Quarterly Report (10-q)
03 August 2022 - 02:34PM
Edgar (US Regulatory)
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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 June 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:
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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.
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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.
177,111,721 shares of common stock, $0.01 par value, outstanding as of July 28, 2022.
TABLE OF CONTENTS
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)
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June 30,
2022 |
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December 31,
2021 |
|
|
|
(unaudited) |
|
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|
|
ASSETS |
|
|
|
|
|
|
Real estate portfolio |
|
$ |
7,674,508 |
|
|
$ |
7,444,289 |
|
Real estate held for sale |
|
|
3,461 |
|
|
|
5,557 |
|
Cash and cash equivalents |
|
|
3,289 |
|
|
|
171,322 |
|
Receivables, net of allowance of $699 and $782, respectively |
|
|
2,612 |
|
|
|
3,154 |
|
Accrued rental income, net of allowance of $4,090 and $4,587, respectively |
|
|
29,065 |
|
|
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31,942 |
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Debt costs, net of accumulated amortization of $20,515 and $19,377, respectively |
|
|
6,427 |
|
|
|
7,443 |
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Other assets |
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|
84,893 |
|
|
|
87,347 |
|
Total assets |
|
$ |
7,804,255 |
|
|
$ |
7,751,054 |
|
LIABILITIES AND EQUITY |
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|
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Liabilities: |
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|
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|
|
Line of credit payable |
|
$ |
40,000 |
|
|
$ |
— |
|
Mortgages payable, including unamortized premium and net of unamortized debt costs |
|
|
10,334 |
|
|
|
10,697 |
|
Notes payable, net of unamortized discount and unamortized debt costs |
|
|
3,737,808 |
|
|
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3,735,769 |
|
Accrued interest payable |
|
|
23,178 |
|
|
|
23,923 |
|
Other liabilities |
|
|
77,409 |
|
|
|
79,002 |
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Total liabilities |
|
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3,888,729 |
|
|
|
3,849,391 |
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|
|
|
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|
|
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Equity: |
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|
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Stockholders’ equity: |
|
|
|
|
|
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Common stock, $0.01 par value. Authorized 375,000,000 shares; 176,615,017 and
175,635,792 shares issued and outstanding, respectively |
|
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1,767 |
|
|
|
1,757 |
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Capital in excess of par value |
|
|
4,705,479 |
|
|
|
4,662,714 |
|
Accumulated deficit |
|
|
(777,939 |
) |
|
|
(747,853 |
) |
Accumulated other comprehensive income (loss) |
|
|
(13,781 |
) |
|
|
(14,956 |
) |
Total stockholders’ equity of NNN |
|
|
3,915,526 |
|
|
|
3,901,662 |
|
Noncontrolling interests |
|
|
— |
|
|
|
1 |
|
Total equity |
|
|
3,915,526 |
|
|
|
3,901,663 |
|
Total liabilities and equity |
|
$ |
7,804,255 |
|
|
$ |
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)
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|
|
|
|
|
|
|
|
|
|
|
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Quarter Ended June 30, |
|
|
Six Months Ended June 30, |
|
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2022 |
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2021 |
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2022 |
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|
2021 |
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Revenues: |
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|
|
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|
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|
|
|
|
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Rental income |
|
$ |
190,536 |
|
|
$ |
178,004 |
|
|
$ |
380,299 |
|
|
$ |
357,202 |
|
Interest and other income from real estate transactions |
|
|
247 |
|
|
|
1,007 |
|
|
|
763 |
|
|
|
1,587 |
|
|
|
|
190,783 |
|
|
|
179,011 |
|
|
|
381,062 |
|
|
|
358,789 |
|
Operating expenses: |
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General and administrative |
|
|
9,740 |
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|
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11,868 |
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20,782 |
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|
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23,616 |
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Real estate |
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|
6,173 |
|
|
|
6,619 |
|
|
|
13,371 |
|
|
|
14,344 |
|
Depreciation and amortization |
|
|
57,444 |
|
|
|
50,875 |
|
|
|
110,124 |
|
|
|
100,855 |
|
Leasing transaction costs |
|
|
76 |
|
|
|
22 |
|
|
|
164 |
|
|
|
60 |
|
Impairment losses – real estate, net of recoveries |
|
|
4,618 |
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|
|
7,735 |
|
|
|
6,250 |
|
|
|
9,866 |
|
Executive retirement costs |
|
|
2,655 |
|
|
|
— |
|
|
|
6,249 |
|
|
|
— |
|
|
|
|
80,706 |
|
|
|
77,119 |
|
|
|
156,940 |
|
|
|
148,741 |
|
Gain on disposition of real estate |
|
|
775 |
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|
|
4,181 |
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|
|
4,767 |
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|
|
8,462 |
|
Earnings from operations |
|
|
110,852 |
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|
|
106,073 |
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228,889 |
