NATIONAL RETAIL PROPERTIES, INC. NNN Cash Flow

National retail properties, inc. (NNN)

CashFlow / Yearly

Dec'19	Dec'18	Dec'17	Dec'16	Dec'15	Dec'14	Dec'13	Dec'12	Dec'11	Dec'10	Dec'09	Dec'08
Cash flows from operating activities:
Net earnings
299,608	292,485	265,371	239,506	197,961	191,170	160,085	141,937	92,416	73,353	56,399	119,971
Adjustments to reconcile net earnings to net cash provided by operating activities:
Stock options expense tax effect
-	-	-	-	-	-	-	-	-	-122	-190	-
Depreciation and amortization
188,871	174,398	173,720	149,101	134,798	116,165	99,617	75,334	58,817	49,084	48,485	45,347
Impairment losses – real estate and other charges, net of recoveries
31,992	28,211	4,953	11,294	4,420	823	4,106	10,114	2,115	7,458	41,710	5,660
Impairment – commercial mortgage residual interests valuation
-	-	-	6,830	531	256	1,185	2,812	1,024	3,995	498	758
Loss on early extinguishment of debt
0	-18,240	0	0	-	-	-	-	-	-	3,432	4,961
Amortization of notes payable discount
1,739	3,263	1,788	1,394	1,306	1,238	3,188	4,976	6,191	6,360	6,006	5,670
Amortization of debt costs
3,731	4,611	3,502	3,086	2,915	2,782	3,118	2,584	0	0	-	-
Amortization of mortgages payable premium
86	85	85	147	207	93	57	29	0	0	-	-
Amortization of interest rate hedges
1,307	3,664	1,932	2,802	1,902	1,129	438	231	9	-166	-159	-162
Settlement of forward starting swaps
0	-4,080	7,688	-13,345	13,369	6,312	-	-	-	-	-	-
Interest rate hedge payment
-	-	-	-	-	-	3,141	0	5,218	0	0	-
Equity in earnings of unconsolidated affiliate
-	-	-	-	-	-	-	4,074	474	428	421	364
Distributions received from unconsolidated affiliate
-	-	-	-	-	-	-	7,019	593	578	607	439
Gain on disposition of real estate
32,463	65,070	36,655	27,182	10,807	11,742	6,445	10,956	721	2,075	2,987	9,980
Deferred income taxes
-	-	-	-	10,488	58	800	-7,034	796	-2,544	-16,649	-5,593
Income tax valuation allowance
-	-	-	-	-	-	-	-	0	3,121	-14,900	-
Performance incentive plan expense
11,547	10,417	14,223	11,401	10,474	9,841	8,518	10,136	8,283	5,756	4,172	3,299
Performance incentive plan payment
775	432	862	581	676	2,808	2,138	0	0	-	-	-
Gain on disposition of real estate, Inventory Portfolio
-	-	-	-	-	-	-	-	-	-	-	12,665
Change in operating assets and liabilities, net of assets acquired and liabilities assumed:
Additions to held for sale real estate
-	-	-	-	-	-	1,029	6,616	1,025	478	2,457	33,745
Proceeds from disposition of held for sale real estate
-	-	-	-	-	-	-	-	1,993	42,817	6,276	128,785
Decrease in real estate leased to others using the direct financing method
-602	-874	-884	-1,364	-1,277	-1,368	-1,573	-1,624	-1,595	-1,544	-1,378	-1,195
Increase in work in process
-	-	-	-	-	-	-	-	-	755	786	-47
Increase in mortgages, notes and accrued interest receivable
-	-	-	-	-	-76	-641	187	96	467	10	217
Decrease (increase) in receivables
-923	203	175	74	335	-16	-62	264	-1,108	219	-941	-243
Increase in commercial mortgage residual interests
-	-	-	-	-	-	-	-	-	-1,516	291	-
Increase in accrued rental income
2,333	747	1,752	252	368	1,731	-165	456	-253	-124	2,061	978
Decrease (increase) in other assets
96	-793	-1,960	-1,663	-4,996	2,256	-400	-1,657	-746	53	172	-951
Increase in accrued interest payable
-1,269	-792	646	-448	2,717	254	-385	2,419	7,766	-129	-137	-3,635
