember2022-03-310000751364nnn:ATMEquityProgramMember2021-01-012021-03-3100007513642021-12-3100007513642021-01-012021-12-310000751364us-gaap:CommonStockMember2022-03-310000751364us-gaap:CommonStockMember2022-01-012022-03-310000751364us-gaap:SeriesFPreferredStockMember2022-01-012022-03-310000751364us-gaap:ParentMember2021-12-310000751364us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-01-012021-03-310000751364us-gaap:AdditionalPaidInCapitalMember2020-12-310000751364nnn:ForwardSwapMember2016-12-310000751364nnn:NotesPayableDueOctober2022Member2021-03-012021-03-310000751364nnn:ForwardSwapMember2017-09-300000751364us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-12-310000751364nnn:DripMember2021-01-012021-03-310000751364nnn:DripMember2022-01-012022-03-310000751364us-gaap:AssetUnderConstructionMember2022-03-3100007513642022-01-012022-12-3100007513642021-06-300000751364us-gaap:ParentMember2021-03-310000751364nnn:ATMEquityProgram2020Member2022-03-310000751364us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-03-310000751364us-gaap:NoncontrollingInterestMember2022-01-012022-03-310000751364us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-03-3100007513642021-01-012021-03-310000751364us-gaap:RetainedEarningsMember2022-01-012022-03-310000751364us-gaap:LoansPayableMember2021-12-310000751364us-gaap:LeasesAcquiredInPlaceMember2022-03-310000751364nnn:AboveMarketAndBelowMarketLeasesMember2022-01-012022-03-310000751364us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-310000751364us-gaap:ParentMember2021-01-012021-03-310000751364us-gaap:SeriesFPreferredStockMember2021-01-012021-03-310000751364srt:MaximumMember2022-01-012022-03-310000751364nnn:NotesPayableDueApril2052Member2022-03-310000751364us-gaap:NoncontrollingInterestMember2021-12-310000751364us-gaap:NoncontrollingInterestMember2022-03-3100007513642020-12-310000751364us-gaap:RetainedEarningsMember2020-12-310000751364us-gaap:SeriesFPreferredStockMemberus-gaap:RetainedEarningsMember2021-01-012021-03-310000751364us-gaap:AdditionalPaidInCapitalMember2021-01-012021-03-310000751364us-gaap:CommonStockMember2020-12-310000751364nnn:ForwardSwapMember2021-09-300000751364us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMember2022-01-012022-03-310000751364us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMember2021-01-012021-03-310000751364us-gaap:LondonInterbankOfferedRateLIBORMember2022-01-012022-03-310000751364us-gaap:RealEstateLoanMember2022-03-310000751364us-gaap:SeriesFPreferredStockMember2021-10-012021-10-310000751364nnn:NotesPayableDueApril2052Member2021-09-300000751364us-gaap:LeasesAcquiredInPlaceMember2022-01-012022-03-310000751364nnn:NotesPayableDueApril2051Member2022-03-3100007513642021-03-310000751364us-gaap:RealEstateLoanMember2022-01-012022-03-310000751364us-gaap:LeasesAcquiredInPlaceMember2021-12-3100007513642022-04-280000751364us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-01-012022-03-310000751364us-gaap:LeasesAcquiredInPlaceMember2021-01-012021-03-310000751364nnn:AboveMarketAndBelowMarketLeasesMember2021-01-012021-03-3100007513642022-03-310000751364us-gaap:AboveMarketLeasesMember2021-12-310000751364us-gaap:AdditionalPaidInCapitalMember2022-01-012022-03-310000751364nnn:ForwardSwapMember2018-09-300000751364us-gaap:RetainedEarningsMember2022-03-310000751364us-gaap:ParentMember2022-01-012022-03-310000751364us-gaap:RetainedEarningsMember2021-01-012021-03-310000751364us-gaap:CommonStockMember2021-03-3100007513642022-01-012022-03-310000751364nnn:ForwardSwapMember2014-05-310000751364nnn:DripMember2021-02-280000751364nnn:ForwardSwapMember2020-03-310000751364us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-03-310000751364srt:MinimumMember2022-01-012022-03-310000751364us-gaap:AdditionalPaidInCapitalMember2021-03-310000751364us-gaap:SeriesFPreferredStockMember2021-10-310000751364nnn:NotesPayableDueApril2051Member2021-09-300000751364us-gaap:ParentMember2020-12-310000751364us-gaap:SeriesFPreferredStockMemberus-gaap:ParentMember2021-01-012021-03-310000751364us-gaap:AdditionalPaidInCapitalMember2022-03-310000751364us-gaap:ParentMember2022-03-310000751364nnn:ForwardSwapMember2015-10-310000751364us-gaap:LoansPayableMember2022-03-310000751364us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-01-012022-03-310000751364us-gaap:CommonStockMember2021-01-012021-03-3100007513642021-05-310000751364us-gaap:AssetUnderConstructionMember2021-12-310000751364us-gaap:SeriesFPreferredStockMemberus-gaap:PreferredStockMember2020-12-310000751364us-gaap:RealEstateLoanMember2021-12-310000751364us-gaap:NoncontrollingInterestMember2021-03-31xbrli:pureutr:sqftxbrli:sharesiso4217:USDxbrli:sharesnnn:Propertyiso4217:USDnnn:Instrumentnnn:Tenant

