NATIONAL RETAIL PROPERTIES, INC. NNN Cash Flow

National retail properties, inc. (NNN)

CashFlow / Quarterly

Mar'20	Dec'19	Sep'19	Jun'19	Mar'19	Dec'18	Sep'18	Jun'18	Mar'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15	Dec'14	Sep'14	Jun'14	Mar'14	Dec'13	Sep'13	Jun'13	Mar'13	Dec'12	Sep'12	Jun'12	Mar'12	Dec'11	Sep'11	Jun'11	Mar'11	Dec'10	Sep'10	Jun'10	Mar'10
Cash flows from operating activities:
Net earnings
65,176	73,786	66,698	79,091	80,033	36,570	82,042	70,584	103,289	72,185	61,129	58,409	73,648	66,125	50,772	51,933	70,676	42,476	55,256	46,191	54,038	53,774	47,972	45,583	43,841	44,234	44,342	37,606	33,903	40,647	37,991	33,475	29,824	27,685	22,608	21,270	20,853	14,210	21,195	21,650	16,298
Adjustments to reconcile net earnings to net cash provided by operating activities:
Stock options expense tax effect
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-244	244	-244	122
Depreciation and amortization
49,188	48,102	48,348	46,241	46,180	44,118	42,478	43,304	44,498	43,842	48,409	41,326	40,143	38,987	38,970	36,489	34,655	34,848	33,607	34,202	32,141	30,375	29,771	28,007	28,012	27,194	26,005	22,613	23,805	20,408	17,543	19,120	18,263	16,015	15,124	14,008	13,670	12,857	12,035	12,147	12,045
Impairment losses – real estate and other charges, net of recoveries
5,513	10,868	10,692	7,187	3,245	18,493	3,635	3,835	2,248	3,708	78	-39	1,206	345	4,918	5,459	572	709	-3	2,686	1,028	198	77	89	459	103	-1	1,153	2,851	1,071	6,143	2,893	7	1,684	431	0	0	-	-	-	-
Impairment – commercial mortgage residual interests valuation
-	-	-	-	-	-	-	-	-	-	-	-	-	0	5,978	632	220	50	53	428	0	0	21	77	158	1,169	16	0	0	-	-	-	-	628	0	267	129	147	0	165	3,683
Loss on early extinguishment of debt
-16,679	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Amortization of notes payable discount
1,897	442	438	434	425	1,862	479	464	458	458	452	441	437	364	347	345	338	342	325	322	317	314	310	312	302	300	297	1,235	1,356	1,335	1,263	1,197	1,181	1,159	1,697	1,681	1,654	1,626	1,604	1,578	1,552
Amortization of debt costs
1,816	944	936	931	920	1,916	914	893	888	891	884	868	859	810	763	757	756	773	719	714	709	716	713	697	656	658	654	899	907	78	2,506	0	0	-	-	-	-	-	-	-	-
Amortization of mortgages payable premium
21	22	21	22	21	21	21	22	21	20	23	21	21	21	37	38	51	51	52	52	52	44	20	14	15	14	15	14	14	15	14	0	0	-	-	-	-	-	-	-	-
Amortization of interest rate hedges
383	332	327	325	323	2,083	525	531	525	538	491	456	447	680	720	707	695	646	424	418	414	393	385	216	135	132	128	118	60	60	57	58	56	56	38	-42	-43	-42	-42	-40	-42
Settlement of forward starting swaps
13,141	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Equity in earnings of unconsolidated affiliate
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	3,769	155	150	153	108	104	109	108	106	109	105
Distributions received from unconsolidated affiliate
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	6,657	175	187	161	146	137	149	136	156	143	143
Gain on disposition of real estate
12,770	6,955	2,061	13,002	10,445	8,020	14,348	4,106	38,596	15,791	3,185	3,055	14,624	4,624	4,505	1,178	16,875	1,576	1,971	30	7,230	3,115	3,607	3,057	1,963	2,043	1,228	2,669	505	6,510	1,694	2,438	314	581	8	0	132	1,134	564	355	22
Gain on note receivable and property foreclosure
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	-	-	16
Performance incentive plan expense
3,078	2,966	3,001	2,793	2,787	3,186	2,388	2,568	2,275	2,123	1,896	7,449	2,755	2,687	2,910	2,924	2,880	2,950	2,556	2,393	2,575	2,507	2,622	2,374	2,338	1,987	1,688	2,533	2,310	3,126	3,121	1,632	2,257	3,226	1,760	1,558	1,739	1,459	1,585	1,599	1,113
Performance incentive plan payment
846	0	0	0	775	0	0	0	432	0	0	0	862	0	0	0	581	0	0	0	676	0	0	0	2,808	-1	0	0	2,139	0	0	0	0	-	-	-	-	-	-	-	-
Gain on disposition of real estate, Inventory Portfolio
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	854	87
Change in operating assets and liabilities, net of assets acquired and liabilities assumed:
