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
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

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