NNN Reit

Last updated
NNN Reit, Inc.
FormerlyNational Retail Properties, Inc.
Company type Public company
Industry Real estate investment trust
FoundedOctober 1984;40 years ago (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
RevenueIncrease2.svg US$0.674 billion (2019)
Increase2.svg US$0.299 billion (2019)
Total assets Increase2.svg US$8.500 billion (2019)
Total equity Decrease2.svg US$4.332 billion (2019)
Number of employees
70 (2020)
Website www.nnnreit.com
Footnotes /references
[1]

NNN Reit, Inc. is a real estate investment trust that invests primarily in restaurant properties that are subject to long-term triple net leases, usually under leaseback arrangements. It is organized in Maryland with its principal office in Orlando, Florida. [1]

Contents

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] . Eventually, they acquired the majority of the restaurants.

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

References

  1. 1 2 3 "National Retail Properties, Inc. 2019 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. 1 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 .
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