Additions to held for sale real estate
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	1,029	1,675	469	87	4,385	235	578	120	92	81	62	327	8
Proceeds from disposition of held for sale real estate
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	935	0	0	1,058	0	0	42,042	775
Decrease in real estate leased to others using the direct financing method
-61	-94	-170	-166	-172	-219	-193	-234	-228	-223	-218	-212	-231	-310	-362	-352	-340	-332	-269	-342	-334	-355	-347	-338	-328	-343	-420	-410	-400	-402	-415	-405	-402	-404	-389	-389	-413	-400	-391	-381	-372
Increase in work in process
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	430	-	281	253	322	256	175	172	152
Increase in mortgages, notes and accrued interest receivable
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	24	-	-2	-12	-59	-16	-291	94	137	47	-471	69	-286	224	-382	395	-50	266	-258	297	-209	203	225	-114	153
Decrease (increase) in receivables
1,340	-8	375	-403	-887	1,757	-325	-1,104	-125	98	1,287	-903	-307	945	268	-668	-471	1,328	242	-191	-1,044	878	139	-616	-417	1,371	-1,764	183	148	1,278	-381	-116	-517	626	-736	-417	-581	1,144	-2,605	2,446	-766
Increase in commercial mortgage residual interests
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-283	-	77	-429	556	296	-528	-1,299	15
Increase in accrued rental income
61	631	542	413	747	-124	-59	-68	998	553	295	229	675	273	-178	-85	242	529	-179	-187	205	317	296	517	601	-331	294	-855	727	-239	477	-319	537	-160	56	-96	-53	-335	120	-179	270
Decrease (increase) in other assets
-183	-279	-852	1,215	12	-1,845	158	1,308	-414	-2,313	1,211	-405	-453	-1,890	363	-297	161	141	-6,101	5,503	-4,539	3,434	-1,427	991	-742	-318	-143	122	-61	-292	-878	108	-595	-175	-590	521	-502	505	-378	162	-236
Increase in accrued interest payable
23,448	-27,636	27,902	-29,472	27,937	-15,779	15,897	-16,978	16,068	-16,744	17,134	-16,458	16,714	-13,127	13,654	-14,499	13,524	-9,400	12,065	-11,855	11,907	-13,141	12,005	-9,464	10,854	-10,771	10,636	-10,853	10,603	-4,585	7,672	-7,445	6,777	-7,263	15,086	-11,730	11,673	-11,058	10,936	-11,022	11,015
Decrease in other liabilities
-11,299	121	7,347	-1,532	-7,315	3,332	-904	-2,862	-1,082	-1,749	-1,769	7,129	-3,701	-5,679	12,286	486	-4,457	-3,449	367	783	-4,311	-2,876	1,242	93	-3,205	-220	5,262	1,063	-2,264	2,891	-1,403	611	-4,101	1,134	3,179	1,501	-3,132	1,179	1,557	-2,433	-734
Other
-140	3	21	-50	218	10	307	75	-110	-16	89	-83	125	-257	127	218	313	585	-498	738	-507	-79	-381	-486	-299	621	-460	-933	893	-	-	-	-	-	-	-	-	-	-	-	-
Increase (decrease) in current tax liability
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-7,447	137	118	-	168	225	569	-349	-36	286	-70
Net cash provided by operating activities
128,084	102,695	163,691	91,965	143,376	106,401	137,277	98,234	129,997	91,342	115,144	97,879	117,192	101,131	126,558	85,225	102,423	63,113	110,153	70,691	97,138	64,980	93,502	58,439	79,812	62,483	90,748	52,367	68,823	55,617	72,256	49,657	50,600	38,583	61,286	28,993	48,866	26,023	51,568	63,877	46,446
Cash flows from investing activities:
Proceeds from the disposition of real estate
33,384	31,411	33,560	42,117	16,909	26,666	38,099	12,084	71,627	40,966	7,684	9,344	39,251	20,395	10,656	22,164	50,902	5,438	8,160	2,207	22,697	14,105	15,238	17,209	12,301	8,534	35,004	12,461	4,627	49,031	20,347	6,831	5,193	2,558	7,331	34	773	3,209	1,399	4,285	1,419
Transfers from (to) restricted cash and cash held in escrow
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	600	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Additions to real estate:
Accounted for using the operating method
64,197	241,828	126,980	266,583	112,130	341,853	90,049	150,083	174,986	250,497	72,433	300,905	98,058	248,363	152,030	358,996	126,577	155,425	243,206	133,293	151,319	77,409	338,981	96,528	89,862	67,647	84,540	433,799	51,431	268,857	127,256	97,067	191,745	322,101	322,859	54,161	57,512	124,403	83,522	16,512	6,491
Accounted for using the direct financing method
