National retail properties, inc. (NNN)
Income statement / TTM
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

680,530

669,009

659,607

646,039

636,596

621,399

620,066

608,786

594,931

583,595

556,043

542,611

527,731

512,883

497,946

486,220

472,517

462,346

451,652

438,447

426,462

414,043

402,702

393,610

384,371

372,913

358,963

342,857

327,891

312,629

291,690

274,033

255,086

239,758

225,003

215,187

209,715

204,627

208,345

208,937

0

0

0

Earned income from direct financing leases

-

-

-

-

-

-

-

-

951

-

1,039

1,136

1,237

1,336

1,405

1,407

1,457

1,506

1,562

1,649

1,687

1,725

1,764

1,826

1,890

1,955

1,822

1,904

1,999

2,119

2,088

2,156

2,255

2,367

2,722

2,829

2,891

2,915

3,062

3,062

0

0

0

Percentage rent

-

-

-

-

-

-

-

-

1,698

-

1,761

1,843

1,809

1,735

1,761

1,771

1,719

1,430

1,212

1,058

1,169

1,074

1,246

1,336

1,275

1,556

1,391

1,366

1,425

1,165

1,191

1,178

1,089

1,093

1,016

983

980

919

696

619

0

0

0

Real estate expense reimbursement from tenants

-

-

-

-

-

-

-

-

15,810

-

15,907

15,706

15,254

14,984

14,811

14,867

14,943

14,868

14,400

14,254

14,158

13,875

13,779

13,618

13,574

13,340

13,098

12,594

11,966

11,817

11,284

11,063

10,649

10,080

9,071

8,254

7,703

7,181

6,850

7,291

0

0

0

Interest and other income from real estate transactions

1,308

1,478

1,414

1,706

1,875

1,262

1,834

1,394

1,137

1,338

2,421

2,327

2,520

2,709

1,172

1,376

1,288

988

1,260

1,367

1,697

2,326

2,161

2,051

1,879

1,471

1,527

1,697

1,920

2,243

2,556

2,425

2,374

2,287

2,002

2,222

2,652

2,982

3,626

4,350

0

0

0

Interest income on commercial mortgage residual interests

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1,730

1,786

1,785

1,778

1,796

1,820

1,827

1,834

1,872

2,002

2,136

2,290

2,397

2,396

2,524

2,673

2,843

3,032

3,093

3,105

3,081

3,097

3,178

3,460

3,751

3,953

0

0

0

Total revenues

681,838

670,487

656,087

642,811

633,537

622,661

613,931

606,305

596,337

584,933

575,887

562,723

548,099

533,647

518,825

507,427

493,709

482,916

471,882

458,595

447,000

434,877

423,524

414,443

405,125

393,525

379,198

362,814

347,725

332,646

311,652

293,887

274,546

258,690

242,895

232,572

227,119

222,084

226,330

228,212

0

0

0

Gross proceeds

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

-

0

0

Costs

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

-

0

0

Gain

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

-

0

0

Revenues

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

19,008

30,445

42,847

47,513

45,139

42,203

39,026

35,272

32,958

31,774

22,549

0

0

0

Operating expenses

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

18,542

29,455

41,018

45,298

43,088

40,309

37,325

33,830

31,647

31,063

22,509

0

0

0

Net

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

466

990

1,829

2,215

2,051

1,894

1,701

1,442

1,311

711

40

0

0

0

Operating expenses:
General and administrative

38,230

37,651

35,790

35,607

35,072

34,248

34,693

33,504

33,583

33,805

34,501

36,263

36,178

36,508

36,758

36,285

35,380

34,736

32,789

32,192

32,417

32,518

30,690

30,180

31,537

31,095

33,758

34,875

32,488

31,828

31,817

30,200

29,743

28,796

25,742

24,633

23,840

22,764

22,220

22,077

0

0

0

Real estate

28,198

27,656

28,049

27,102

26,330

25,099

23,914

23,708

23,304

23,105

23,196

22,585

21,728

20,852

19,873

19,713

19,804

19,776

19,465

19,266

19,354

18,935

19,296

19,256

18,873

18,497

17,837

17,136

16,813

17,425

17,450

18,042

17,921

16,997

15,659

14,133

13,357

13,177

12,921

13,095

0

0

0

Depreciation and amortization

191,879

188,871

184,886

179,017

176,080

174,398

174,123

180,053

178,075

173,720

168,865

159,426

154,589

149,101

144,962

139,599

137,312

134,798

130,325

126,486

120,291

116,162

112,969

109,032

103,570

99,274

92,213

83,624

79,757

73,806

68,181

65,716

60,803

56,466

53,307

50,347

48,508

46,887

46,797

46,149

0

0

0

Leasing transaction costs

245

261

178

127

0

-

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Impairment – commercial mortgage residual interests valuation

