10-Q 1 nnn-20220930.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, 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.

178,732,789 shares of common stock, $0.01 par value, outstanding as of October 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

22

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

35

Item 4.

Controls and Procedures

36

Part II – Other Information

 

Item 1.

Legal Proceedings

37

Item 1A.

Risk Factors

37

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

37

Item 3.

Defaults Upon Senior Securities

37

Item 4.

Mine Safety Disclosures

37

Item 5.

Other Information

37

Item 6.

Exhibits

37

Signatures

38

 

 

 


 

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,
2022

 

 

December 31,
2021

 

 

 

(unaudited)

 

 

 

 

ASSETS

 

 

 

 

 

 

Real estate portfolio

 

$

7,826,292

 

 

$

7,449,846

 

Cash and cash equivalents

 

 

3,277

 

 

 

171,322

 

Receivables, net of allowance of $664 and $782, respectively

 

 

2,978

 

 

 

3,154

 

Accrued rental income, net of allowance of $3,924 and $4,587, respectively

 

 

28,231

 

 

 

31,942

 

Debt costs, net of accumulated amortization of $21,085 and $19,377, respectively

 

 

5,858

 

 

 

7,443

 

Other assets

 

 

85,211

 

 

 

87,347

 

Total assets

 

$

7,951,847

 

 

$

7,751,054

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

Line of credit payable

 

$

47,500

 

 

$

 

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

 

 

10,151

 

 

 

10,697

 

Notes payable, net of unamortized discount and unamortized debt costs

 

 

3,738,843

 

 

 

3,735,769

 

Accrued interest payable

 

 

57,384

 

 

 

23,923

 

Other liabilities

 

 

91,037

 

 

 

79,002

 

Total liabilities

 

 

3,944,915

 

 

 

3,849,391

 

 

 

 

 

 

 

 

Equity:

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

Common stock, $0.01 par value. Authorized 375,000,000 shares; 178,731,891 and
    
175,635,792 shares issued and outstanding, respectively

 

 

1,788

 

 

 

1,757

 

Capital in excess of par value

 

 

4,804,856

 

 

 

4,662,714

 

Accumulated deficit

 

 

(786,526

)

 

 

(747,853

)

Accumulated other comprehensive income (loss)

 

 

(13,186

)

 

 

(14,956

)

Total stockholders’ equity of NNN

 

 

4,006,932

 

 

 

3,901,662

 

Noncontrolling interests

 

 

 

 

 

1

 

Total equity

 

 

4,006,932

 

 

 

3,901,663

 

Total liabilities and equity

 

$

7,951,847

 

 

$

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 September 30,

 

 

Nine Months Ended September 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

Rental income

 

$

193,102

 

 

$

180,024

 

 

$

573,401

 

 

$

537,226

 

Interest and other income from real estate transactions

 

 

369

 

 

 

333

 

 

 

1,132

 

 

 

1,920

 

 

 

 

193,471

 

 

 

180,357

 

 

 

574,533

 

 

 

539,146

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

General and administrative

 

 

10,124

 

 

 

11,077

 

 

 

30,906

 

 

 

34,693

 

Real estate

 

 

5,875

 

 

 

6,521

 

 

 

19,246

 

 

 

20,865

 

Depreciation and amortization

 

 

56,388

 

 

 

50,976

 

 

 

166,512

 

 

 

151,831

 

Leasing transaction costs

 

 

96

 

 

 

86

 

 

 

260

 

 

 

146

 

Impairment losses – real estate, net of recoveries

 

 

971

 

 

 

4,781

 

 

 

7,221

 

 

 

14,647

 

Executive retirement costs

 

 

556

 

 

 

 

 

 

6,805

 

 

 

 

 

 

 

74,010

 

 

 

73,441

 

 

 

230,950

 

 

 

222,182

 

Gain on disposition of real estate

 

 

5,889

 

 

 

9,473

 

 

 

10,656

 

 

 

17,935

 

Earnings from operations

 

 

125,350

 

 

 

116,389

 

 

 

354,239

 

 

 

334,899

 

Other expenses (revenues):

 

 

 

 

 

 

 

 

 

 

 

 

Interest and other income

 

 

(33

)

 

 

(61

)

 

 

(120

)

 

 

(159

)

Interest expense

 

 

36,962

 

 

 

33,518

 

 

 

110,400

 

 

 

101,190

 

Loss on early extinguishment of debt

 

