10-Q 1 nnn-20220630.htm 10-Q 10-Q
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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 June 30, 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.

177,111,721 shares of common stock, $0.01 par value, outstanding as of July 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

7

 

Notes to Condensed Consolidated Financial Statements

9

Item 2.

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

21

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

34

Item 4.

Controls and Procedures

35

Part II – Other Information

 

Item 1.

Legal Proceedings

36

Item 1A.

Risk Factors

36

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

36

Item 3.

Defaults Upon Senior Securities

36

Item 4.

Mine Safety Disclosures

36

Item 5.

Other Information

36

Item 6.

Exhibits

36

Signatures

37

 

 

 


 

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)

 

 

June 30,
2022

 

 

December 31,
2021

 

 

 

(unaudited)

 

 

 

 

ASSETS

 

 

 

 

 

 

Real estate portfolio

 

$

7,674,508

 

 

$

7,444,289

 

Real estate held for sale

 

 

3,461

 

 

 

5,557

 

Cash and cash equivalents

 

 

3,289

 

 

 

171,322

 

Receivables, net of allowance of $699 and $782, respectively

 

 

2,612

 

 

 

3,154

 

Accrued rental income, net of allowance of $4,090 and $4,587, respectively

 

 

29,065

 

 

 

31,942

 

Debt costs, net of accumulated amortization of $20,515 and $19,377, respectively

 

 

6,427

 

 

 

7,443

 

Other assets

 

 

84,893

 

 

 

87,347

 

Total assets

 

$

7,804,255

 

 

$

7,751,054

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

Line of credit payable

 

$

40,000

 

 

$

 

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

 

 

10,334

 

 

 

10,697

 

Notes payable, net of unamortized discount and unamortized debt costs

 

 

3,737,808

 

 

 

3,735,769

 

Accrued interest payable

 

 

23,178

 

 

 

23,923

 

Other liabilities

 

 

77,409

 

 

 

79,002

 

Total liabilities

 

 

3,888,729

 

 

 

3,849,391

 

 

 

 

 

 

 

 

Equity:

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

Common stock, $0.01 par value. Authorized 375,000,000 shares; 176,615,017 and
    
175,635,792 shares issued and outstanding, respectively

 

 

1,767

 

 

 

1,757

 

Capital in excess of par value

 

 

4,705,479

 

 

 

4,662,714

 

Accumulated deficit

 

 

(777,939

)

 

 

(747,853

)

Accumulated other comprehensive income (loss)

 

 

(13,781

)

 

 

(14,956

)

Total stockholders’ equity of NNN

 

 

3,915,526

 

 

 

3,901,662

 

Noncontrolling interests

 

 

 

 

 

1

 

Total equity

 

 

3,915,526

 

 

 

3,901,663

 

Total liabilities and equity

 

$

7,804,255

 

 

$

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 June 30,

 

 

Six Months Ended June 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

Rental income

 

$

190,536

 

 

$

178,004

 

 

$

380,299

 

 

$

357,202

 

Interest and other income from real estate transactions

 

 

247

 

 

 

1,007

 

 

 

763

 

 

 

1,587

 

 

 

 

190,783

 

 

 

179,011

 

 

 

381,062

 

 

 

358,789

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

General and administrative

 

 

9,740

 

 

 

11,868

 

 

 

20,782

 

 

 

23,616

 

Real estate

 

 

6,173

 

 

 

6,619

 

 

 

13,371

 

 

 

14,344

 

Depreciation and amortization

 

 

57,444

 

 

 

50,875

 

 

 

110,124

 

 

 

100,855

 

Leasing transaction costs

 

 

76

 

 

 

22

 

 

 

164

 

 

 

60

 

Impairment losses – real estate, net of recoveries

 

 

4,618

 

 

 

7,735

 

 

 

6,250

 

 

 

9,866

 

Executive retirement costs

 

 

2,655

 

 

 

 

 

 

6,249

 

 

 

 

 

 

 

80,706

 

 

 

77,119

 

 

 

156,940

 

 

 

148,741

 

Gain on disposition of real estate

 

 

775

 

 

 

4,181

 

 

 

4,767

 

 

 

8,462

 

Earnings from operations

 

 

110,852

 

 

 

106,073

 

 

 

228,889

 

 

 

218,510

 

Other expenses (revenues):

 

 

 

 

 

 

 

 

 

 

 

 

Interest and other income

 

 

(52

)

 

 

(33

)

 

 

(87

)

 

 

(98

)

Interest expense

 

 

36,739

 

 

 

33,085

 

 

 

73,438

 

 

 

67,672

 

Loss on early extinguishment of debt

 

 

 

 

 

 

 

 

 

 

 

21,328

 

 

 

 

36,687

 

 

 

33,052

 

 

 

73,351

 

 

 

88,902

 

Net earnings

 

 

74,165

 

 

 

73,021

 

 

 

155,538

 

 

 

129,608

 

Loss attributable to noncontrolling interests

 

 

6

 

 

 

2

 

 

 

5

 

 

 

2

 

Net earnings attributable to NNN

 

 

74,171

 

 

 

73,023

 

 

 

155,543

 

 

 

129,610

 

Series F preferred stock dividends

 

 

 

 

 

(4,485

)

 

 

 

 

 

(8,970

)

Net earnings attributable to common stockholders

 

$

74,171

 

 

$

68,538

 

 

$

155,543

 

 

$

120,640

 

Net earnings per share of common stock:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.42

 

 

$

0.39

 

 

$

0.89

 

 

$

0.69

 

Diluted

 

$

0.42

 

 

$

0.39

 

 

$

0.89

 

 

$

0.69

 