Decrease in other liabilities
-1,379	-1,516	-90	2,636	-6,610	-4,746	3,841	-2,002	2,682	-431	-2,930	-1,463
Other
192	282	115	401	318	-1,245	121	1,095	1,125	-	-	-
Increase (decrease) in current tax liability
-	-	-	-	-	-	-	-	-	-169	432	-1,143
Net cash provided by operating activities
501,727	471,909	421,557	415,337	341,095	296,733	274,421	228,130	177,728	187,914	149,502	237,459
Cash flows from investing activities:
Proceeds from the disposition of real estate
123,997	148,476	97,245	104,117	38,502	58,853	60,626	81,402	10,696	10,312	14,588	60,027
Additions to real estate:
Accounted for using the operating method
747,521	756,971	721,893	885,966	683,243	602,780	637,417	684,925	756,633	230,928	44,433	352,618
Accounted for using the direct financing method
-	-	-	-	-	-	-	-	1,747	0	0	-
Increase in mortgages and notes receivable
-	-	-	-	-	7,246	3,857	8,768	9,838	8,564	959	29,934
Principal payments received on mortgages and notes receivable
3,100	0	1,250	4,141	2,363	13,346	14,617	12,804	6,837	13,818	4,009	64,589
Return of investment from unconsolidated affiliate
-	-	-	-	-	-	-	1,220	0	0	-	-
Cash received from commercial mortgage residual interests
-	-	-	-	-	-	-	-	0	-	-	3,591
Payment of lease costs
-	-	-	-	-	-	-	-	1,589	1,324	451	922
Acquired additional interest in controlled subsidiary
-	-	-	-	-	-	-	-	-	-	-	901
Other
-1,016	876	2,159	2,235	2,166	3,731	2,009	3,492	-206	3,574	817	136
Net cash used in investing activities
-619,408	-609,371	-625,557	-779,943	-644,544	-541,558	-568,040	-601,759	-752,068	-220,260	-28,063	-256,304
Cash flows from financing activities:
Proceeds from line of credit payable
829,200	1,599,500	1,501,700	1,330,200	1,262,400	678,500	601,800	1,184,900	805,300	278,900	132,400	516,000
Repayment of line of credit payable
695,600	1,720,000	1,381,200	1,330,200	1,262,400	724,900	729,600	1,076,300	900,700	117,900	158,900	619,300
Repayment of mortgages payable
567	538	510	9,962	2,035	1,151	1,070	19,390	1,098	6,453	1,000	1,190
Proceeds from notes payable
0	692,913	398,372	346,140	399,036	349,293	347,406	320,011	295,731	0	0	-
Proceeds from notes payable - convertible
-	-	-	-	-	-	-	-	-	-	-	234,035
Repurchase of notes payable convertible debt component
-	-	-	-	-	-	-	-	-	-	14,785	18,420
Repurchase of notes payable convertible equity component
-	-	-	-	-	-	-	-	-	-	795	768
Repayment of notes payable - secured
-	-	-	-	-	-	-	-	-	-	-	-12,000
Repayment of notes payable
0	300,000	250,000	0	150,000	150,000	0	50,000	0	20,000	0	100,000
Payment for early extinguishment of debt
0	18,240	0	0	-	-	-	-	-	-	-	-
Repayment of notes payable convertible
-	-	-	-	-	-	246,797	164,649	0	0	-	-
Payment of debt issuance costs
157	7,156	7,837	3,362	3,654	6,321	3,265	4,512	5,582	75	6,275	5,813
Proceeds from issuance of common stock
542,280	345,324	256,764	278,040	332,117	360,072	267,613	185,223	540,560	17,692	68,060	127,328
Proceeds from Issuance of Preferred Stock and Preference Stock
-	-	-	-	-	-	-	-	-	0	-	-
Stock issuance costs
17,521	3,947	3,836	15,204	4,198	10,726	13,529	12,237	19,328	1	104	3,566
Redemption of preferred stock
-	-	-	-	-	-	-	92,000	0	0	-	-
Payment of common stock dividends