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D. C. 20549

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.

For the quarterly period ended March 31, 2022

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.

For the transition period from to

Commission file number 001-11290

NATIONAL RETAIL PROPERTIES, INC.

(Exact name of registrant as specified in its charter)

Maryland

56-1431377

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer Identification No.)

450 South Orange Avenue, Suite 900

Orlando, Florida 32801

(Address of principal executive offices, including zip code)

Registrant’s telephone number, including area code: (407) 265-7348

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of exchange on which registered

Common Stock, $0.01 par value

NNN

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No

Indicate the number of shares outstanding of each of the issuer's classes of common stock as of the latest practicable date.

175,910,695 shares of common stock, $0.01 par value, outstanding as of April 28, 2022.

 


 

TABLE OF CONTENTS

 

 

 

PAGE

REFERENCE

Part I - Financial Information

 

Item 1.

Financial Statements:

 

 

Condensed Consolidated Balance Sheets

1

 

Condensed Consolidated Statements of Income and Comprehensive Income

2

 

Condensed Consolidated Statements of Cash Flows

5

 

Notes to Condensed Consolidated Financial Statements

7

Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

19

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

31

Item 4.

Controls and Procedures

32

Part II - Other Information

 

Item 1.

Legal Proceedings

33

Item 1A.

Risk Factors

33

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

33

Item 3.

Defaults Upon Senior Securities

33

Item 4.

Mine Safety Disclosures

33

Item 5.

Other Information

33

Item 6.

Exhibits

33

Signatures

34

 

 

 


 

PART I. FINANCIAL INFORMATION

 

Item 1. Financial Statements

 

NATIONAL RETAIL PROPERTIES, INC.

and SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(dollars in thousands, except per share data)

 

 

March 31,
2022

 

 

December 31,
2021

 

 

 

(unaudited)

 

 

 

 

ASSETS

 

 

 

 

 

 

Real estate portfolio

 

$

7,591,643

 

 

$

7,444,289

 

Real estate held for sale

 

 

562

 

 

 

5,557

 

Cash and cash equivalents

 

 

53,736

 

 

 

171,322

 

Receivables, net of allowance of $717 and $782, respectively

 

 

2,816

 

 

 

3,154

 

Accrued rental income, net of allowance of $4,351 and $4,587, respectively

 

 

30,727

 

 

 

31,942

 

Debt costs, net of accumulated amortization of $19,946 and $19,377, respectively

 

 

6,921

 

 

 

7,443

 

Other assets

 

 

85,408

 

 

 

87,347

 

Total assets

 

$

7,771,813

 

 

$

7,751,054

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

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

 

$

10,515

 

 

$

10,697

 

Notes payable, net of unamortized discount and unamortized debt costs

 

 

3,736,781

 

 

 

3,735,769

 

Accrued interest payable

 

 

58,022

 

 

 

23,923

 

Other liabilities

 

 

68,749

 

 

 

79,002

 

Total liabilities

 

 

3,874,067

 

 

 

3,849,391

 

 

 

 

 

 

 

 

Equity:

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

Common stock, $0.01 par value. Authorized 375,000,000 shares; 175,810,465 and
    
175,635,792 shares issued and outstanding, respectively

 

 

1,759

 

 

 

1,757

 

Capital in excess of par value

 

 

4,669,590

 

 

 

4,662,714

 

Accumulated deficit

 

 

(759,232

)

 

 

(747,853

)

Accumulated other comprehensive income (loss)

 

 

(14,373

)

 

 

(14,956

)

Total stockholders’ equity of NNN

 

 

3,897,744

 

 

 

3,901,662

 

Noncontrolling interests

 

 

2

 

 

 

1

 

Total equity

 

 

3,897,746

 

 

 

3,901,663

 

Total liabilities and equity

 

$

7,771,813

 

 

$

7,751,054

 

See accompanying notes to condensed consolidated financial statements.