 

 

 

 

 

 

 

 

 

 

21,328

 

 

 

 

36,929

 

 

 

33,457

 

 

 

110,280

 

 

 

122,359

 

Net earnings

 

 

88,421

 

 

 

82,932

 

 

 

243,959

 

 

 

212,540

 

Loss attributable to noncontrolling interests

 

 

 

 

 

1

 

 

 

5

 

 

 

3

 

Net earnings attributable to NNN

 

 

88,421

 

 

 

82,933

 

 

 

243,964

 

 

 

212,543

 

Series F preferred stock dividends

 

 

 

 

 

(4,485

)

 

 

 

 

 

(13,455

)

Net earnings attributable to common stockholders

 

$

88,421

 

 

$

78,448

 

 

$

243,964

 

 

$

199,088

 

Net earnings per share of common stock:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.50

 

 

$

0.45

 

 

$

1.39

 

 

$

1.14

 

Diluted

 

$

0.50

 

 

$

0.45

 

 

$

1.38

 

 

$

1.14

 

Weighted average number of common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

176,900,786

 

 

 

174,629,442

 

 

 

175,542,356

 

 

 

174,610,026

 

Diluted

 

 

177,367,710

 

 

 

174,738,903

 

 

 

175,993,907

 

 

 

174,716,053

 

Other comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings attributable to NNN

 

$

88,421

 

 

$

82,933

 

 

$

243,964

 

 

$

212,543

 

Amortization of interest rate hedges

 

 

595

 

 

 

565

 

 

 

1,770

 

 

 

2,494

 

Fair value of forward starting swaps

 

 

 

 

 

(1,584

)

 

 

 

 

 

(1,584

)

Comprehensive income attributable to NNN

 

 

89,016

 

 

 

81,914

 

 

 

245,734

 

 

 

213,453

 

Comprehensive loss attributable to noncontrolling interests

 

 

 

 

 

(1

)

 

 

(5

)

 

 

(3

)

Total comprehensive income

 

$

89,016

 

 

$

81,913

 

 

$

245,729

 

 

$

213,450

 

 

See accompanying notes to condensed consolidated financial statements.

2


 

NATIONAL RETAIL PROPERTIES, INC.

and SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

Quarter Ended September 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 June 30, 2022

 

$

1,767

 

 

$

4,705,479

 

 

$

(777,939

)

 

$

(13,781

)

 

$

3,915,526

 

 

$

 

 

$

3,915,526

 

Net earnings

 

 

 

 

 

 

 

 

88,421

 

 

 

 

 

 

88,421

 

 

 

 

 

 

88,421

 

Dividends declared and paid:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$0.5500 per share of common stock

 

 

 

 

 

715

 

 

 

(97,008

)

 

 

 

 

 

(96,293

)

 

 

 

 

 

(96,293

)

Issuance of common stock:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7,740 shares – director compensation

 

 

 

 

 

318

 

 

 

 

 

 

 

 

 

318

 

 

 

 

 

 

318

 

1,949 shares – stock purchase plan

 

 

 

 

 

88

 

 

 

 

 

 

 

 

 

88

 

 

 

 

 

 

88

 

2,084,305 shares – ATM equity program

 

 

21

 

 

 

97,535

 

 

 

 

 

 

 

 

 

97,556

 

 

 

 

 

 

97,556

 

12,800 restricted shares

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock issuance costs

 

 

 

 

 

(1,304

)

 

 

 

 

 

 

 

 

(1,304

)

 

 

 

 

 

(1,304

)

Amortization of deferred compensation

 

 

 

 

 

2,025

 

 

 

 

 

 

 

 

 

2,025

 

 

 

 

 

 

2,025

 

Amortization of interest rate hedges

 

 

 

 

 

 

 

 

 

 

 

595

 

 

 

595

 

 

 

 

 

 

595

 

Balances at September 30, 2022

 

$

1,788

 

 

$

4,804,856

 

 

$

(786,526

)

 

$

(13,186

)

 

$

4,006,932

 

 

$

 

 

$

4,006,932

 

 

See accompanying notes to condensed consolidated financial statements.

 

 

 

3


 

NATIONAL RETAIL PROPERTIES, INC.

and SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY – CONTINUED

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.

 

4


 

NATIONAL RETAIL PROPERTIES, INC.

and SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY – CONTINUED

Nine Months Ended September 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