333,692	303,164	277,120	257,007	228,699	204,157	189,107	167,495	133,720	125,391	120,256	110,107
Noncontrolling interest contributions
-	-	-	-	334	0	0	-	41	43	152	41
Noncontrolling interest distributions
776	0	84	136	362	1,232	0	0	45	861	552	5,483
Net cash provided by (used in) financing activities
4,526	250,365	-89,176	644,886	307,105	253,944	293,028	373,623	574,374	19,169	-108,840	-6,028
Net increase (decrease) in cash, cash equivalents and restricted cash
-113,155	112,903	-293,176	280,280	3,656	9,119	-591	-6	34	-13,177	12,599	-24,873
Supplemental disclosure of cash flow information:
Interest paid, net of amount capitalized
115,700	107,861	103,761	91,403	83,758	81,829	80,930	75,283	63,474	62,386	61,475	69,395
Taxes received
0	0	-15	-155	234	59	360	201	-561	472	-63	3,441
Supplemental disclosure of noncash investing and financing activities:
Issued 2,407,911 shares of common stock for conversion premium on 2028 Notes
-	-	-	-	-	-	85,224	0	0	-	-	-
Issued 285,573, 285,263 and 386,433 shares of restricted and unrestricted common stock in 2016, 2015 and 2014, respectively, pursuant to NNNs performance incentive plan
-	-	-	-	-	10,884	8,800	8,638	3,456	6,889	4,290	3,796
Surrender of 1,520 shares of restricted common stock in 2016
-	-	-	-	-	0	7	357	109	0	0	58
Issued 3,602 and 3,985 shares of common stock in 2015 and 2014, respectively, to directors pursuant to NNNs performance incentive plan
-	-	-	-	-	-	-	463	250	236	118	262
Issued 16,010, 16,016 and 12,308 shares of common stock in 2015, 2014 and 2013, respectively, pursuant to NNNs Deferred Director Fee Plan
-	-	-	-	-	-	162	298	449	401	611	449
Decrease in other comprehensive income
5,432	-8,042	5,547	-12,161	11,694	4,153	2,123	1,448	-5,491	1,150	-1,903	1,439
Right-of-use assets recorded in connection with lease liabilities
8,224	0	0	-	-	-	-	-	-	-	-	-
Work in progress accrual balance
21,579	16,603	58,002	-	-	-	-	-	-	-	-	-
Mortgage receivable accepted in connection with real estate transactions
3,100	0	0	-	500	62	750	0	-	5,950	1,550	24,245
Change in lease classification (direct financing lease to operating lease)
1,246	565	696	1,924	1,179	0	1,156	1,678	3,407	0	0	300
Change in lease classification (operating lease to direct financing lease)
0	258	0	0	-	-	-	-	-	-	-	-
Mortgages payable assumed in connection with real estate transactions
-	-	-	-	-	17,254	0	6,634	-	-	-	-
Transfer of real estate from Portfolio to held for sale
-	-	-	-	-	-	-	-	-	-	16,058	29,948
Note receivable accepted in connection with real estate transactions
-	-	-	-	-	70	0	0	0	5,432	0	-
Real estate received in note receivable foreclosure
-	-	-	-	-	-	-	1,595	0	0	5,527	-
Note receivable foreclosures
-	-	-	-	-	-	-	-	-	-	-17,013	-
Series F Preferred Stock [Member]
Proceeds from Issuance of Preferred Stock and Preference Stock
-	-	-	345,000	-	-	-	-	-	-	-	-
Payment of preferred stock dividends
17,940	17,940	17,940	3,189	-	-	-	-	-	-	-	-
Series D Preferred Stock [Member]
Redemption of preferred stock
0	0	287,500	0	-	-	-	-	-	-	-	-
Payment of preferred stock dividends
0	0	3,598	19,047	-	-	-	-	-	-	-	-
Series E Preferred Stock
Redemption of preferred stock
287,500	0	0	-	-	-	-	-	-	-	-	-
Payment of preferred stock dividends
13,201	16,387	16,387	16,387	-	-	-	-	-	-	6,785	6,785