1


 

NATIONAL RETAIL PROPERTIES, INC.

and SUBSIDIARIES

 

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

(dollars in thousands, except per share data)

(unaudited)

 

 

 

Quarter Ended March 31,

 

 

 

 

2022

 

 

2021

 

 

Revenues:

 

 

 

 

 

 

 

Rental income

 

$

189,763

 

 

$

179,198

 

 

Interest and other income from real estate transactions

 

 

516

 

 

 

580

 

 

 

 

 

190,279

 

 

 

179,778

 

 

Operating expenses:

 

 

 

 

 

 

 

General and administrative

 

 

11,042

 

 

 

11,748

 

 

Real estate

 

 

7,198

 

 

 

7,725

 

 

Depreciation and amortization

 

 

52,680

 

 

 

49,980

 

 

Leasing transaction costs

 

 

88

 

 

 

38

 

 

Impairment losses – real estate, net of recoveries

 

 

1,632

 

 

 

2,131

 

 

Executive retirement costs

 

 

3,594

 

 

 

 

 

 

 

 

76,234

 

 

 

71,622

 

 

Gain on disposition of real estate

 

 

3,992

 

 

 

4,281

 

 

Earnings from operations

 

 

118,037

 

 

 

112,437

 

 

Other expenses (revenues):

 

 

 

 

 

 

 

Interest and other income

 

 

(35

)

 

 

(65

)

 

Interest expense

 

 

36,699

 

 

 

34,587

 

 

Loss on early extinguishment of debt

 

 

 

 

 

21,328

 

 

 

 

 

36,664

 

 

 

55,850

 

 

Net earnings

 

 

81,373

 

 

 

56,587

 

 

Earnings attributable to noncontrolling interests

 

 

(1

)

 

 

 

 

Net earnings attributable to NNN

 

 

81,372

 

 

 

56,587

 

 

Series F preferred stock dividends

 

 

 

 

 

(4,485

)

 

Net earnings attributable to common stockholders

 

$

81,372

 

 

$

52,102

 

 

Net earnings per share of common stock:

 

 

 

 

 

 

 

Basic

 

$

0.46

 

 

$

0.30

 

 

Diluted

 

$

0.46

 

 

$

0.30

 

 

Weighted average number of common shares outstanding:

 

 

 

 

 

 

 

Basic

 

 

174,772,243

 

 

 

174,589,300

 

 

Diluted

 

 

174,911,213

 

 

 

174,714,617

 

 

Other comprehensive income:

 

 

 

 

 

 

 

Net earnings attributable to NNN

 

$

81,372

 

 

$

56,587

 

 

Amortization of interest rate hedges

 

 

583

 

 

 

1,368

 

 

Comprehensive income attributable to NNN

 

 

81,955

 

 

 

57,955

 

 

Comprehensive earnings attributable to noncontrolling interests

 

 

1

 

 

 

 

 

Total comprehensive income

 

$

81,956

 

 

$

57,955

 

 

 

See accompanying notes to condensed consolidated financial statements.

2


 

NATIONAL RETAIL PROPERTIES, INC.

and SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

Quarter Ended March 31, 2022

(dollars in thousands, except per share data)

(unaudited)

 

 

 

Common
Stock

 

 

Capital in
  Excess of
Par Value

 

 

Accumulated
Deficit

 

 

Accumulated
Other
Comprehensive
Income (Loss)

 

 

Total
 Stockholders’
Equity of NNN

 

 

Noncontrolling
Interests

 

 

Total
Equity

 

Balances at December 31, 2021

 

$

1,757

 

 

$

4,662,714

 

 

$

(747,853

)

 

$

(14,956

)

 

$

3,901,662

 

 

$

1

 

 

$

3,901,663

 

Net earnings

 

 

 

 

 

 

 

 

81,372

 

 

 

 

 

 

81,372

 

 

 

1

 

 

 

81,373

 

Dividends declared and paid:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$0.5300 per share of common stock

 

 

 

 

 

696

 

 

 

(92,751

)

 

 

 

 

 

(92,055

)

 

 

 

 

 

(92,055

)

Issuance of common stock:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8,429 shares – director compensation

 

 

 

 

 

305

 

 

 

 

 

 

 

 

 

305

 

 

 

 

 

 

305

 

1,173 shares – stock purchase plan

 

 

 

 

 

52

 

 

 

 

 

 

 

 

 

52

 

 

 

 

 

 

52

 

