Record Third Quarter 2007 Operating Results Announced by National Retail Properties, Inc. 
Operating Results:
* Revenues and net earnings and FFO available to common shareholders:
Quarter Ended Nine Months Ended
September 30, September 30,
2007 2006 2007 2006
--------- --------- --------- ---------
Revenues $ 47,783 $ 35,084 $ 134,218 $ 102,446
Net earnings available
to common
shareholders $ 45,690 $ 20,453 $ 117,656 $ 122,098
Net earnings per
common share
(diluted) $ 0.68 $ 0.35 $ 1.82 $ 2.12
FFO available to
common shareholders $ 30,872 $ 21,917 $ 91,963 $ 70,048
FFO per common
share (diluted) $ 0.46 $ 0.38 $ 1.42 $ 1.21
* Investment Portfolio occupancy was 98.2% at September 30, 2007.
Investments and Dispositions for the quarter ended September 30, 2007:
* Investments:
-- $140.2 million in the Investment Portfolio, including acquiring 30
properties with an aggregate 683,000 square feet of gross leasable
area
-- $15.6 million in the Inventory Portfolio
* Dispositions:
-- 13 Investment properties with an aggregate 331,000 square feet of
gross leasable area, with net proceeds of $53.6 million, resulting
in a gain of $22.5 million
-- 27 Inventory properties with net proceeds of $51.9 million
Investments and Dispositions for the nine months ended September 30, 2007:
* Investments:
-- $544.6 million in the Investment Portfolio, including acquiring 193
properties with an aggregate 1,735,000 square feet of gross leasable
area
-- $47 million in the Inventory Portfolio, including acquiring five
properties and funding $38 million of development
* Dispositions:
-- 27 Investment properties with an aggregate 719,000 square feet of
gross leasable area, with net proceeds of $114.6 million, resulting
in a gain of $46.9 million
-- 66 Inventory properties with net proceeds of $148.1 million
Capital transactions for the quarter ended September 30, 2007:
* Issued 479,780 shares of common stock generating $10.9 million of net
proceeds pursuant to the Dividend Reinvestment and Stock Purchase Plan
* Issued $250 million of 6.875% senior unsecured notes due in 2017
generating net proceeds of $247.5 million
* Funded $4.6 million of equity investment in NNN Retail Properties Fund
I, LLC, our unconsolidated convenience store joint venture with Crow
Holdings
National Retail also announced 2008 FFO guidance of $1.94 to $1.99 per share, which represents a 4% to 8% increase over 2007 guidance. This equates to net earnings before any gains or losses from the sale on investment properties of $1.44 to $1.49 per share plus $0.50 per share of expected real estate related depreciation and amortization. This guidance is based on current plans and assumptions and subject to the risks and uncertainties more fully described in this press release and the company's reports filed with the Securities and Exchange Commission.
"The third quarter saw a continuation of the outstanding year that NNN is enjoying, with a 36% increase in revenues and strong growth in FFO per share over 2006 results," said Craig Macnab, Chief Executive Officer. "Late in the quarter, we successfully completed the initial investment in our convenience store joint venture with Crow Holdings. We are on pace for 2007 to be another record year for NNN in FFO growth and acquisitions. In addition, we'll have paid our eighteenth consecutive annual dividend increase.
"Given the challenges in the capital markets, we were also delighted to have completed our recent equity offering," he added. "As a result, our balance sheet is strong and we are well-positioned for what we expect to be a healthy environment for sale leaseback opportunities. Our portfolio occupancy is robust at 98.2% and our 14-year average remaining lease term gives us a clear view of our long-term rental income."
National Retail invests primarily in high-quality retail properties subject generally to long-term, net leases. As of September 30, 2007, the company owned 876 Investment properties in 43 states with a gross leasable area of approximately 10.4 million square feet. For more information on the company, visit www.nnnreit.com.
Management will hold a conference call on November 5, 2007 at 2:00 p.m. EST to review these results. The call can be accessed on National Retail's web site live at http://www.nnnreit.com. For those unable to listen to the live broadcast, a replay will be available on the company's web site. In addition, a summary of any earnings guidance given on the call will be posted to the company's web site.
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.
Funds From Operations, commonly referred to as FFO, is a relative non-GAAP financial measure of operating performance of an equity REIT in order to recognize that income-producing real estate historically has not depreciated on the basis determined under GAAP. FFO is defined by the National Association of Real Estate Investment Trusts and is used by the company as follows: net earnings (computed in accordance with GAAP) plus depreciation and amortization of assets unique to the real estate industry, excluding gains (or including losses) on the disposition of real estate held for investment, and the company's share of these items from the company's unconsolidated partnerships.