Weighted average number of common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

174,956,856

 

 

 

174,610,897

 

 

 

174,867,049

 

 

 

174,600,158

 

Diluted

 

 

175,107,914

 

 

 

174,726,812

 

 

 

175,021,871

 

 

 

174,733,076

 

Other comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings attributable to NNN

 

$

74,171

 

 

$

73,023

 

 

$

155,543

 

 

$

129,610

 

Amortization of interest rate hedges

 

 

592

 

 

 

561

 

 

 

1,175

 

 

 

1,929

 

Comprehensive income attributable to NNN

 

 

74,763

 

 

 

73,584

 

 

 

156,436

 

 

 

131,539

 

Comprehensive loss attributable to noncontrolling interests

 

 

(6

)

 

 

(2

)

 

 

(5

)

 

 

(2

)

Total comprehensive income

 

$

74,757

 

 

$

73,582

 

 

$

156,431

 

 

$

131,537

 

 

See accompanying notes to condensed consolidated financial statements.

2


 

NATIONAL RETAIL PROPERTIES, INC.

and SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

Quarter Ended June 30, 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 March 31, 2022

 

$

1,759

 

 

$

4,669,590

 

 

$

(759,232

)

 

$

(14,373

)

 

$

3,897,744

 

 

$

2

 

 

$

3,897,746

 

Net earnings

 

 

 

 

 

 

 

 

74,171

 

 

 

 

 

 

74,171

 

 

 

(6

)

 

 

74,165

 

Dividends declared and paid:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$0.5300 per share of common stock

 

 

 

 

 

647

 

 

 

(92,878

)

 

 

 

 

 

(92,231

)

 

 

 

 

 

(92,231

)

Issuance of common stock:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8,040 shares – director compensation

 

 

 

 

 

304

 

 

 

 

 

 

 

 

 

304

 

 

 

 

 

 

304

 

1,394 shares – stock purchase plan

 

 

 

 

 

60

 

 

 

 

 

 

 

 

 

60

 

 

 

 

 

 

60

 

717,473 shares – ATM equity program

 

 

7

 

 

 

31,586

 

 

 

 

 

 

 

 

 

31,593

 

 

 

 

 

 

31,593

 

66,651 restricted shares

 

 

1

 

 

 

(1

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock issuance costs

 

 

 

 

 

(510

)

 

 

 

 

 

 

 

 

(510

)

 

 

 

 

 

(510

)

Amortization of deferred compensation

 

 

 

 

 

4,085

 

 

 

 

 

 

 

 

 

4,085

 

 

 

 

 

 

4,085

 

Amortization of interest rate hedges

 

 

 

 

 

 

 

 

 

 

 

592

 

 

 

592

 

 

 

 

 

 

592

 

Distributions to noncontrolling interests

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(278

)

 

 

(278

)

Other

 

 

 

 

 

(282

)

 

 

 

 

 

 

 

 

(282

)

 

 

282

 

 

 

 

Balances at June 30, 2022

 

$

1,767

 

 

$

4,705,479

 

 

$

(777,939

)

 

$

(13,781

)

 

$

3,915,526

 

 

$

 

 

$

3,915,526

 

 

See accompanying notes to condensed consolidated financial statements.

 

 

 

3


 

NATIONAL RETAIL PROPERTIES, INC.

and SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY – CONTINUED

Quarter Ended June 30, 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 March 31, 2021

 

$

345,000

 

 

$

1,757

 

 

$

4,639,680

 

 

$

(683,525

)

 

$

(15,077

)

 

$

4,287,835

 

 

$

4

 

 

$

4,287,839

 

Net earnings

 

 

 

 

 

 

 

 

 

 

 

73,023

 

 

 

 

 

 

73,023

 

 

 

(2

)

 

 

73,021

 

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

 

 

 

 

 

 

 

 

629

 

 

 

(90,971

)

 

 

 

 

 

(90,342

)

 

 

 

 

 

(90,342

)

Issuance of common stock:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6,875 shares – director compensation

 

 

 

 

 

 

 

 

267

 

 

 

 

 

 

 

 

 

267

 

 

 

 

 

 

267

 

2,017 shares – stock purchase plan

 

 

 

 

 

 

 

 

95

 

 

 

 

 

 

 

 

 

95

 

 

 

 

 

 

95

 

Stock issuance costs

 

 

 

 

 

 

 

 

(46

)

 

 

 

 

 

 

 

 

(46

)

 

 

 

 

 

(46

)

Amortization of deferred compensation

 

 

 

 

 

 

 

 

3,968

 

 

 

 

 

 

 

 

 

3,968

 

 

 

 

 

 

3,968

 

Amortization of interest rate hedges

 

 

 

 

 

 

 

 

 

 

 

 

 

 

561

 

 

 

561

 

 

 

 

 

 

561

 

Balances at June 30, 2021

 

$

345,000

 

 

$

1,757

 

 

$

4,644,593

 

 

$

(705,958

)

 

$

(14,516

)

 

$

4,270,876

 

 

$

2

 

 

$

4,270,878

 

 

See accompanying notes to condensed consolidated financial statements.

 

4


 

NATIONAL RETAIL PROPERTIES, INC.

and SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY – CONTINUED

Six Months Ended June 30, 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

 

 

 

 

 

 

 

 

155,543

 

 

 

 

 

 

155,543

 

 

 

(5

)

 

 

155,538

 

Dividends declared and paid:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$1.0600 per share of common stock

 

 

 

 

 

1,343

 

 

 

(185,629

)

 

 

 

 

 

(184,286

)

 

 

 

 

 

(184,286

)

Issuance of common stock: