10-Q 1 nnn-20210930.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 September 30, 2021

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.

175,616,892 shares of common stock, $0.01 par value, outstanding as of October 28, 2021.

 


 

TABLE OF CONTENTS

 

 

 

PAGE

REFERENCE

Part I - Financial Information

 

Item 1.

Financial Statements:

 

 

Condensed Consolidated Balance Sheets

3

 

Condensed Consolidated Statements of Income and Comprehensive Income

4

 

Condensed Consolidated Statements of Cash Flows

9

 

Notes to Condensed Consolidated Financial Statements

11

Item 2.

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

23

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

37

Item 4.

Controls and Procedures

38

Part II - Other Information

 

Item 1.

Legal Proceedings

39

Item 1A.

Risk Factors

39

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

39

Item 3.

Defaults Upon Senior Securities

39

Item 4.

Mine Safety Disclosures

39

Item 5.

Other Information

39

Item 6.

Exhibits

40

Signatures

41

 

 

 


 

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)

 

 

September 30, 2021

 

 

December 31, 2020

 

ASSETS

 

(unaudited)

 

 

 

 

Real estate portfolio

 

$

7,442,473

 

 

$

7,212,655

 

Real estate held for sale

 

 

9,709

 

 

 

5,671

 

Cash and cash equivalents

 

 

543,526

 

 

 

267,236

 

Receivables, net of allowance of $693 and $835, respectively

 

 

2,128

 

 

 

4,338

 

Accrued rental income, net of allowance of $4,922 and $6,947, respectively

 

 

34,341

 

 

 

53,958

 

Debt costs, net of accumulated amortization of $18,810 and $17,294, respectively

 

 

7,960

 

 

 

1,917

 

Other assets

 

 

92,808

 

 

 

92,069

 

Total assets

 

$

8,132,945

 

 

$

7,637,844

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

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

 

$

10,875

 

 

$

11,395

 

Notes payable, net of unamortized discount and unamortized debt costs

 

 

3,734,764

 

 

 

3,209,527

 

Accrued interest payable

 

 

52,803

 

 

 

19,401

 

Other liabilities

 

 

74,360

 

 

 

78,217

 

Total liabilities

 

 

3,872,802

 

 

 

3,318,540

 

 

 

 

 

 

 

 

Equity:

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

Preferred stock, $0.01 par value. Authorized 15,000,000 shares

 

 

 

 

 

 

5.200% Series F, 138,000 shares issued and outstanding, at stated liquidation value
    of $2,500 per share

 

 

345,000

 

 

 

345,000

 

Common stock, $0.01 par value. Authorized 375,000,000 shares; 175,616,386 and
    
175,232,971 shares issued and outstanding, respectively

 

 

1,757

 

 

 

1,753

 

Capital in excess of par value

 

 

4,649,161

 

 

 

4,633,771

 

Accumulated deficit

 

 

(720,241

)

 

 

(644,779

)

Accumulated other comprehensive income (loss)

 

 

(15,535

)

 

 

(16,445

)

Total stockholders’ equity of NNN

 

 

4,260,142

 

 

 

4,319,300

 

Noncontrolling interests

 

 

1

 

 

 

4

 

Total equity

 

 

4,260,143

 

 

 

4,319,304

 

Total liabilities and equity

 

$

8,132,945

 

 

$

7,637,844

 

See accompanying notes to condensed consolidated financial statements.

3


 

NATIONAL RETAIL PROPERTIES, INC.

and SUBSIDIARIES

 

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

(dollars in thousands, except per share data)

(unaudited)

 

 

 

Quarter Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

Rental income

 

$

180,024

 

 

$

157,865

 

 

$

537,226

 

 

$

495,891

 

Interest and other income from real estate transactions

 

 

333

 

 

 

768

 

 

 

1,920

 

 

 

1,506

 

 

 

 

180,357

 

 

 

158,633

 

 

 

539,146

 

 

 

497,397

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

General and administrative

 

 

11,077

 

 

 

9,419

 

 

 

34,693

 

 

 

28,914

 

Real estate

 

 

6,521

 

 

 

6,345

 

 

 

20,865

 

 

 

20,304

 

Depreciation and amortization

 

 

50,976

 

 

 

49,404

 

 

 

151,831

 

 

 

147,528

 

Leasing transaction costs

 

 

86

 

 

 

 

 

 

146

 

 

 

36

 

Impairment losses – real estate, net of recoveries

 

 

4,781

 

 

 

5,695

 

 

 

14,647

 

 

 

33,062

 

 

 

 

73,441

 

 

 

70,863

 

 

 

222,182

 

 

 

229,844

 

Gain on disposition of real estate

 

 

9,473

 

 

 

148

 

 

 

17,935

 

 

 

13,637

 

Earnings from operations

 

 

116,389

 

 

 

87,918

 

 

 

334,899

 

 

 

281,190

 

Other expenses (revenues):

 

 

 

 

 

 

 

 

 

 

 

 

Interest and other income

 

 

(61

)

 

 

(74

)

 

 

(159

)

 

 

(345

)

Interest expense

 

 

33,518

 

 

 

31,924

 

 

 

101,190

 

 

 

97,347

 

Loss on early extinguishment of debt

 

 

 

 

 

 

 

 

21,328

 

 

 

16,679

 

 

 

 

33,457

 

 

 

31,850

 

 

 

122,359

 

 

 

113,681

 

Net earnings

 

 

82,932

 

 

 

56,068

 

 

 

212,540

 

 

 

167,509

 

Loss attributable to noncontrolling interests

 

 

1

 

 

 

1

 

 

 

3

 

 

 

3

 

Net earnings attributable to NNN

 

 

82,933

 

 

 

56,069

 

 

 

212,543

 

 

 

167,512

 

Series F preferred stock dividends

 

 

(4,485

)

 

 

(4,485

)

 

 

(13,455

)

 

 

(13,455

)

Net earnings attributable to common stockholders

 

$

78,448

 

 

$

51,584

 

 

$

199,088

 

 

$

154,057

 

Net earnings per share of common stock:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.45

 

 

$

0.30

 

 

$

1.14

 

 

$

0.89

 

Diluted

 

$

0.45

 

 

$

0.30

 

 

$

1.14

 

 

$

0.89

 

Weighted average number of common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

174,629,442

 

 

 

172,681,136

 

 

 

174,610,026

 

 

 

171,706,577

 

Diluted

 

 

174,738,903

 

 

 

172,782,266

 

 

 

174,716,053

 

 

 

171,815,377

 

Other comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings attributable to NNN

 

$

82,933

 

 

$

56,069

 

 

$

212,543

 

 

$

167,512

 

Amortization of interest rate hedges

 

 

565

 

 

 

642

 

 

 

2,494

 

 

 

1,663

 

Fair value of forward starting swaps

 

 

(1,584

)

 

 

 

 

 

(1,584

)

 

 

(7,617

)

Comprehensive income attributable to NNN

 

 

81,914

 

 

 

56,711

 

 

 

213,453

 

 

 

161,558

 

Comprehensive loss attributable to noncontrolling interests

 

 

(1

)

 

 

(1

)

 

 

(3

)

 

 

(3

)

Total comprehensive income

 

$

81,913

 

 

$

56,710

 

 

$

213,450

 

 

$

161,555

 

 

See accompanying notes to condensed consolidated financial statements.

4


 

NATIONAL RETAIL PROPERTIES, INC.

and SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

Quarter Ended September 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 June 30, 2021

 

$

345,000

 

 

$

1,757

 

 

$

4,644,593

 

 

$

(705,958

)

 

$

(14,516

)

 

$

4,270,876

 

 

$

2

 

 

$

4,270,878

 

Net earnings

 

 

 

 

 

 

 

 

 

 

 

82,933

 

 

 

 

 

 

82,933

 

 

 

(1

)

 

 

82,932

 

Dividends declared and paid:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$0.3250 per depositary share of Series F
    preferred stock

 

 

 

 

 

 

 

 

 

 

 

(4,485

)

 

 

 

 

 

(4,485

)

 

 

 

 

 

(4,485

)

$0.5300 per share of common stock

 

 

 

 

 

 

 

 

634

 

 

 

(92,731

)

 

 

 

 

 

(92,097

)

 

 

 

 

 

(92,097

)

Issuance of common stock:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7,443 shares – director compensation

 

 

 

 

 

 

 

 

306

 

 

 

 

 

 

 

 

 

306

 

 

 

 

 

 

306

 

1,811 shares – stock purchase plan

 

 

