National Retail Properties

National Retail Properties, Inc. is a real estate investment trust that invests primarily in high-quality properties that are subject to long-term NNN Leases. It is organized in Maryland with its principal office in Orlando, Florida.[1]

National Retail Properties, Inc.
TypePublic company
NYSE: NNN
S&P 400 component
IndustryReal estate investment trust
FoundedOctober 1984 (1984-10) (as Golden Corral Realty Corp.)
Headquarters
Orlando, Florida, U.S.
Key people
 Julian E. Whitehurst, CEO & President
Don DeFosset, Chairman
Kevin B. Habicht, CFO
ProductsFreestanding retail properties
Revenue $0.674 billion (2019)
$0.299 billion (2019)
Total assets $8.500 billion (2019)
Total equity $4.332 billion (2019)
Number of employees
70 (2020)
Websitewww.nnnreit.com
Footnotes / references
[1]

As of December 31, 2019, the company owned 3,118 properties containing 32.5 million square feet, 17.6% of the company's revenue was from properties in Texas, and 8.8% 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 2015, the company acquired 19 Frisch's restaurants in the Cincinnati, Ohio area for $47 million in a leaseback transaction.[10]

In April 2017, Craig Macnab retired and Jay Whitehurst became CEO & President of the company.[11][12]

References
  1. "National Retail Properties, Inc. 2019 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  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. Demeropolis, Tom (September 14, 2015). "New owner sells Frisch's real estate for $47 million". American City Business Journals.
  11. "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.
  12. Arnold, Kyle (September 30, 2016). "National Retail CEO Craig Macnab announces retirement". The Orlando Sentinel.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.