-

-

-

-

-

-

-

-

-

-

-

-

-

6,830

6,880

955

751

531

481

449

98

256

1,425

1,420

1,343

1,185

16

0

0

-

0

-

-

1,024

543

543

441

3,995

0

0

0

-

0

Impairment losses – real estate, net of recoveries

0

-

0

0

0

-

0

0

0

-

0

0

0

-

0

0

0

-

0

0

0

-

0

0

0

-

0

0

0

-

0

0

0

-

0

-

-

-

-

-

-

-

0

Retirement severance costs

-

-

270

492

-

1,013

935

938

8,106

7,845

7,653

7,428

0

-

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Restructuring Costs

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

Total operating expenses

292,551

286,170

288,664

274,830

267,494

262,969

251,091

252,074

253,065

247,430

235,801

238,103

231,026

224,578

220,130

203,289

197,211

194,261

186,969

182,382

173,552

168,631

164,973

160,839

156,448

153,631

148,278

142,877

138,585

129,770

122,533

115,820

108,048

101,934

102,709

97,114

93,604

94,281

85,786

86,233

0

0

0

Gain on disposition of real estate

34,788

32,463

33,528

45,815

36,919

65,070

72,841

61,678

60,627

36,655

25,488

26,808

24,931

27,182

23,864

21,273

20,125

10,450

12,247

13,689

16,713

11,269

8,273

4,917

1,863

107

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Earnings before gain on disposition of real estate

-

-

-

-

-

-

-

-

-

-

0

0

0

-

191,995

199,069

194,474

-

197,009

188,142

184,494

179,777

171,348

169,666

163,254

154,006

145,208

143,209

137,119

132,388

120,885

101,722

92,413

84,740

71,732

70,167

70,429

66,042

79,542

75,247

0

0

0

Real estate, Investment Portfolio, net of income tax expense

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

0

0

Real estate, Inventory Portfolio, net of income tax expense

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

0

0

Earnings from discontinued operations, net of income tax expense

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

124

2,010

3,418

4,906

5,972

11,290

6,937

8,897

9,549

8,091

11,872

8,974

7,676

7,209

7,360

7,479

7,311

2,396

3,762

0

0

0

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

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

179,901

173,358

173,084

168,160

159,978

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Earnings from operations

424,075

416,780

400,951

413,796

402,962

424,762

456,545

433,588

418,523

374,158

367,268

351,802

344,255

336,251

298,695

304,138

296,498

288,655

284,913

276,213

273,448

266,246

258,551

253,604

248,677

239,894

230,920

219,937

209,444

203,342

190,109

179,896

168,713

158,807

141,439

136,518

134,957

129,114

141,932

142,696

0

0

0

Other expenses (revenues):
Interest and other income

1,352

3,112

4,465

4,159

3,709

1,810

341

210

210

322

300

253

288

170

151

154

117

109

179

246

305

357

304

939

1,222

1,493

1,752

2,224

2,208

2,232

2,424

1,687

1,609

1,593

1,374

1,249

1,603

1,513

1,483

1,567

0

0

0

Interest expense

123,736

120,023

124,657

121,903

119,202

115,847

107,923

108,933

109,097

109,109

106,520

102,573

99,380

96,352

96,472

94,211

91,808

90,008

87,290

86,935

87,018

85,510

83,888

82,372

84,140

85,822

86,975

89,889

85,929

83,787

82,698

79,745

77,688

75,532

71,915

68,330

66,852

65,179

64,082

63,017

0

0

0

Real estate acquisition costs

-

-

-

-

-

-

-

-

-

-

-

-

-

563

553

641

457

927

1,096

1,858

1,781

1,391

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Earnings from operations before income tax expense

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

197,829

196,706

187,666

184,954

179,702

172,293

170,458

164,065

154,080

145,333

131,908

125,359

121,423

109,835

101,838

92,634

84,868

70,898

69,437

69,708

65,448

79,333

81,246

0

0

0

Income tax expense

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

10,318

-303

-476

460

-75

945

792

811

74

125

-7,532

-7,836

-6,891

-6,527

979

1,033

899

237

339

352

475

216

-378

0

0

0

Equity in earnings of unconsolidated affiliate

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

4,074

4,226

566

515

474

430

428

432

428

425

425

0

0

0

Gain (loss) on note receivable and property foreclosures

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

Loss on early extinguishment of debt

0

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

Total other expenses (revenues)