153,300 restricted shares – net of forfeitures

 

 

2

 

 

 

(2

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock issuance costs

 

 

 

 

 

(65

)

 

 

 

 

 

 

 

 

(65

)

 

 

 

 

 

(65

)

Amortization of deferred compensation

 

 

 

 

 

5,890

 

 

 

 

 

 

 

 

 

5,890

 

 

 

 

 

 

5,890

 

Amortization of interest rate hedges

 

 

 

 

 

 

 

 

 

 

 

583

 

 

 

583

 

 

 

 

 

 

583

 

Balances at March 31, 2022

 

$

1,759

 

 

$

4,669,590

 

 

$

(759,232

)

 

$

(14,373

)

 

$

3,897,744

 

 

$

2

 

 

$

3,897,746

 

 

See accompanying notes to condensed consolidated financial statements.

 

 

 

3


 

NATIONAL RETAIL PROPERTIES, INC.

and SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY - CONTINUED

Quarter Ended March 31, 2021

(dollars in thousands, except per share data)

(unaudited)

 

 

 

Series F
Preferred
Stock

 

 

Common
Stock

 

 

Capital in
  Excess of
Par Value

 

 

Accumulated
Deficit

 

 

Accumulated
Other
Comprehensive
Income (Loss)

 

 

Total
 Stockholders’
Equity of NNN

 

 

Noncontrolling
Interests

 

 

Total
Equity

 

Balances at December 31, 2020

 

$

345,000

 

 

$

1,753

 

 

$

4,633,771

 

 

$

(644,779

)

 

$

(16,445

)

 

$

4,319,300

 

 

$

4

 

 

$

4,319,304

 

Net earnings

 

 

 

 

 

 

 

 

 

 

 

56,587

 

 

 

 

 

 

56,587

 

 

 

 

 

 

56,587

 

Dividends declared and paid:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$0.3250 per depositary share of Series F
    preferred stock

 

 

 

 

 

 

 

 

 

 

 

(4,485

)

 

 

 

 

 

(4,485

)

 

 

 

 

 

(4,485

)

$0.5200 per share of common stock

 

 

 

 

 

 

 

 

578

 

 

 

(90,848

)

 

 

 

 

 

(90,270

)

 

 

 

 

 

(90,270

)

Issuance of common stock:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8,324 shares – director compensation

 

 

 

 

 

 

 

 

267

 

 

 

 

 

 

 

 

 

267

 

 

 

 

 

 

267

 

1,715 shares – stock purchase plan

 

 

 

 

 

 

 

 

70

 

 

 

 

 

 

 

 

 

70

 

 

 

 

 

 

70

 

30,000 shares – ATM equity program

 

 

 

 

 

1

 

 

 

1,233

 

 

 

 

 

 

 

 

 

1,234

 

 

 

 

 

 

1,234

 

287,957 restricted shares – net of forfeitures

 

 

 

 

 

3

 

 

 

(3

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock issuance costs

 

 

 

 

 

 

 

 

(156

)

 

 

 

 

 

 

 

 

(156

)

 

 

 

 

 

(156

)

Amortization of deferred compensation

 

 

 

 

 

 

 

 

3,920

 

 

 

 

 

 

 

 

 

3,920

 

 

 

 

 

 

3,920

 

Amortization of interest rate hedges

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,368

 

 

 

1,368

 

 

 

 

 

 

1,368

 

Balances at March 31, 2021

 

$

345,000

 

 

$

1,757

 

 

$

4,639,680

 

 

$

(683,525

)

 

$

(15,077

)

 

$

4,287,835

 

 

$

4

 

 

$

4,287,839

 

 

See accompanying notes to condensed consolidated financial statements.

 

4


 

 

NATIONAL RETAIL PROPERTIES, INC.

and SUBSIDIARIES

 

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(dollars in thousands)

(unaudited)

 

 

 

Quarter Ended March 31,

 

 

 

2022

 

 

2021

 

Cash flows from operating activities:

 

 

 

 

 

 

Net earnings

 

$

81,373

 

 

$

56,587

 

Adjustments to reconcile net earnings to net cash provided by operating activities:

 

 

 

 

 

 

Depreciation and amortization

 

 

52,680

 

 

 

49,980

 

Impairment losses – real estate, net of recoveries

 

 

1,632

 

 

 

2,131

 

Loss on early extinguishment of debt

 

 

 

 

 

21,328

 

Amortization of notes payable discount

 

 

415

 

 

 

993

 

Amortization of debt costs

 

 

1,171

 

 

 

1,840

 

