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 September 30, 2021 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) (State or other jurisdiction of incorp ...

National Retail Properties, Inc. (NYSE:NNN) Q2 2021 Earnings Conference Call August 3, 2021 10:30 AM ET Company Participants Julian Whitehurst - CEO, President & Director Kevin Habicht - CFO, EVP, Assistant Secretary, Treasurer & Director Stephen Horn - EVP & COO Conference Call Participants Parker Decraene - Citi Elvis Rodriguez - Bank of America Merrill Lynch Spenser Allaway - Green Street Advisors Wesley Golladay - Robert W. Baird & Co. Ronald Kamdem - Morgan Stanley John Massocca - Ladenburg Thalmann & ...

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, 2021 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 Maryland 56-1431377 (I.R.S. Employer Identification No.) 450 South Orange Avenue, Suite 900 Orlando, Florida 32801 (Address of prin ...

National Retail Properties, Inc. (NYSE:NNN) Q1 2021 Earnings Conference Call May 4, 2021 10:30 AM ET Company Participants Jay Whitehurst - President and Chief Executive Officer Kevin Habicht - Executive Vice President and Chief Financial Officer Steve Horn - Executive Vice President and Chief Operating officer Conference Call Participants Ronald Kamdem - Morgan Stanley Harsh Hemnani - Green Street Wes Golladay - Baird John Massocca - Ladenburg Thalmann Linda Tsai - Jefferies Operator Good day, ladies and ge ...

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 March 31, 2021 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) (State or other jurisdiction of incorporat ...

| --- | --- | |----------------------------------------------------------------------------------------------------------------|-------| | | | | | | | Investor Update FEBRUARY 2021 SINGLE TENANT RETAIL PROPERTY REIT WITH 31 CONSECUTIVE ANNUAL DIVIDEND INCREASES | | | | | Safe Harbor (All data as of December 31, 2020) This presentation contains certain statements that are the Company's and Management's hopes, intentions, beliefs, expectations, or projections of the future and might be considered to be forwar ...

National Retail Properties, Inc. (NYSE:NNN) Q4 2020 Earnings Conference Call February 11, 2021 10:30 AM ET Company Participants Jay Whitehurst ??? President and Chief Executive Officer Kevin Habicht ??? Executive Vice President and Chief Financial Officer Steve Horn ??? Executive Vice President and Chief Operating Officer Conference Call Participants Katy McConnell ??? Citi RJ Milligan ??? Raymond James Wes Golladay ??? RBC Capital Markets Spenser Allaway ??? Green Street Jason Belcher ??? Wells Fargo Secur ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the fiscal year ended December 31, 2020 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) (State or other jurisdiction of ...

National Retail Properties, Inc. (NYSE:NNN) Q3 2020 Earnings Conference Call November 2, 2020 10:30 AM ET Company Participants Jay Whitehurst - President and CEO Kevin Habicht - CFO Steve Horn - COO Conference Call Participants Katy McConnell - Citi Rob Stevenson - Janney RJ Milligan - Raymond James Linda Tsai - Jefferies John Massocca - Ladenburg Thalmann Spenser Allaway - Green Street Vikram Malhotra - Morgan Stanley Chris Lucas - Capital One Securities Operator Good day, ladies and gentlemen, and welcome ...