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|
218,510 |
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Other expenses (revenues): |
|
|
|
|
|
|
|
|
|
|
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Interest and other income |
|
|
(52 |
) |
|
|
(33 |
) |
|
|
(87 |
) |
|
|
(98 |
) |
Interest expense |
|
|
36,739 |
|
|
|
33,085 |
|
|
|
73,438 |
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|
|
67,672 |
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Loss on early extinguishment of debt |
|
|
— |
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|
|
— |
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|
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— |
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|
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21,328 |
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|
|
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36,687 |
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|
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33,052 |
|
|
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73,351 |
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|
|
88,902 |
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Net earnings |
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74,165 |
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|
|
73,021 |
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|
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155,538 |
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|
129,608 |
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Loss attributable to noncontrolling interests |
|
|
6 |
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2 |
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5 |
|
|
|
2 |
|
Net earnings attributable to NNN |
|
|
74,171 |
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|
|
73,023 |
|
|
|
155,543 |
|
|
|
129,610 |
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Series F preferred stock dividends |
|
|
— |
|
|
|
(4,485 |
) |
|
|
— |
|
|
|
(8,970 |
) |
Net earnings attributable to common stockholders |
|
$ |
74,171 |
|
|
$ |
68,538 |
|
|
$ |
155,543 |
|
|
$ |
120,640 |
|
Net earnings per share of common stock: |
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|
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|
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Basic |
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$ |
0.42 |
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$ |
0.39 |
|
|
$ |
0.89 |
|
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$ |
0.69 |
|
Diluted |
|
$ |
0.42 |
|
|
$ |
0.39 |
|
|
$ |
0.89 |
|
|
$ |
0.69 |
|
Weighted average number of common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
174,956,856 |
|
|
|
174,610,897 |
|
|
|
174,867,049 |
|
|
|
174,600,158 |
|
Diluted |
|
|
175,107,914 |
|
|
|
174,726,812 |
|
|
|
175,021,871 |
|
|
|
174,733,076 |
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Other comprehensive income: |
|
|
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|
|
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|
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|
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Net earnings attributable to NNN |
|
$ |
74,171 |
|
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$ |
73,023 |
|
|
$ |
155,543 |
|
|
$ |
129,610 |
|
Amortization of interest rate hedges |
|
|
592 |
|
|
|
561 |
|
|
|
1,175 |
|
|
|
1,929 |
|
Comprehensive income attributable to NNN |
|
|
74,763 |
|
|
|
73,584 |
|
|
|
156,436 |
|
|
|
131,539 |
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Comprehensive loss attributable to noncontrolling interests |
|
|
(6 |
) |
|
|
(2 |
) |
|
|
(5 |
) |
|
|
(2 |
) |
Total comprehensive income |
|
$ |
74,757 |
|
|
$ |
73,582 |
|
|
$ |
156,431 |
|
|
$ |
131,537 |
|
See accompanying notes to condensed consolidated financial statements.
2
NATIONAL RETAIL PROPERTIES, INC.
and SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
Quarter Ended June 30, 2022
(dollars in thousands, except per share data)
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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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 March 31, 2022 |
|
$ |
1,759 |
|
|
$ |
4,669,590 |
|
|
$ |
(759,232 |
) |
|
$ |
(14,373 |
) |
|
$ |
3,897,744 |
|
|
$ |
2 |
|
|
$ |
3,897,746 |
|
Net earnings |
|
|
— |
|
|
|
— |
|
|
|
74,171 |
|
|
|
— |
|
|
|
74,171 |
|
|
|
(6 |
) |
|
|
74,165 |
|
Dividends declared and paid: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$0.5300 per share of common stock |
|
|
— |
|
|
|
647 |
|
|
|
(92,878 |
) |
|
|
— |
|
|
|
(92,231 |
) |
|
|
— |
|
|
|
(92,231 |
) |
Issuance of common stock: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,040 shares – director compensation |
|
|
— |
|
|
|
304 |
|
|
|
— |
|
|
|
— |
|
|
|
304 |
|
|
|
— |
|
|
|
304 |
|
1,394 shares – stock purchase plan |
|
|
— |
|
|
|
60 |
|
|
|
— |
|
|
|
— |
|
|
|
60 |
|
|
|
— |
|
|
|
60 |
|
717,473 shares – ATM equity program |
|
|
7 |
|
|
|
31,586 |
|
|
|
— |
|
|
|
— |
|
|
|
31,593 |
|
|
|
— |
|
|
|
31,593 |
|
66,651 restricted shares |
|
|
1 |
|
|
|
(1 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Stock issuance costs |
|
|
— |
|
|
|
(510 |
) |
|
|
— |
|
|
|
— |
|
|
|
(510 |
) |
|
|
— |
|
|
|
(510 |
) |
Amortization of deferred compensation |
|
|
— |
|
|
|
4,085 |
|
|
|
— |
|
|
|
— |
|
|
|
4,085 |
|
|
|
— |
|
|
|
4,085 |
|
Amortization of interest rate hedges |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
592 |
|
|
|
592 |
|
|
|
— |
|
|
|
592 |
|
Distributions to noncontrolling interests |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(278 |
) |
|
|
(278 |
) |
Other |
|
|
— |
|
|
|
(282 |
) |
|
|
— |
|
|
|
— |
|
|
|
(282 |
) |
|
|
282 |
|
|
|
— |
|
Balances at June 30, 2022 |
|
$ |
1,767 |
|
|
$ |
4,705,479 |
|
|
$ |
(777,939 |
) |
|
$ |
(13,781 |
) |
|
$ |
3,915,526 |
|
|
$ |
— |
|
|
$ |
3,915,526 |
|
See accompanying notes to condensed consolidated financial statements.