Amortization of mortgages payable premium

 

 

(21

)

 

 

(21

)

Amortization of interest rate hedges

 

 

583

 

 

 

1,368

 

Gain on disposition of real estate

 

 

(3,992

)

 

 

(4,281

)

Performance incentive plan expense

 

 

6,246

 

 

 

4,318

 

Performance incentive plan payment

 

 

(103

)

 

 

(721

)

Change in operating assets and liabilities, net of assets acquired and liabilities assumed:

 

 

 

 

 

 

Decrease (increase) in receivables

 

 

338

 

 

 

(273

)

Decrease in accrued rental income

 

 

1,096

 

 

 

8,332

 

Decrease (increase) in other assets

 

 

(115

)

 

 

1,067

 

Increase in accrued interest payable

 

 

34,099

 

 

 

25,267

 

Decrease in other liabilities

 

 

(11,043

)

 

 

(6,438

)

Other

 

 

(21

)

 

 

(307

)

Net cash provided by operating activities

 

 

164,338

 

 

 

161,170

 

Cash flows from investing activities:

 

 

 

 

 

 

Proceeds from the disposition of real estate

 

 

20,315

 

 

 

18,067

 

Additions to real estate

 

 

(209,483

)

 

 

(106,490

)

Principal payments received on mortgages and notes receivable

 

 

102

 

 

 

93

 

Other

 

 

(577

)

 

 

(182

)

Net cash used in investing activities

 

 

(189,643

)

 

 

(88,512

)

 

See accompanying notes to condensed consolidated financial statements.

 

5


 

NATIONAL RETAIL PROPERTIES, INC.

and SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - CONTINUED

(dollars in thousands)

(unaudited)

 

 

 

 

Quarter Ended March 31,

 

 

 

2022

 

 

2021

 

Cash flows from financing activities:

 

 

 

 

 

 

Repayment of mortgages payable

 

$

(165

)

 

$

(156

)

Proceeds from notes payable

 

 

 

 

 

441,594

 

Repayment of notes payable

 

 

 

 

 

(350,000

)

Payment for early extinguishment of debt

 

 

 

 

 

(21,328

)

Payment of debt issuance costs

 

 

(48

)

 

 

(5,145

)

Proceeds from issuance of common stock

 

 

748

 

 

 

1,882

 

Stock issuance costs

 

 

(65

)

 

 

(177

)

Payment of Series F preferred stock dividends

 

 

 

 

 

(4,485

)

Payment of common stock dividends

 

 

(92,751

)

 

 

(90,848

)

Net cash used in financing activities

 

 

(92,281

)

 

 

(28,663

)

Net increase (decrease) in cash, cash equivalents and restricted cash

 

 

(117,586

)

 

 

43,995

 

Cash, cash equivalents and restricted cash at beginning of period(1)

 

 

171,322

 

 

 

267,236

 

Cash, cash equivalents and restricted cash at end of period(1)

 

$

53,736

 

 

$

311,231

 

Supplemental disclosure of cash flow information:

 

 

 

 

 

 

Interest paid, net of amount capitalized

 

$

550

 

 

$

5,203

 

Supplemental disclosure of noncash investing and financing activities:

 

 

 

 

 

 

Change in other comprehensive income

 

$

583

 

 

$

1,368

 

Work in progress accrual balance

 

$

8,914

 

 

$

4,739

 

 

(1)

Cash, cash equivalents and restricted cash is the aggregate of cash and cash equivalents and restricted cash and cash held in escrow from the Condensed Consolidated Balance Sheets. NNN had no restricted cash and cash held in escrow at March 31, 2022 and 2021.

 

 

See accompanying notes to condensed consolidated financial statements.

6


 

NATIONAL RETAIL PROPERTIES, INC.

and SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2022

(Unaudited)

 

Note 1 – Organization and Summary of Significant Accounting Policies:

Organization and Nature of Business – National Retail Properties, Inc., a Maryland corporation, is a fully integrated real estate investment trust (“REIT”) formed in 1984. The terms "NNN" or the "Company" refer to National Retail Properties, Inc. and all of its consolidated subsidiaries.

NNN's assets primarily include real estate assets. NNN acquires, owns, invests in and develops properties that are leased primarily to retail tenants under long-term net leases and primarily held for investment ("Properties", "Property Portfolio", or individually a "Property").

 

 

March 31, 2022

 

Property Portfolio:

 

 

 

Total properties

 

 

3,271

 

Gross leasable area (square feet)

 

 

33,545,000

 

States

 

 

48

 

Weighted average remaining lease term (years)