[Part I - Financial Information](index=3&type=section&id=Part%20I%20-%20Financial%20Information) This section presents the company's financial information, including statements, management's discussion, market risk disclosures, and controls [Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) This section presents the unaudited condensed consolidated financial statements, reflecting initial COVID-19 impacts on revenue recognition, rent deferrals, and impairment losses [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets increased to **$7.63 billion**, driven by cash, while liabilities rose to **$3.35 billion** due to notes payable, and equity slightly decreased to **$4.29 billion** Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | Sep 30, 2020 (unaudited) | Dec 31, 2019 | | :--- | :--- | :--- | | **Total Assets** | **$7,634,697** | **$7,434,867** | | Cash and cash equivalents | $294,860 | $1,112 | | Real estate portfolio, net | $7,167,992 | $7,287,374 | | Accrued rental income, net | $61,754 | $28,897 | | **Total Liabilities** | **$3,347,488** | **$3,103,185** | | Line of credit payable | $— | $133,600 | | Notes payable, net | $3,208,533 | $2,842,698 | | **Total Equity** | **$4,287,209** | **$4,331,682** | [Condensed Consolidated Statements of Income and Comprehensive Income](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income%20and%20Comprehensive%20Income) Net earnings attributable to common stockholders decreased to **$51.6 million** for Q3 2020 and **$154.1 million** for the nine months, impacted by lower rental income and higher impairment losses Income Statement Highlights (in thousands, except per share data) | Metric | Q3 2020 | Q3 2019 | Nine Months 2020 | Nine Months 2019 | | :--- | :--- | :--- | :--- | :--- | | Rental Income | $157,865 | $168,224 | $495,891 | $495,846 | | Earnings from operations | $87,918 | $96,145 | $281,190 | $312,626 | | Net earnings attributable to common stockholders | $51,584 | $58,111 | $154,057 | $199,648 | | Diluted EPS | $0.30 | $0.35 | $0.89 | $1.22 | - Impairment losses on real estate were **$5.7 million** for Q3 2020, a decrease from **$10.7 million** in Q3 2019, while for the nine-month period, impairments increased to **$33.1 million** in 2020 from **$21.1 million** in 2019[13](index=13&type=chunk) - A loss on early extinguishment of debt of **$16.7 million** was recognized in the first nine months of 2020, with no comparable loss in 2019[13](index=13&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operating activities decreased to **$348.8 million**, investing activities significantly decreased to **$48.6 million**, and financing activities used **$6.5 million** Cash Flow Summary (in thousands) | Activity | Nine Months Ended Sep 30, 2020 | Nine Months Ended Sep 30, 2019 | | :--- | :--- | :--- | | Net cash provided by operating activities | $348,824 | $399,032 | | Net cash used in investing activities | ($48,569) | ($409,022) | | Net cash provided by (used in) financing activities | ($6,507) | $249,411 | | **Net increase in cash** | **$293,748** | **$239,421** | - Additions to real estate accounted for using the operating method decreased substantially to **$89.4 million** in the first nine months of 2020, compared to **$505.7 million** in the same period of 2019[26](index=26&type=chunk) - Financing activities in 2020 included **$692.6 million** in proceeds from new notes payable and the repayment of **$325.0 million** of other notes, compared to no similar activity in 2019, while proceeds from common stock issuance dropped to **$65.4 million** from **$539.3 million** in the prior year period[29](index=29&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=12&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Notes detail COVID-19 impacts, including rent deferrals, **$14.8 million** receivable write-offs, **$700 million** new notes, and subsequent rent collections of **90%** for Q3 and **94%** for October - Due to the COVID-19 pandemic, NNN entered into rent deferral lease amendments with tenants representing approximately **6%** of annual rent, with an average of **2.7 months** of rent deferred and **89%** due to be repaid by December 31, 2021[66](index=66&type=chunk)[67](index=67&type=chunk) - The company wrote off **$14.8 million** of receivables and accrued rent during Q3 2020 after reclassifying certain tenants to a cash basis for accounting purposes, with approximately **4%** of properties leased to tenants on a cash basis as of September 30, 2020[48](index=48&type=chunk)[49](index=49&type=chunk) - In March 2020, NNN issued **$400 million** of 2.500% notes due 2030 and **$300 million** of 3.100% notes due 2050, concurrently redeeming its **$325 million** 3.800% notes due 2022 and incurring a **$16.7 million** make-whole payment[79](index=79&type=chunk)[84](index=84&type=chunk) - As of October 28, 2020, NNN had collected approximately **90%** of rent originally due for Q3 2020 and **94%** of rent due for October 