FFO is generally considered by industry analysts to be the most appropriate measure of performance of real estate companies. FFO does not necessarily represent cash provided by operating activities in accordance with GAAP and should not be considered an alternative to net earnings as an indication of the company's performance or to cash flow as a measure of liquidity or ability to make distributions. Management considers FFO an appropriate measure of performance of an equity REIT because it primarily excludes the assumption that the value of the real estate assets diminishes predictably over time, and because industry analysts have accepted it as a performance measure. The company's computation of FFO may differ from the methodology for calculating FFO used by other equity REITs, and therefore, may not be comparable to such other REITs.
The company has determined that there are earnings from discontinued operations in each of its segments, real estate held for investment and real estate held for sale. All property dispositions from the company's held for investment segment are classified as discontinued operations. In addition, certain properties in the company's held for sale segment that have generated revenues before disposition are classified as discontinued operations. These held for sale properties have not historically been classified as discontinued operations; prior period comparable condensed consolidated financial statements have been restated to include these properties in its earnings from discontinued operations. These adjustments resulted in a decrease in the company's reported total revenues and total and per share earnings from continuing operations and an increase in the company's earnings from discontinued operations. However, the company's total and per share FFO and net earnings available to common shareholders are not affected.
The company's Investment Portfolio and Inventory Portfolio and statistics related thereto do not include properties owned by our unconsolidated joint venture, NNN Retail Properties Fund I, LLC.
National Retail Properties, Inc.
(In thousands, except per share data)
(unaudited)
Quarter Ended Nine Months Ended
September 30, September 30,
2007 2006 2007 2006
-------- -------- -------- --------
Income Statement Summary
Revenues:
Rental and earned
income $ 43,956 $ 31,672 $123,132 $ 90,033
Real estate expense
reimbursement from
tenants 1,348 1,088 4,062 2,794
Interest and other
income from real
estate transactions 1,344 631 3,501 3,682
Interest income on
mortgage residual
interests 1,135 1,693 3,523 5,937
-------- -------- -------- --------
47,783 35,084 134,218 102,446
-------- -------- -------- --------
Disposition of real
estate, Inventory
Portfolio:
Gross proceeds - 463 825 21,915
Costs - (355) (493) (14,799)
-------- -------- -------- --------
Gain - 108 332 7,116
-------- -------- -------- --------
Operating expenses:
General and
administrative 5,230 4,356 17,497 17,974
Real estate 1,862 1,552 5,666 4,246
Depreciation and
amortization 8,216 5,653 22,691 15,929
Impairment - real
estate, Inventory
Portfolio 128 - 128 -
Impairment - mortgage
residual interests
valuation adjustment 638 6,116 638 8,779
Restructuring costs - - - 1,580
-------- -------- -------- --------
16,074 17,677 46,620 48,508
-------- -------- -------- --------
Other expenses
(revenues):
Interest and other
income (793) (836) (3,120) (2,667)
Interest expense 11,882 11,781 35,426 35,054
-------- -------- -------- --------
11,089 10,945 32,306 32,387
-------- -------- -------- --------
Income tax benefit 1,509 3,195 6,724 8,489
Minority interest (92) 1,546 243 (1,745)
Equity in earnings
(loss) of
unconsolidated
affiliate - (76) - 119
-------- -------- -------- --------
Earnings from
continuing operations 22,037 11,235 62,591 35,530
Earnings from
discontinued
operations:
Real estate,
Investment
Portfolio 23,404 8,500 52,656 83,802
Real estate,
Inventory
Portfolio,
net of
income tax
expense
and minority
interest 1,945 1,720 7,498 5,772
-------- -------- -------- --------
25,349 10,220 60,154 89,574
-------- -------- -------- --------
Net earnings 47,386 21,455 122,745 125,104
Series A Preferred
Stock dividends - (1,002) - (3,006)
Series B Convertible
Preferred Stock
dividends - - - (419)
Series C Redeemable
Preferred Stock
dividends (1,696) - (5,089) -
-------- -------- -------- --------
Net earnings available
to common shareholders
- basic 45,690 20,453 117,656 121,679
Series B Convertible
Preferred Stock
dividends, if dilutive - - - 419
-------- -------- -------- --------
Net earnings available
to common shareholders
- diluted $ 45,690 $ 20,453 $117,656 $122,098
======== ======== ======== ========
National Retail Properties, Inc.
