National Retail Properties Forms Joint Venture with Crow Holdings Real Estate Fund 
ORLANDO, FL (REIT Media) Sept. 19, 2007 - National Retail Properties, Inc. (NYSE: NNN) today announced the formation of a joint venture with an affiliate of Crow Holdings Realty Partners IV, L.P. ("CH Realty Partners"). The joint venture plans to acquire up to $220 million of real estate focused on properties leased to convenience store operators from unrelated third parties. NNN is the managing member of the joint venture, NNN Retail Properties Fund I LLC, and will own a 15% equity interest. CH Realty Partners will own an 85% equity interest. The joint venture intends to use up to $120 million of unsecured debt to fund property acquisitions.
"We like the risk/reward attributes of the convenience store sector," said Craig Macnab, Chief Executive Officer of NNN. "We have found the c-store operators we have partnered with to have well-located properties at busy traffic intersections with high land value as a percentage of the total price. These properties have solid unit-level economics."
"We are very excited to be entering into this venture with a best-in-class partner such as National Retail Properties and we hope that this venture will be the first of many," said Robert McClain, Head of Real Estate for Crow Holdings. "We believe that the convenience store asset class will offer us an excellent opportunity to provide our partners with strong equity returns."
National Retail Properties invests primarily in high-quality retail properties subject generally to long-term, net leases. As of June 30, 2007, NNN owned 859 investment properties in 43 states with a gross leasable area of approximately 10 million square feet. For more information on the company, visit www.nnnreit.com.
Crow Holdings (www.crowholdings.com) is a privately held firm based in Dallas, Texas, that makes investments on behalf of the Trammell Crow family and its investment partners. Today, Crow Holdings has a substantial stake in the ownership of various businesses, both real estate and non-real estate related, with a level of involvement in the management of these companies that ranges from active to passive. Their holdings also include significant, diversified positions in financial investments. Crow Holdings currently oversees a portfolio of over 8 million square feet of retail, office and industrial properties, approximately 5,000 multi-family units, more than 700 hotel rooms, and approximately 10,000 acres of lot development.
Statements in this press release that are not strictly historical are "forward-looking" statements. Forward-looking statements involve known and unknown risks, which may cause the company's actual future results to differ materially from expected results. These risks include, among others, general economic conditions, local real estate conditions, changes in interest rates, increases in operating costs, the availability of capital, and the profitability of the company's taxable subsidiary. Additional information concerning these and other factors that could cause actual results to differ materially from those forward-looking statements is contained from time to time in the company's Securities and Exchange Commission ("SEC") filings, including, but not limited to, the company's Annual Report on Form 10-K. Copies of each filing may be obtained from the company or the SEC. Consequently, such forward-looking statements should be regarded solely as reflections of the company's current operating plans and estimates. Actual operating results may differ materially from what is expressed or forecast in this press release. National Retail undertakes no obligation to publicly release the results of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date these statements were made.
Source: National Retail Properties, Inc.
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Sep.19.2007. 16:30
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