2020[98](index=98&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=23&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses COVID-19's impact on tenants and financials, leading to rent deferrals, curtailed investments, and a **5.9%** Q3 revenue decrease, while strengthening liquidity with **$700 million** in new notes - The company materially curtailed new property investments in 2020 to assess the impact of the economic downturn, with total investment for the first nine months of 2020 at **$78.0 million**, compared to **$509.6 million** in the same period of 2019[111](index=111&type=chunk)[121](index=121&type=chunk) Rent Collection by Top Lines of Trade (Q3 2020) | Line of Trade | % of Total Annual Base Rent | % of Rent Collected | | :--- | :--- | :--- | | 1. Convenience stores | 18.2% | 99.9% | | 2. Restaurants – full service | 10.5% | 76.2% | | 3. Automotive service | 10.2% | 100.0% | | 4. Restaurants – limited service | 8.8% | 73.6% | | 5. Family entertainment centers | 6.7% | 85.2% | | 6. Health and fitness | 5.3% | 84.9% | | 7. Theaters | 4.5% | 32.9% | | **Total** | **100.0%** | **90.1%** | - Rental income for Q3 2020 decreased primarily due to a **$14.8 million** write-off of receivables from reclassifying certain tenants to a cash basis for accounting[123](index=123&type=chunk) - As of September 30, 2020, the company had **$294.9 million** in cash and no outstanding balance on its **$900 million** credit facility, positioning it with strong liquidity[132](index=132&type=chunk)[149](index=149&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=36&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risk is interest rate risk, mitigated by no outstanding variable-rate credit facility balance, with a hypothetical **1%** rate increase having minimal impact on interest expense - As of September 30, 2020, NNN had no outstanding balance on its variable-rate Credit Facility, minimizing its exposure to interest rate fluctuations[163](index=163&type=chunk) Fair Value of Debt Obligations (in thousands) | Debt Type | Fair Value at Sep 30, 2020 | Fair Value at Dec 31, 2019 | | :--- | :--- | :--- | | Mortgages Payable | $11,608 | $12,116 | | Unsecured Debt | $3,437,058 | $3,074,538 | [Controls and Procedures](index=37&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of September 30, 2020, with no material changes to internal control over financial reporting - Management concluded that the company's disclosure controls and procedures were effective as of September 30, 2020[165](index=165&type=chunk) - No material changes to the company's internal control over financial reporting occurred during the most recent fiscal quarter[166](index=166&type=chunk) [Part II - Other Information](index=38&type=section&id=Part%20II%20-%20Other%20Information) This section provides other required information, including legal proceedings, updated risk factors related to COVID-19, and various disclosures [Legal Proceedings](index=38&type=section&id=Item%201.%20Legal%20Proceedings) No material legal proceedings are reported for the period - Not applicable[169](index=169&type=chunk) [Risk Factors](index=38&type=section&id=Item%201A.%20Risk%20Factors) A new risk factor details the material adverse effects of the COVID-19 pandemic, including tenant defaults, capital access disruptions, and economic decline, with uncertain full impact - A new risk factor was added to address the material and adverse effects of the COVID-19 pandemic on the company's business, financial condition, and cash flows[170](index=170&type=chunk) - Specific risks cited include tenant inability to meet obligations, potential defaults or bankruptcies, reduced access to capital markets, and a decline in demand for real estate transactions[174](index=174&type=chunk) - The company acknowledges that the full impact of the pandemic is highly uncertain and depends on future developments, including the duration and severity of the outbreak and related containment measures[173](index=173&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=39&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This item is not applicable for the reporting period - Not applicable[176](index=176&type=chunk) [Defaults Upon Senior Securities](index=39&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) This item is not applicable for the reporting period - Not applicable[177](index=177&type=chunk) [Mine Safety Disclosures](index=39&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable for the reporting period - Not applicable[177](index=177&type=chunk) [Other Information](index=39&type=section&id=Item%205.%20Other%20Information) This item is not applicable for the reporting period - Not applicable[177](index=177&type=chunk) [Exhibits](index=39&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed, including CEO and CFO certifications and the Interactive Data File (XBRL) - Exhibits filed include CEO and CFO certifications under Sarbanes-Oxley Sections 302 and 906, and the Interactive Data File (XBRL)[177](index=177&type=chunk)