National Retail Properties

National Retail Properties, Inc.
Public company
Traded as NYSE: NNN
S&P 400 component
Industry Real estate investment trust
Founded October 1984 (1984-10) (as Golden Corral Realty Corp.)
Headquarters Orlando, Florida, U.S.
Key people
 Julian E. Whitehurst, CEO & President
Robert C. Legler, Chairman
Kevin B. Habicht, CFO
Products Shopping centers
Revenue Increase $0.585 billion (2017)
Increase $0.264 billion (2017)
Total assets Increase $6.560 billion (2017)
Total equity Decrease $3.840 billion (2017)
Number of employees
 66 (2017)
Website www.nnnreit.com
Footnotes / references
[1]

National Retail Properties, Inc. is a real estate investment trust that invests in shopping centers that are subject to NNN Leases. It is organized in Maryland with its principal office in Orlando, Florida.[1]

As of December 31, 2017, the company owned 2,764 properties containing 29,093,000 square feet.[1]

As of December 31, 2017, 18.2% of the company's revenue was from properties in Texas and 8.7% of the company's revenue was from properties in Florida.[1]

History

The company was formed in 1984 as Golden Corral Realty Corp. as a way for the owners of the Golden Corral restaurant chain to allow employees to invest in the company.[2][3]

In 1993, the company split from Golden Corral and changed its name to Commercial Net Lease Realty.[2] The company also moved its listing to the New York Stock Exchange.[4]

On January 1, 1998, the company merged with its former external adviser, CNL Realty Advisor Inc. and became a self-advised, self-managed REIT.[5]

In February 2004, Craig Macnab was named chief executive officer of the company.[6] In May 2004, he was also named president.[7]

In 2005, the company acquired National Properties Corporation for $61 million.[8]

In May 2006, the company changed its name to National Retail Properties, Inc.[9]

In 2012, the company acquired a property in Jacksonville, Florida.[10]

In 2014, the company acquired a Chuck E. Cheese restaurant in Cordova, Tennessee for $4.2 million.[11]

In 2015, the company acquired 19 Frisch's restaurants in the Cincinnati, Ohio area for $47 million in a leaseback transaction.[12]

In April 2017, Craig Macnab retired and Jay Whitehurst became CEO & President of the company.[13][14]

References

  1. 1 2 3 4 "National Retail Properties, Inc. 2017 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. 1 2 DeGross, Renee (June 1, 2006). "The Name Game". National Real Estate Investor.
  3. ↑ "Corporate Notes". The New York Times. August 17, 1984.
  4. ↑ "Commercial Net Realty Applies For Nyse Listing". Orlando Sentinel. December 2, 1993.
  5. ↑ Mishra, Upendra (May 1, 1998). "The Best Things In Life Are Freestanding". National Real Estate Investor.
  6. ↑ "Commercial Net Lease Realty, Inc. Appoints New Chief Executive Officer; Industry Veteran Joins Leadership Team" (Press release). Business Wire. February 17, 2004.
  7. ↑ "Commercial Net Lease Realty, Inc. Announces Retirement of President and Chief Operating Officer" (Press release). Business Wire. May 3, 2004.
  8. ↑ "Commercial Net Lease Realty, Inc. Agrees to Acquire National Properties Corporation" (Press release). Business Wire. January 18, 2005.
  9. ↑ "Commercial Net Lease Realty changing names". American City Business Journals. April 28, 2006.
  10. ↑ "National Retail Properties Buys Camping World Bldg". CoStar Group. April 24, 2012.
  11. ↑ Poe, Ryan (September 11, 2014). "Chuck E. Cheese's in Cordova has a new landlord". American City Business Journals.
  12. ↑ Demeropolis, Tom (September 14, 2015). "New owner sells Frisch's real estate for $47 million". American City Business Journals.
  13. ↑ "Craig Macnab To Retire As CEO Of National Retail Properties, Inc.; Julian E. ("Jay") Whitehurst Named As Successor" (Press release). PR Newswire. September 29, 2016.
  14. ↑ Arnold, Kyle (September 30, 2016). "National Retail CEO Craig Macnab announces retirement". The Orlando Sentinel.
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