-139,324

-117,172

-138,558

-136,059

-133,733

-132,277

-107,582

-108,723

-108,887

-108,787

-106,263

-102,474

-99,526

-96,745

-96,874

-94,698

-92,148

-90,826

-88,207

-88,547

-88,494

-86,544

-86,258

-83,146

-84,612

-85,814

-85,587

-88,029

-84,085

-81,919

-80,274

-78,058

-76,079

-73,939

-70,541

-67,081

-65,249

-63,666

-62,599

-61,450

0

0

0

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

284,751

299,608

262,393

277,737

269,229

292,485

328,099

307,186

295,012

265,371

259,311

248,954

242,478

239,506

215,859

220,342

214,599

197,961

209,256

201,973

201,367

191,170

181,631

178,001

170,023

160,085

156,498

150,146

146,016

141,937

128,976

113,594

101,387

92,416

78,941

77,527

77,908

73,353

81,938

79,009

0

0

0

Earnings attributable to noncontrolling interests

416

428

437

442

39

38

46

45

416

398

415

394

4

6

-22

47

58

125

135

110

121

569

545

503

452

-223

-244

-261

-255

-102

-155

-148

-49

-9

77

114

536

367

310

464

0

0

0

Discontinued operations

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

163

175

177

22

24

207

201

165

100

-105

-134

-146

-11

404

441

0

0

0

Net loss (income) attributable to noncontrolling interest

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-60

-69

-84

-233

-78

52

53

116

91

-28

-20

390

356

714

905

0

0

0

Net earnings attributable to NNN

284,335

299,180

261,956

277,295

269,190

292,447

328,053

307,141

294,596

264,973

258,896

248,560

242,474

239,500

215,881

220,295

214,541

197,836

209,121

201,863

201,246

190,601

181,085

177,497

169,412

160,145

156,567

150,230

146,249

142,015

128,922

113,539

101,337

92,325

78,971

77,549

77,452

72,997

81,224

78,104

0

0

0

Dividends

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

6,785

6,785

6,784

6,784

0

0

0

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

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

3,098

3,098

3,098

3,098

0

0

0

0

-

-

-

-

-

-

Net earnings attributable to common stockholders

247,435

258,183

227,629

242,968

234,863

258,120

293,726

272,814

260,269

217,193

207,651

197,038

190,675

200,877

180,447

184,861

179,107

162,402

173,687

166,429

165,812

155,167

145,652

141,381

137,392

132,222

132,740

131,183

126,038

121,489

111,460

99,143

91,171

85,540

72,186

70,764

70,667

66,212

74,440

71,320

0

0

0

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

284,335

299,180

261,956

277,295

269,190

292,447

328,053

307,141

294,596

264,973

258,896

248,560

242,474

239,500

215,881

220,295

214,541

197,836

209,121

201,863

201,246

190,601

181,085

177,497

169,412

160,145

156,567

150,230

146,249

142,015

128,922

113,539

101,337

92,325

78,971

77,549

77,452

72,997

81,224

78,104

0

0

0

Amortization of interest rate hedges

-1,367

-1,307

-3,058

-3,256

-3,462

-3,664

-4,906

-3,890

-2,904

-1,932

2,073

2,302

2,554

2,802

2,768

2,472

2,183

1,902

1,649

1,610

1,408

1,129

868

611

513

438

366

295

235

231

227

208

108

9

0

0

0

-

-

-

-

-

-

Fair value of forward starting swaps

-13,141

-5,524

-11,738

-935

6,244

4,080

4,080

-4,899

-9,298

-7,688

4,644

11,339

12,791

13,345

-9,284

-9,985

0

-

0

0

-

-6,312

-6,312

-6,312

-5,370

-3,141

-3,141

-3,141

-1,144

0

0

0

-6,881

-5,218

0

0

0

-

-

-

-

-

-

Valuation adjustments – available-for-sale securities

0

-

-

-

0

-

-

-

-

-

-

-

-

-

0

0

0

-

0

0

0

-

0

0

0

-

0

0

0

-

0

0

0

-

0

0

0

-

-

-

-

-

-

Realized gain – available-for-sale securities

-

-

-982

-969

-

298

156

268

3

209

-14

-92

368

468

760

739

213

112

54

-174

-50

-8

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Realized gain – available-for-sale securities

0

1,331

1,331

1,331

0

-

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Valuation adjustments on available-for-sale securities

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

-

4

11

18

36

0

0

0

-

-

-

-

-

-

Reclassification of noncontrolling interests

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-949

-949

-949

-949

0

0

0

0

-

-

-

-

-

-

-

-

-

-

Comprehensive income attributable to NNN

272,561

293,748

252,294

278,647

278,111

300,489

334,409

304,596

287,311

259,426

265,599

257,548

253,908

251,661

212,825

210,601

203,400

186,142

200,597

203,029

199,673

186,448

174,142

171,135

164,035

158,022

157,467

150,646

148,457

143,463

128,513

113,104

94,240

86,834

0

0

0

-

-

-

-

-

-

Series D Preferred Stock [Member]
Dividends, Preferred Stock

-

-

-

-

-

-

-

-

-

3,598

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Preferred Stock Redemption Premium

-

-

-

-

-

-

-

-

-

9,855

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Series E Preferred Stock
Dividends

9,104

13,201

16,387

16,387

16,387

16,387

16,387

16,387

16,387

16,387

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Series F Preferred Stock [Member]
Dividends

17,940

17,940

17,940

17,940

17,940

17,940

17,940

17,940

17,940

17,940

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-