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	1,747	-	-	-	-
Increase in mortgages and notes receivable
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	2,115	1,886	3,245	771	2,026	321	739	0	907	3,926	3,935	4,132	1,616	2,845	1,245	-	-	-	-
Principal payments received on mortgages and notes receivable
100	-	-	-	0	-	-	-	-	-	-	-	-	3,673	345	28	95	1,288	199	580	296	188	10,225	2,719	214	392	11,065	1,821	1,339	2,136	7,583	2,522	563	1,899	2,831	645	1,462	-208	4,668	9,067	291
Payment of lease costs
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	255	-	429	539	615	727	190	534	138	359	279	417	269
Other
-59	-31	866	340	-2,191	443	555	85	-207	1,601	127	391	40	225	198	1,160	652	469	583	521	593	699	1,690	242	1,100	259	898	759	93	3,179	870	-696	139	-2,397	2,593	61	-463	1,487	477	860	750
Net cash used in investing activities
-30,654	-210,386	-91,186	-224,806	-93,030	-315,630	-52,505	-138,084	-103,152	-210,382	-64,376	-291,952	-58,847	-224,520	-141,227	-337,964	-76,232	-148,568	-236,030	-131,027	-128,919	-63,815	-317,323	-78,728	-81,692	-59,751	-41,395	-420,342	-46,552	-219,572	-100,425	-91,084	-190,678	-320,106	-317,096	-56,922	-57,944	-121,707	-79,954	-12,799	-5,800
Cash flows from financing activities:
Proceeds from line of credit payable
311,000	400,000	227,200	202,000	0	0	432,000	676,500	491,000	545,000	251,500	601,500	103,700	240,000	491,700	535,000	63,500	67,900	514,700	452,700	227,100	121,500	238,000	68,000	251,000	156,800	144,500	114,000	186,500	499,000	71,500	372,000	242,400	300,500	176,000	199,300	129,500	-	-	-	-
Repayment of line of credit payable
444,600	266,400	290,400	138,800	0	0	598,700	686,200	435,100	424,500	467,000	386,000	103,700	424,200	454,800	387,700	63,500	350,300	359,800	367,100	185,200	256,400	103,100	159,500	205,900	110,400	144,500	173,400	301,300	324,800	214,100	255,600	281,800	234,900	395,200	164,300	106,300	-	-	-	-
Repayment of mortgages payable
147	145	141	140	141	138	134	132	134	131	126	126	127	2,837	135	133	6,857	378	531	717	409	326	271	275	279	275	269	266	260	256	18,454	392	288	282	275	269	272	263	5,657	280	253
Proceeds from notes payable
692,646	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Repayment of notes payable
325,000	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Payment for early extinguishment of debt
16,679	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Repayment of notes payable convertible
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	226,141	91	20,565	164,649	0	0	0	-	-	-	-	-	-	-	-
Payment of debt issuance costs
6,397	42	0	75	40	1,650	5,394	74	38	4,600	3,065	80	92	3,203	0	159	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from issuance of common stock
696	2,962	451,340	82,699	5,279	124,800	88,333	130,637	1,554	82,265	99,996	25,492	49,011	964	57,628	130,313	89,135	204,632	38,791	39,324	49,370	213,094	70,880	54,954	21,144	4,247	5,281	92,018	166,067	65,964	58,940	22,769	37,550	241,032	243,137	36,366	20,025	3,472	2,388	3,475	8,357
Proceeds from Issuance of Preferred Stock and Preference Stock
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	287,500	-	0	0	0	-	-	-	-
Stock issuance costs
45	247	16,508	724	42	1,039	1,168	1,566	174	1,218	1,380	440	798	10,938	887	1,999	1,380	1,992	583	632	991	8,534	1,088	800	304	74	39	11,152	2,264	1,037	807	471	9,922	9,104	10,224	0	0	-	-	-	-
Redemption of preferred stock
-	-	-	-	-	-	-	-	-	-	0	0	287,500	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	92,000	0	0	0	0	-	-	-	-
Payment of common stock dividends
88,148	88,118	83,935	81,073	80,566	79,328	78,253	72,850	72,733	72,010	70,670	67,659	66,781	66,730	66,675	62,451	61,151	59,025	58,274	56,086	55,314	52,883	52,316	49,685	49,273	49,217	48,947	46,622	44,321	43,356	42,628	41,079	40,432	36,805	33,028	32,209	31,678	31,629	31,588	31,148	31,026
Noncontrolling interest contributions
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	41	-	-	-	-
