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NATL RETAIL PPT   FYE=12 (December)

Annual - Income Statement - Company Specific

Fiscal period2018201720162015201420132012201120102009
Period End Date12/31/201812/31/201712/31/201612/31/201512/31/201412/31/201312/31/201212/31/201112/31/201012/31/2009
Percentage rent1.561.701.741.431.071.561.171.090.921.31
Rental income from operating leases602.13565.41512.88462.35414.04372.91312.63239.76204.63207.73
Contingent rental income--------------------
Earned income from direct financing leases0.920.981.341.511.731.962.122.372.923.07
Real estate expense reimbursement from tenants16.7815.5114.9814.8713.8813.3411.8210.087.188.14
Interest income on mortgage residual interests------1.781.832.292.673.113.464.25
Interest and other income from real estate transactions1.261.342.710.992.331.472.242.292.984.32
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------------19.0145.1432.9615.60
Total Revenues622.66584.93533.65482.92434.88393.53351.65303.83255.04244.42
Real estate25.1023.1120.8519.7818.9418.5017.4317.0013.1813.50
Disposition of real estate, Inventory Portfolio: Costs--------------------
Retail operations: Operating expenses------------18.5443.0931.6515.18
Depreciation and amortization174.40173.72149.10134.80116.1699.2773.8156.4746.8946.26
Retirement severance costs1.017.85----------------
General and administrative34.2533.8136.5134.7432.5231.1031.8328.8022.7621.77
Restructuring costs------------------0.73
Transition costs--------------------
Impairment losses and other charges(28.21)(8.96)(11.29)(4.42)(0.76)(3.58)(3.90)1.35(7.46)(36.08)
Impairment - mortgage residual interests valuation adjustment----(6.83)(0.53)(0.26)(1.19)(2.81)(1.02)(4.00)(0.50)
Dissenting shareholders’ settlement--------------------
Gain on disposition of real estate65.0736.6627.18--------------
TOTAL OPERATING EXPENSE262.97247.43224.58194.26168.63153.63129.77101.9394.28118.84
Earnings from operations424.76374.16336.25288.66266.25239.89203.34158.81129.11110.41
Interest expense115.85109.1196.3590.0185.5185.8283.7975.5365.1862.15
Real estate acquisition costs----(0.56)(0.93)(1.39)(1.49)(0.36)------
Interest and other income1.810.320.170.110.361.492.231.591.511.37
Expenses incurred in acquiring advisor from related party--------------------
Gain on extinguishment of debt(18.24)------------------
Income (Loss) on interest rate hedge--------------------
TOTAL NON-OPERATING INCOME/EXPENSE132.28108.7996.75--86.54----------
Income (Loss) before income taxes------197.83179.70154.08121.4284.8765.4549.63
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)0.900.48(1.05)
Minority interest--------------------
Equity in earnings of unconsolidated affiliates------------4.070.470.430.42
Gain on disposition of equity investment--------------------
Gain on disposition of real estate------10.4511.270.11--0.300.640.04
Gain on extinguishment of debt------------------3.43
Income from continuing operations--------191.05154.11132.3984.7466.0454.57
Discontinued operations: Real estate, Investment Portfolio--------------------
Discontinued operations: Real estate, Inventory Portfolio, net of income tax expense andminority interest----------------7.311.83
Earnings from discontinued operations--------0.125.979.557.68----
Income Before Extraordinary Income & Accounting Change----------------73.3556.40
Extraordinary gain--------------------
Cumulative effect of change in accounting principle--------------------
Consolidated net income (loss)292.49265.37239.51197.96191.17160.09141.9492.4273.3556.40
Loss (earnings) attributable to noncontrolling interests:Continuing operations0.040.400.010.130.57(0.22)(0.10)(0.01)0.371.42
Loss (earnings) attributable to noncontrolling interests:Discontinued operations----------0.160.020.10(0.01)0.17
Net earnings attributable to NNN292.45264.97239.50197.84--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--------3.10------
Series C preferred stock dividends----------------6.79--
Series D preferred stock dividends--3.6019.0519.0519.0519.0515.45------
Less: Earnings attributable to unvested restricted shares----------------0.30--
Series E preferred stock dividends16.3916.3916.3916.3916.398.88--------
Series F preferred stock dividends17.9417.943.19--------------
Net earnings available to common stockholders258.12217.19200.88162.40155.17132.22121.4985.5465.9154.81
EPS (Basic) : Continuing operations----------1.061.040.880.710.58
EPS (Basic) : Income from discontinued operations----------0.050.090.080.090.02
Extraordinary gain--------------------
Cumulative effect of change in accounting principle--------------------
Net Earnings Per Share (Basic)1.651.451.391.211.241.111.130.960.800.60
EPS (Diluted) : Continuing operations----------1.051.020.870.710.58
EPS (Diluted) : Income from discontinued operations----------0.050.090.090.090.02
Extraordinary gain--------------------
Cumulative effect of change in accounting principle--------------------
Net Earnings Per Share (Diluted)1.651.451.381.201.241.101.110.960.800.60
Weighted Average Shares Outstanding (Basic)155.75149.11144.18134.00124.26118.20106.9788.1082.7279.85
Weighted Average Shares Outstanding (Diluted)156.30149.43144.66134.49124.71119.87109.1288.8482.8579.95
Funds from operations (FFO)395.34359.18330.54289.19260.90228.62193.68139.83115.1196.29