National retail properties, inc. (NNN)
Income statement / Quarterly
Mar'20Dec'19Sep'19Jun'19Mar'19Dec'18Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17Dec'16Sep'16Jun'16Mar'16Dec'15Sep'15Jun'15Mar'15Dec'14Sep'14Jun'14Mar'14Dec'13Sep'13Jun'13Mar'13Dec'12Sep'12Jun'12Mar'12Dec'11Sep'11Jun'11Mar'11Dec'10Sep'10Jun'10Mar'10Sep'09Jun'09
Revenues:
Lease Income

174,547

173,163

168,224

164,596

163,026

163,761

154,656

155,153

147,829

162,428

143,376

141,298

136,493

134,876

129,944

126,418

121,645

119,939

118,218

112,715

111,474

109,245

105,013

100,730

99,055

97,904

95,921

91,491

87,597

83,954

79,815

76,525

72,335

63,015

62,158

57,578

57,007

48,260

52,342

52,106

51,919

51,978

52,934

Earned income from direct financing leases

-

-

-

-

-

-

-

-

230

-

241

246

257

295

338

347

356

364

340

397

405

420

427

435

443

459

489

499

508

326

571

594

628

295

639

693

740

650

746

755

764

797

746

Percentage rent

-

-

-

-

-

-

-

-

546

-

239

198

548

776

321

164

474

802

331

112

185

584

177

223

90

756

267

162

371

591

242

221

111

617

229

132

115

540

196

129

54

317

119

Real estate expense reimbursement from tenants

-

-

-

-

-

-

-

-

4,158

-

3,614

3,700

3,860

4,733

3,413

3,248

3,590

4,560

3,469

3,324

3,515

4,092

3,323

3,228

3,232

3,996

3,162

3,184

2,998

3,754

2,658

2,556

2,849

3,221

2,437

2,142

2,280

2,212

1,620

1,591

1,758

1,881

2,061

Interest and other income from real estate transactions

516

213

383

196

686

149

675

365

73

721

235

108

274

1,804

141

301

463

267

345

213

163

539

452

543

792

374

342

371

384

430

512

594

707

743

381

543

620

458

601

973

950

1,102

1,325

Interest income on commercial mortgage residual interests

-

-

-

-

-

-

-

-

-

-

-

-

-

-

384

448

452

446

440

447

445

464

464

454

452

502

594

588

606

609

593

716

755

779

782

777

767

755

798

858

1,049

1,046

1,000

Total revenues

175,063

173,376

168,607

164,792

163,712

158,976

155,331

155,518

152,836

150,246

147,705

145,550

141,432

141,200

134,541

130,926

126,980

126,378

123,143

117,208

116,187

115,344

109,856

105,613

104,064

103,991

100,775

96,295

92,464

89,664

84,391

81,206

77,385

68,670

66,626

61,865

61,529

52,875

56,303

56,412

56,494

57,121

58,185

Gross proceeds

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-5,600

-

-353

0

Costs

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-4,959

-

-317

0

Gain

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

641

-

36

0

Revenues

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

7,784

11,224

11,437

12,402

12,450

8,850

8,501

9,225

8,696

6,536

7,317

0

Operating expenses

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

7,480

11,062

10,913

11,563

11,760

8,852

8,134

8,579

8,265

6,669

7,550

25

Net

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

304

162

524

839

690

-2

367

646

431

-133

-233

-25

Operating expenses:
General and administrative

10,100

10,128

8,726

9,276

9,521

8,267

8,543

8,741

8,697

8,712

7,354

8,820

8,919

9,408

9,116

8,735

9,249

9,658

8,643

7,830

8,605

7,711

8,046

8,055

8,706

5,883

7,536

9,412

8,264

8,546

8,653

7,025

7,604

8,535

7,036

6,568

6,657

5,481

5,927

5,775

5,581

4,937

5,784

Real estate

7,635

7,257

6,706

6,600

7,093

7,650

5,759

5,828

5,862

6,465

5,553

5,424

5,663

6,556

4,942

4,567

4,787

5,577

4,782

4,658

4,759

5,266

4,583

4,746

4,340

5,627

4,543

4,363

3,964

4,967

3,842

4,040

4,576

4,992

4,434

3,919

3,652

3,654

2,908

3,143

3,472

3,398

3,082

Depreciation and amortization

49,188

48,102

48,348

46,241

46,180

44,117

42,479

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

29,768

28,007

28,012

27,182

25,831

22,545

23,716

20,121

17,242

18,678

17,765

14,496

14,777

13,765

13,428

11,337

11,817

11,926

11,807

11,247

11,169

Leasing transaction costs

36

83

51

75

52

-

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

-

0

-

-

628

0

267

129

147

0

165

3,683

-

0