 

 

 

 

 

 

86

 

 

 

 

 

 

 

 

 

86

 

 

 

 

 

 

86

 

Stock issuance costs

 

 

 

 

 

 

 

 

(51

)

 

 

 

 

 

 

 

 

(51

)

 

 

 

 

 

(51

)

Amortization of deferred compensation

 

 

 

 

 

 

 

 

3,593

 

 

 

 

 

 

 

 

 

3,593

 

 

 

 

 

 

3,593

 

Amortization of interest rate hedges

 

 

 

 

 

 

 

 

 

 

 

 

 

 

565

 

 

 

565

 

 

 

 

 

 

565

 

Fair value of forward starting swaps

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,584

)

 

 

(1,584

)

 

 

 

 

 

(1,584

)

Balances at September 30, 2021

 

$

345,000

 

 

$

1,757

 

 

$

4,649,161

 

 

$

(720,241

)

 

$

(15,535

)

 

$

4,260,142

 

 

$

1

 

 

$

4,260,143

 

 

See accompanying notes to condensed consolidated financial statements.

 

 

 

5


 

NATIONAL RETAIL PROPERTIES, INC.

and SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

Quarter Ended September 30, 2020

(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 June 30, 2020

 

$

345,000

 

 

$

1,735

 

 

$

4,554,958

 

 

$

(573,174

)

 

$

(17,724

)

 

$

4,310,795

 

 

$

5

 

 

$

4,310,800

 

Net earnings

 

 

 

 

 

 

 

 

 

 

 

56,069

 

 

 

 

 

 

56,069

 

 

 

(1

)

 

 

56,068

 

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

 

 

 

 

 

1

 

 

 

3,147

 

 

 

(89,947

)

 

 

 

 

 

(86,799

)

 

 

 

 

 

(86,799

)

Issuance of common stock:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8,865 shares – director compensation

 

 

 

 

 

1

 

 

 

268

 

 

 

 

 

 

 

 

 

269

 

 

 

 

 

 

269

 

1,908 shares – stock purchase plan

 

 

 

 

 

 

 

 

68

 

 

 

 

 

 

 

 

 

68

 

 

 

 

 

 

68

 

216,373 shares – ATM equity program

 

 

 

 

 

2

 

 

 

8,137

 

 

 

 

 

 

 

 

 

8,139

 

 

 

 

 

 

8,139

 

Stock issuance costs

 

 

 

 

 

 

 

 

(484

)

 

 

 

 

 

 

 

 

(484

)

 

 

 

 

 

(484

)

Amortization of deferred compensation

 

 

 

 

 

 

 

 

2,991

 

 

 

 

 

 

 

 

 

2,991

 

 

 

 

 

 

2,991

 

Amortization of interest rate hedges

 

 

 

 

 

 

 

 

 

 

 

 

 

 

642

 

 

 

642

 

 

 

 

 

 

642

 

Balances at September 30, 2020

 

$

345,000

 

 

$

1,739

 

 

$

4,569,085

 

 

$

(611,537

)

 

$

(17,082

)

 

$

4,287,205

 

 

$

4

 

 

$

4,287,209

 

 

See accompanying notes to condensed consolidated financial statements.

 

 

6


 

NATIONAL RETAIL PROPERTIES, INC.

and SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

Nine Months Ended September 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 December 31, 2020

 

$

345,000

 

 

$

1,753

 

 

$

4,633,771

 

 

$

(644,779

)

 

$

(16,445

)

 

$

4,319,300

 

 

$

4

 

 

$

4,319,304

 

Net earnings

 

 

 

 

 

 

 

 

 

 

 

212,543

 

 

 

 

 

 

212,543

 

 

 

(3

)

 

 

212,540

 

Dividends declared and paid:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$0.9750 per depositary share of Series F
    preferred stock

 

 

 

 

 

 

 

 

 

 

 

(13,455

)

 

 

 

 

 

(13,455

)

 

 

 

 

 

(13,455

)

$1.5700 per share of common stock

 

 

 

 

 

 

 

 

1,841

 

 

 

(274,550

)

 

 

 

 

 

(272,709

)

 

 

 

 

 

(272,709

)

Issuance of common stock:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

22,642 shares – director compensation

 

 

 

 

 

 

 

 

840

 

 

 

 

 

 

 

 

 

840