National Retail Properties, Inc. is a
real estate investment trust
A real estate investment trust (REIT) is a company that owns, and in most cases operates, income-producing real estate. REITs own many types of commercial real estate, including office and apartment buildings, warehouses, hospitals, shopping cente ...
that invests primarily in high-quality properties that are subject to long-term
NNN Leases. It is organized in
Maryland
Maryland ( ) is a state in the Mid-Atlantic region of the United States. It shares borders with Virginia, West Virginia, and the District of Columbia to its south and west; Pennsylvania to its north; and Delaware and the Atlantic Ocean to ...
with its principal office in
Orlando, Florida
Orlando () is a city in the U.S. state of Florida and is the county seat of Orange County, Florida, Orange County. In Central Florida, it is the center of the Greater Orlando, Orlando metropolitan area, which had a population of 2,509,831, acco ...
.
[
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
Texas (, ; Spanish language, Spanish: ''Texas'', ''Tejas'') is a state in the South Central United States, South Central region of the United States. At 268,596 square miles (695,662 km2), and with more than 29.1 million residents in 2 ...
, and 8.8% of the company's revenue was from properties in Florida.
History
The company was formed in 1984 as Golden Corral Realty Corp. as a way for the owners of the Golden Corral
Golden Corral is an American restaurant chain which offers an all-you-can-eat buffet and grill. It is a privately held company headquartered in the U.S. city of Raleigh, North Carolina, with locations in 43 U.S. states and Puerto Rico.
History ...
restaurant chain to allow employees to invest in the company.
In 1993, the company split from Golden Corral, and changed its name to Commercial Net Lease Realty.[ The company also moved its listing to the ]New York Stock Exchange
The New York Stock Exchange (NYSE, nicknamed "The Big Board") is an American stock exchange in the Financial District of Lower Manhattan in New York City. It is by far the world's largest stock exchange by market capitalization of its listed c ...
.
On January 1, 1998, the company merged with its former external adviser, CNL Realty Advisor Inc., and became a self-advised, self-managed REIT.
In February 2004, Craig Macnab was named chief executive officer of the company. In May 2004, he was also named president.
In 2005, the company acquired National Properties Corporation for $61 million.
In May 2006, the company changed its name to National Retail Properties, Inc.
In 2015, the company acquired 19 Frisch's restaurants in the Cincinnati, Ohio
Cincinnati ( ) is a city in the U.S. state of Ohio and the county seat of Hamilton County. Settled in 1788, the city is located at the northern side of the confluence of the Licking and Ohio rivers, the latter of which marks the state line wit ...
area for $47 million in a leaseback
Leaseback, short for "sale-and-leaseback", is a financial transaction in which one sells an asset and leases it back for the long term; therefore, one continues to be able to use the asset but no longer owns it. The transaction is generally done f ...
transaction.
In April 2017, Craig Macnab retired and Jay Whitehurst became CEO
A chief executive officer (CEO), also known as a central executive officer (CEO), chief administrator officer (CAO) or just chief executive (CE), is one of a number of corporate executives charged with the management of an organization especially ...
& President
President most commonly refers to:
*President (corporate title)
*President (education), a leader of a college or university
*President (government title)
President may also refer to:
Automobiles
* Nissan President, a 1966–2010 Japanese ful ...
of the company.
References
External links
{{Authority control
1984 establishments in Maryland
Companies based in Orlando, Florida
Companies listed on the New York Stock Exchange
Real estate investment trusts of the United States
Real estate companies established in 1984