Impairment losses – real estate, net of recoveries

5,513

-

10,692

7,187

3,245

-

3,635

3,835

2,248

-

80

-39

1,206

-

4,917

5,459

572

-

-3

2,686

1,028

-

77

89

396

-

435

263

2,851

-

3,223

2,548

35

-

0

-

-

-

-

-

-

-

1,064

Retirement severance costs

-

-

0

0

-

270

222

260

261

192

225

7,428

0

-

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Restructuring Costs

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

Total operating expenses

72,472

76,303

74,472

69,304

66,091

78,797

60,638

61,968

61,566

66,919

61,621

62,959

55,931

55,290

63,923

55,882

49,483

50,842

47,082

49,804

46,533

43,550

42,495

40,974

41,612

39,892

38,361

36,583

38,795

34,539

32,960

32,291

29,980

27,302

26,247

24,519

23,866

28,077

20,652

21,009

24,543

19,582

21,099

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

1,306

1,914

30

7,200

3,103

3,356

3,054

1,756

107

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Earnings before gain on disposition of real estate

-

-

-

-

-

-

-

-

-

-

57,944

55,354

59,024

-

46,267

50,755

53,801

-

53,341

46,160

46,838

50,670

44,474

42,512

42,121

42,241

42,792

36,100

32,873

33,443

40,793

30,010

28,142

21,940

21,630

20,701

20,469

8,932

20,065

20,963

16,082

22,432

15,770

Real estate, Investment Portfolio, net of income tax expense

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1,134

566

75

-34

2,473

Real estate, Inventory Portfolio, net of income tax expense

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-5

121

141

398

22

Earnings from discontinued operations, net of income tax expense

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

142

18

-36

1,886

1,550

1,506

1,030

7,204

-2,803

3,466

1,682

5,746

978

568

384

5,279

1,129

687

216

364

2,495

Earnings before gain on disposition of real estate, net of income tax expense

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

50,670

44,616

42,530

42,085

44,127

44,342

37,606

33,903

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Earnings from operations

115,361

104,028

96,196

108,490

108,066

88,199

109,041

97,656

129,866

119,982

86,084

82,591

85,501

113,092

70,618

75,044

77,497

75,536

76,061

67,404

69,654

71,794

67,361

64,639

62,452

64,099

62,414

59,712

53,669

55,125

51,431

49,219

47,567

41,892

41,218

38,036

37,661

24,524

36,297

36,475

31,818

37,342

37,061

Other expenses (revenues):
Interest and other income

164

200

501

487

1,924

1,553

195

37

25

84

64

37

137

62

17

72

19

43

20

35

11

113

87

94

63

60

722

377

334

319

1,194

361

358

511

457

283

342

292

332

637

252

262

416

Interest expense

33,670

30,307

29,948

29,811

29,957

34,941

27,194

27,110

26,602

27,017

28,204

27,274

26,614

24,428

24,257

24,081

23,586

24,548

21,996

21,678

21,786

21,830

21,641

21,761

20,278

20,208

20,125

23,529

21,960

21,361

23,039

19,569

19,818

20,272

20,086

17,512

17,662

16,655

16,501

16,034

15,989

15,558

15,436

Real estate acquisition costs

-

-

-

-

-

-

-

-

-

-

-

-

-

43

111

280

129

33

199

96

599

202

961

19

209

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Earnings from operations before income tax expense

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

50,998

53,886

45,665

47,280

49,875

44,846

42,953

42,028

42,466

43,011

36,560

32,043

33,719

29,586

30,011

28,107

22,131

21,589

20,807

20,341

8,161

20,128

21,078

16,081

22,046

22,041

Income tax expense

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

9,826

545

-495

442

-795

372

441

-93

225

219

460

-830

276

-7,438

156

115

640

68

210

-19

-22

170

223

104

-281

-424

Equity in earnings of unconsolidated affiliate

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

3,769

155

150

152

109

104

109

108

107

108

105

105

107

Gain (loss) on note receivable and property foreclosures

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-7,816

Loss on early extinguishment of debt

-16,679

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1,014

Total other expenses (revenues)