Noncontrolling interest distributions
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	70	0	228	64	0	0	2,440	-1,208	0	0	0	0	-	-	-	-	0	0	12	33	0	0	851	10
Net cash provided by (used in) financing activities
118,841	-244,885	278,974	54,529	-84,092	-284,176	521,015	37,733	-24,207	-133,859	199,045	164,105	-318,467	412,013	17,972	204,013	10,888	97,700	125,444	58,328	25,633	4,535	143,367	99,721	6,321	-7,777	-279,739	601,449	-20,905	24,585	166,708	41,301	141,029	263,927	271,900	28,960	9,587	93,723	-19,437	-30,489	-24,628
Net increase (decrease) in cash, cash equivalents and restricted cash
216,271	-352,576	351,479	-78,312	-33,746	-493,405	605,787	-2,117	2,638	-252,899	249,813	-29,968	-260,122	288,624	3,303	-48,726	37,079	12,245	-433	-2,008	-6,148	5,700	-80,454	79,432	4,441	-5,045	-230,386	233,474	1,366	-139,370	138,539	-126	951	-17,596	16,090	1,031	509	-1,961	-47,823	20,589	16,018
Supplemental disclosure of cash flow information:
Interest paid, net of amount capitalized
6,613	56,549	692	57,960	499	45,055	9,996	43,298	9,512	42,635	9,847	42,547	8,732	36,218	9,225	37,125	8,835	32,988	9,200	32,689	8,881	33,902	8,645	30,501	8,781	30,263	8,897	32,473	9,297	24,411	12,072	26,380	12,420	26,357	3,887	28,190	5,040	26,770	4,562	26,594	4,460
Taxes received
-	-	-	-	-	-	-	-	-	-12	0	0	-3	-106	-49	0	0	10	28	80	116	-83	41	74	27	148	95	98	19	76	47	63	15	-20	-54	54	-541	42	125	217	88
Supplemental disclosure of noncash investing and financing activities:
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
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	184	155	8,439	143	132	264	10,345	582	0	314	7,904	62	0	0	8,576	0	49	0	3,407	-601	0	-902	8,392
Issued 3,602 and 3,985 shares of common stock in 2015 and 2014, respectively, to directors pursuant to NNNs performance incentive plan
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	132	-	154	137	137	117	117	117	112	73	59	59	59	59	59	59	59
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
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	66	65	66	44	43	37	38	75	74	75	74	111	93	123	122	122	93	93	93
Decrease in other comprehensive income
7,234	-6,546	7,491	3,595	892	-2,316	-3,523	-3,374	1,171	-629	5,378	765	33	-12,880	-1,655	1,680	694	2,337	8,983	233	141	-833	41	2,506	2,439	1,957	-540	-109	815	1,830	-56	-381	55	-790	29	-6,391	1,661	463	629	-91	149
Right-of-use assets recorded in connection with lease liabilities
0	0	0	489	7,735	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Work in progress accrual balance
24,579	-	-	-	21,670	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Mortgage receivable accepted in connection with real estate transactions
3,000	0	0	0	3,100	0	0	0	0	-	-	-	-	-	-	-	-	0	0	0	500	0	0	62	0	-	-	-	-	-	-	-	-	-	-	-	-	0	0	450	5,500
Change in lease classification (direct financing lease to operating lease)
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	921	0	0	757	0	1,164	2,243	0	-	-	-	-
Change in lease classification (direct financing lease to operating lease)
-	-	-	-	-	-	-	-	-	-	-	0	696	-	0	0	0	-	868	0	311	-	0	0	0	-	-	-	-	-	0	0	490	-	0	0	0	-	-	-	-
Mortgages payable assumed in connection with real estate transactions
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	5,432
Series D Depositary Share
Payment of Series D, E and F preferred stock dividends
-	-	-	-	-	-	-	-	-	-	0	0	3,598	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Series E Depositary Share
Payment of Series D, E and F preferred stock dividends
-	-	-	-	-	-	-	-	-	-	4,097	4,097	4,097	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Series E Preferred Stock
Payment of preferred stock dividends
0	910	4,097	4,097	4,097	4,096	4,097	4,097	4,097	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,696	-	1,697	1,696	1,696
Series F Preferred Stock [Member]
Payment of preferred stock dividends
4,485	4,485	4,485	4,485	4,485	4,485	4,485	4,485	4,485	4,485	4,485	4,485	4,485	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-