3
NATIONAL RETAIL PROPERTIES, INC.
and SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY – CONTINUED
Quarter Ended June 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 March 31, 2021 |
|
$ |
345,000 |
|
|
$ |
1,757 |
|
|
$ |
4,639,680 |
|
|
$ |
(683,525 |
) |
|
$ |
(15,077 |
) |
|
$ |
4,287,835 |
|
|
$ |
4 |
|
|
$ |
4,287,839 |
|
Net earnings |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
73,023 |
|
|
|
— |
|
|
|
73,023 |
|
|
|
(2 |
) |
|
|
73,021 |
|
Dividends declared and paid: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$0.3250 per depositary share of Series F
preferred stock |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(4,485 |
) |
|
|
— |
|
|
|
(4,485 |
) |
|
|
— |
|
|
|
(4,485 |
) |
$0.5200 per share of common stock |
|
|
— |
|
|
|
— |
|
|
|
629 |
|
|
|
(90,971 |
) |
|
|
— |
|
|
|
(90,342 |
) |
|
|
— |
|
|
|
(90,342 |
) |
Issuance of common stock: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,875 shares – director compensation |
|
|
— |
|
|
|
— |
|
|
|
267 |
|
|
|
— |
|
|
|
— |
|
|
|
267 |
|
|
|
— |
|
|
|
267 |
|
2,017 shares – stock purchase plan |
|
|
— |
|
|
|
— |
|
|
|
95 |
|
|
|
— |
|
|
|
— |
|
|
|
95 |
|
|
|
— |
|
|
|
95 |
|
Stock issuance costs |
|
|
— |
|
|
|
— |
|
|
|
(46 |
) |
|
|
— |
|
|
|
— |
|
|
|
(46 |
) |
|
|
— |
|
|
|
(46 |
) |
Amortization of deferred compensation |
|
|
— |
|
|
|
— |
|
|
|
3,968 |
|
|
|
— |
|
|
|
— |
|
|
|
3,968 |
|
|
|
— |
|
|
|
3,968 |
|
Amortization of interest rate hedges |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
561 |
|
|
|
561 |
|
|
|
— |
|
|
|
561 |
|
Balances at June 30, 2021 |
|
$ |
345,000 |
|
|
$ |
1,757 |
|
|
$ |
4,644,593 |
|
|
$ |
(705,958 |
) |
|
$ |
(14,516 |
) |
|
$ |
4,270,876 |
|
|
$ |
2 |
|
|
$ |
4,270,878 |
|
See accompanying notes to condensed consolidated financial statements.
4
NATIONAL RETAIL PROPERTIES, INC.
and SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY – CONTINUED
Six Months Ended June 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 |
|
|
$ |
1 |
|
|
$ |
3,901,663 |
|
Net earnings |
|
|
— |
|
|
|
— |
|
|
|
155,543 |
|
|
|
— |
|
|
|
155,543 |
|
|
|
(5 |
) |
|
|
155,538 |
|
Dividends declared and paid: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$1.0600 per share of common stock |
|
|
— |
|
|
|
1,343 |
|
|
|
(185,629 |
) |
|
|
— |
|
|
|
(184,286 |
) |
|
|
— |
|
|
|
(184,286 |
) |
Issuance of common stock: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
16,469 shares – director compensation |
|
|
— |
|
|
|
609 |
|
|
|
— |
|
|
|
— |
|
|
|
609 |
|
|
|
— |
|
|
|
609 |
|
2,567 shares – stock purchase plan |
|
|
— |
|
|
|
112 |
|
|
|
— |
|
|
|
— |
|
|
|
112 |
|
|
|
— |
|
|
|
112 |
|
717,473 shares – ATM equity program |
|
|
7 |
|
|
|
31,586 |
|
|
|
— |
|
|
|
— |
|
|
|
31,593 |
|
|
|
— |
|
|
|
31,593 |
|
219,951 restricted shares – net of forfeitures |
|
|
3 |
|
|
|
(3 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Stock issuance costs |
|
|
— |
|
|
|
(575 |
) |
|
|
— |
|
|
|
— |
|
|
|
(575 |
) |
|
|
— |
|
|
|
(575 |
) |
Amortization of deferred compensation |
|
|
— |
|
|
|
9,975 |
|
|
|
— |
|
|
|
— |
|
|
|
9,975 |
|
|
|
— |
|
|
|
9,975 |
|
Amortization of interest rate hedges |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,175 |
|
|
|
1,175 |
|
|
|
— |
|
|
|
1,175 |
|
Distributions to noncontrolling interests |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(278 |
) |
|
|
(278 |
) |
Other |
|
|
— |
|
|
|
(282 |
) |
|
|
— |
|
|
|
— |
|
|
|
(282 |
) |
|
|
< |