-50,185

-30,242

-29,498

-29,399

-28,033

-51,628

-26,999

-27,073

-26,577

-26,933

-28,140

-27,237

-26,477

-24,409

-24,351

-24,289

-23,696

-24,538

-22,175

-21,739

-22,374

-21,919

-22,515

-21,686

-20,424

-21,633

-19,403

-23,152

-21,626

-21,406

-21,845

-19,208

-19,460

-19,761

-19,629

-17,229

-17,320

-16,363

-16,169

-15,397

-15,737

-15,296

-15,020

Net Income (Loss), Including Portion Attributable to Noncontrolling Interest

65,176

73,786

66,698

79,091

80,033

36,571

82,042

70,583

103,289

72,185

61,129

58,409

73,648

66,125

50,772

51,933

70,676

42,478

55,255

46,190

54,038

53,773

47,972

45,584

43,841

44,234

44,342

37,606

33,903

40,647

37,990

33,476

29,824

27,686

22,608

21,269

20,853

14,211

21,194

21,650

16,298

22,796

18,265

Earnings attributable to noncontrolling interests

-2

0

5

413

10

9

10

10

9

17

9

381

-9

34

-12

-9

-7

6

57

2

60

16

32

13

508

-8

-10

-38

-167

-29

-27

-32

-14

-82

-20

67

26

4

17

489

-143

-53

171

Discontinued operations

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1

0

158

4

13

2

3

6

196

-4

-33

-59

-9

-33

-45

76

406

4

Net loss (income) attributable to noncontrolling interest

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-7

-10

120

-163

-16

-25

-29

-8

114

-24

34

-33

-5

-16

444

-67

353

175

Net earnings attributable to NNN

65,178

73,786

66,693

78,678

80,023

36,562

82,032

70,573

103,280

72,168

61,120

58,028

73,657

66,091

50,784

51,942

70,683

42,472

55,198

46,188

53,978

53,757

47,940

45,571

43,333

44,241

44,352

37,486

34,066

40,663

38,015

33,505

29,832

27,570

22,632

21,303

20,820

14,216

21,210

21,206

16,365

22,443

18,090

Dividends

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1,696

1,697

1,696

1,696

1,696

1,696

1,696

Excess of redemption value over carrying value of Series C preferred shares redeemed

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

3,098

0

0

0

0

-

-

-

-

-

-

Net earnings attributable to common stockholders

60,693

58,534

58,111

70,097

71,441

27,980

73,450

61,992

94,698

63,586

52,538

49,447

51,622

54,044

41,925

43,084

61,824

33,614

46,339

37,330

45,119

44,899

39,081

36,713

34,474

35,384

34,810

32,724

29,304

35,902

33,253

27,579

24,755

25,873

20,936

19,607

19,124

12,519

19,514

19,510

14,669

20,747

16,394

Net earnings per share of common stock:
Discontinued operations (in dollars per share)

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0.00

0.02

0.01

0.01

0.01

0.07

-0.02

0.03

0.01

0.07

0.01

0.00

0.00

0.07

0.01

0.01

0.00

-

0.03

Basic (in dollars per share)

0.35

0.34

0.35

0.43

0.44

0.16

0.47

0.40

0.62

0.42

0.35

0.33

0.35

-

-

-

-

-

-

-

-

0.35

0.31

0.30

0.28

0.28

0.29

0.28

0.26

0.33

0.31

0.26

0.23

0.26

0.24

0.23

0.23

0.16

0.23

0.23

0.18

0.26

0.20

Discontinued operations (in dollars per share)

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0.00

0.02

0.01

0.01

0.01

0.07

-0.02

0.03

0.01

0.07

0.01

0.00

0.01

0.07

0.01

0.01

0.00

-

0.03

Diluted (in dollars per share)

0.35

0.34

0.35

0.43

0.44

0.16

0.47

0.40

0.62

0.42

0.35

0.33

0.35

-

-

-

-

-

-

-

-

0.35

0.31

0.30

0.28

0.29

0.29

0.27

0.25

0.32

0.30

0.26

0.23

0.26

0.24

0.23

0.23

0.16

0.23

0.23

0.18

0.26

0.20

Basic (in dollars per share)

