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NATL RETAIL PPT   FYE=12 (December)

Annual - Income Statement - Company Specific

Fiscal period2020201920182017201620152014201320122011
Period End Date12/31/202012/31/201912/31/201812/31/201712/31/201612/31/201512/31/201412/31/201312/31/201212/31/2011
Percentage rent--------1.741.431.071.561.171.09
Rental income from operating leases658.79669.01621.40583.60512.88462.35414.04372.91312.63239.76
Contingent rental income--------------------
Earned income from direct financing leases--------1.341.511.731.962.122.37
Real estate expense reimbursement from tenants--------14.9814.8713.8813.3411.8210.08
Interest income on mortgage residual interests----------1.781.832.292.673.11
Interest and other income from real estate transactions1.891.481.261.342.710.992.331.472.242.29
Interest from unconsolidated affiliates and other mortgages receivable--------------------
Other--------------------
Disposition of real estate, Inventory Portfolio: Gross proceeds--------------------
Gain on disposition of real estate, Inventory Portfolio--------------------
Retail operations: Revenues----------------19.0145.14
Total Revenues660.68670.49622.66584.93533.65482.92434.88393.53351.65303.83
Real estate28.3627.6625.1023.1120.8519.7818.9418.5017.4317.00
Disposition of real estate, Inventory Portfolio: Costs--------------------
Retail operations: Operating expenses----------------18.5443.09
Depreciation and amortization196.62188.87174.40173.72149.10134.80116.1699.2773.8156.47
General and administrative38.1637.6534.2533.8136.5134.7432.5231.1031.8328.80
Restructuring costs--------------------
Transition costs(0.08)(0.26)----------------
Impairment losses and other charges(37.44)(31.99)(28.21)(8.96)(11.29)(4.42)(0.76)(3.58)(3.90)1.35
Impairment - mortgage residual interests valuation adjustment--------(6.83)(0.53)(0.26)(1.19)(2.81)(1.02)
Dissenting shareholders’ settlement--------------------
Retirement severance costs(1.77)--(1.01)(7.85)------------
Gain on disposition of real estate16.2432.4665.0736.6627.18----------
TOTAL OPERATING EXPENSE302.43286.43262.97247.43224.58194.26168.63153.63129.77101.93
Earnings from operations374.49416.52424.76374.16336.25288.66266.25239.89203.34158.81
Interest expense129.43120.02115.85109.1196.3590.0185.5185.8283.7975.53
Real estate acquisition costs--------(0.56)(0.93)(1.39)(1.49)(0.36)--
Interest and other income0.423.111.810.320.170.110.361.492.231.59
Expenses incurred in acquiring advisor from related party--------------------
Gain on extinguishment of debt(16.68)--(18.24)--------------
Income (Loss) on interest rate hedge--------------------
TOTAL NON-OPERATING INCOME/EXPENSE145.69116.91132.28--96.75--86.54------
Income (Loss) before income taxes----------197.83179.70154.08121.4284.87
Current: Federal--------------------
Deferred: Federal--------------------
Current: State and local--------------------
Deferred: State and local--------------------
Provision for Income Taxes - Total----------10.32(0.08)0.07(6.89)0.90
Minority interest--------------------
Equity in earnings of unconsolidated affiliates----------------4.070.47
Gain on disposition of equity investment--------------------
Gain on disposition of real estate----------10.4511.270.11--0.30
Gain on extinguishment of debt--------------------
Income from continuing operations------------191.05154.11132.3984.74
Discontinued operations: Real estate, Investment Portfolio--------------------
Discontinued operations: Real estate, Inventory Portfolio, net of income tax expense andminority interest--------------------
Earnings from discontinued operations------------0.125.979.557.68
Income Before Extraordinary Income & Accounting Change--------------------
Extraordinary gain--------------------
Cumulative effect of change in accounting principle--------------------
Consolidated net income (loss)228.80299.61292.49265.37239.51197.96191.17160.09141.9492.42
Loss (earnings) attributable to noncontrolling interests0.000.430.040.40------------
Loss (earnings) attributable to noncontrolling interests:Continuing operations--------0.010.130.57(0.22)(0.10)(0.01)
Loss (earnings) attributable to noncontrolling interests:Discontinued operations--------------0.160.020.10
Net earnings attributable to NNN228.80299.18292.45264.97239.50197.84--160.15142.02--
Series A preferred stock dividends--------------------
Series B Convertible preferred stock dividends--------------------
Series C Redeemable preferred stock dividends----------------1.986.79
Excess of redemption value over carrying value of preferred shares redeemed--9.86--9.86--------3.10--
Series C preferred stock dividends--------------------
Series D preferred stock dividends------3.6019.0519.0519.0519.0515.45--
Less: Earnings attributable to unvested restricted shares--------------------
Series E preferred stock dividends--13.2016.3916.3916.3916.3916.398.88----
Series F preferred stock dividends17.9417.9417.9417.943.19----------
Net earnings available to common stockholders210.86258.18258.12217.19200.88162.40155.17132.22121.4985.54
EPS (Basic) : Continuing operations--------------1.061.040.88
EPS (Basic) : Income from discontinued operations--------------0.050.090.08
Extraordinary gain--------------------
Cumulative effect of change in accounting principle--------------------
Net Earnings Per Share (Basic)1.221.561.651.451.391.211.241.111.130.96
EPS (Diluted) : Continuing operations--------------1.051.020.87
EPS (Diluted) : Income from discontinued operations--------------0.050.090.09
Extraordinary gain--------------------
Cumulative effect of change in accounting principle--------------------
Net Earnings Per Share (Diluted)1.221.561.651.451.381.201.241.101.110.96
Weighted Average Shares Outstanding (Basic)172.11164.69155.75149.11144.18134.00124.26118.20106.9788.10
Weighted Average Shares Outstanding (Diluted)172.22165.08156.30149.43144.66134.49124.71119.87109.1288.84
Funds from operations (FFO)428.24446.66--359.18330.54289.19260.90228.62193.68139.83