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0.29

0.30

0.44

-

0.34

0.28

0.34

-

0.31

0.30

0.28

0.26

0.28

0.27

0.25

0.26

0.33

0.23

0.22

0.19

0.23

0.23

0.23

0.09

0.22

0.22

0.18

0.26

0.17

Diluted (in dollars per share)

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0.28

0.30

0.44

-

0.34

0.28

0.34

-

0.31

0.30

0.28

0.27

0.28

0.26

0.24

0.25

0.32

0.23

0.22

0.19

0.23

0.23

0.22

0.09

0.22

0.22

0.18

0.26

0.17

Weighted average number of common shares outstanding:
Basic (in shares)

171,039

170,871

164,883

161,893

161,105

159,273

156,852

153,810

153,041

151,801

149,341

148,372

146,929

146,310

146,111

143,443

140,840

137,169

133,892

133,267

131,665

128,409

124,554

122,490

121,575

121,224

120,287

117,812

113,491

109,539

107,487

105,992

104,840

97,758

87,109

84,409

83,122

83,067

82,779

82,694

82,320

80,343

79,163

Diluted (in shares)

171,231

171,007

165,361

162,351

161,614

160,298

157,286

154,203

153,393

152,063

149,667

148,719

147,279

146,658

146,681

143,976

141,326

138,000

134,246

133,600

132,109

129,096

125,045

122,832

121,866

121,513

121,230

120,865

115,850

112,459

110,339

107,458

106,211

99,263

87,788

84,725

83,570

83,210

82,915

82,825

82,446

80,455

79,265

Other comprehensive income:
Other comprehensive income:
Net Income (Loss) Attributable to Parent

65,178

73,786

66,693

78,678

80,023

36,562

82,032

70,573

103,280

72,168

61,120

58,028

73,657

66,091

50,784

51,942

70,683

42,472

55,198

46,188

53,978

53,757

47,940

45,571

43,333

44,241

44,352

37,486

34,066

40,663

38,015

33,505

29,832

27,570

22,632

21,303

20,820

14,216

21,210

21,206

16,365

22,443

18,090

Amortization of interest rate hedges

-383

-332

-327

-325

-323

-2,083

-525

-531

-525

-3,325

491

455

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

-

-

-

-

-

-

Fair value of forward starting swaps

-7,617

6,214

-7,818

-3,920

0

0

2,985

3,259

-2,164

0

-5,994

-1,140

-554

12,332

701

312

0

-

-10,297

0

-

0

0

-2,939

-3,373

0

0

-1,997

-1,144

0

0

0

0

0

0

-6,881

1,663

-

-

-

-

-

-

Valuation adjustments – available-for-sale securities

0

-

-

-

116

-

-

-

-

-

-

-

-

-

-4,561

282

-175

-

116

-38

-346

-

-224

240

684

-

376

350

869

-

0

213

0

-

0

539

60

-

-

-

-

-

-

Realized gain – available-for-sale securities

-

-

0

0

-

233

13

184

-132

91

125

-81

74

-132

47

379

174

160

26

-147

73

102

-202

-23

115

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Realized gain – available-for-sale securities

0

0

0

0

1,331

-

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Valuation adjustments on available-for-sale securities

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-36

-8

-81

-

1

0

1

2

8

7

19

-

-

-

-

-

-

Reclassification of noncontrolling interests

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

-949

0

0

0

0

-

-

-

-

-

-

-

-

-

-

Comprehensive income attributable to NNN

57,944

80,332

59,202

75,083

79,131

38,878

85,555

74,547

101,509

72,798

55,742

57,262

73,624

78,971

47,691

53,622

71,377

40,135

45,467

46,421

54,119

54,590

47,899

43,065

40,894

42,284

44,892

35,965

34,881

41,729

38,071

33,776

29,887

26,779

22,662

14,912

22,481

-

-

-

-

-

-

Series D Preferred Stock [Member]
Dividends, Preferred Stock

-

-

-

-

-

-

-

-

-

0

0

0

3,598

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Preferred Stock Redemption Premium

-

-

-

-

-

-

-

-

-

0

0

0

9,855

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Series E Preferred Stock
Dividends

0

911

4,097

4,096

4,097

4,097

4,097

4,096

4,097

4,097

4,097

4,096

4,097

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Series F Preferred Stock [Member]
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

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-