(In thousands, except per share data)
(unaudited)
Quarter Ended Nine Months Ended
September 30, September 30,
2007 2006 2007 2006
-------- -------- -------- --------
Weighted average common
shares outstanding:
Basic 66,796 57,999 64,545 56,920
======== ======== ======== ========
Diluted 67,029 58,225 64,768 57,676
======== ======== ======== ========
Net earnings per share
available to common
shareholders:
Basic:
Continuing
operations $ 0.30 $ 0.18 $ 0.89 $ 0.57
Discontinued
operations 0.38 0.17 0.93 1.57
-------- -------- -------- --------
Net earnings $ 0.68 $ 0.35 $ 1.82 $ 2.14
======== ======== ======== ========
Diluted:
Continuing
operations $ 0.30 $ 0.18 $ 0.89 $ 0.57
Discontinued
operations 0.38 0.17 0.93 1.55
-------- -------- -------- --------
Net earnings $ 0.68 $ 0.35 $ 1.82 $ 2.12
======== ======== ======== ========
Supplemental Information:
Percentage rent $ 181 $ 59 $ 779 $ 569
======== ======== ======== ========
Earned income from
direct financing
leases $ 1,276 $ 2,338 $ 4,861 $ 7,096
Decrease in real estate
classified as direct
financing leases (1,747) (3,100) (6,614) (9,376)
-------- -------- -------- --------
Net direct financing
lease adjustment (471) (762) (1,753) (2,280)
Accrued rental income
(straight-line) 660 851 2,051 4,979
-------- -------- -------- --------
Net lease accounting
adjustments $ 189 $ 89 $ 298 $ 2,699
======== ======== ======== ========
Net Inventory Portfolio
gain on disposition $ 2,822 $ 507 $ 9,205 $ 7,232
======== ======== ======== ========
Capitalized interest $ 1,176 $ 580 $ 2,620 $ 1,612
======== ======== ======== ========
Scheduled debt principal
amortization (excluding
maturities) $ 398 $ 427 $ 1,300 $ 1,597
======== ======== ======== ========
National Retail Properties, Inc.
(in thousands, except per share data)
(unaudited)
Quarter Ended Nine Months Ended
September 30, September 30,
2007 2006 2007 2006
-------- -------- -------- --------
Reconciliation of net
earnings to FFO and
FFO available to
common shareholders:
-------------------
Net earnings $ 47,386 $ 21,455 $122,745 $125,104
Real estate
depreciation
and amortization:
Continuing
operations 7,573 5,235 20,886 14,451
Discontinued
operations 70 207 291 1,914
Joint venture
real estate
depreciation 3 - 3 -
Partnership real
estate depreciation - 138 - 418
Partnership gain
on sale of asset - - - (265)
Gain on disposition
of real estate
Investment
Portfolio (22,464) (4,116) (46,873) (68,568)
-------- -------- -------- --------
FFO 32,568 22,919 97,052 73,054
Series A Preferred
Stock dividends - (1,002) - (3,006)
Series B Convertible
Preferred Stock
dividends - - - (419)
Series C Redeemable
Preferred Stock
dividends (1,696) - (5,089) -
-------- -------- -------- --------
FFO available to
common shareholders
- basic 30,872 21,917 91,963 69,629
Series B Convertible
Preferred Stock
dividends - if
dilutive - - - 419
-------- -------- -------- --------
FFO available to
common shareholders
- diluted $ 30,872 $ 21,917 $ 91,963 $ 70,048
======== ======== ======== ========
FFO per share:
Basic $ 0.46 $ 0.38 $ 1.42 $ 1.22
======== ======== ======== ========
Diluted $ 0.46 $ 0.38 $ 1.42 $ 1.21
======== ======== ======== ========
Real Estate Disposition Summary
-------------------------------
Quarter Ended September 30,
2007 2006
-------------------- ------------------
# of # of
Properties Gain Properties Gain
---------- -------- ---------- --------
Reconciliation of gain
on disposition between
continuing and
discontinued
operations:
Continuing operations 1 $ - 1 $ 108
Discontinued operations:
Investment Portfolio 13 22,464 5 4,116
Inventory Portfolio 26 3,647 17 399
Minority interest,
Inventory Portfolio - (825) - -
-------- -------- -------- --------
40 $ 25,286 23 $ 4,623
======== ======== ======== ========
Reconciliation of gain
on disposition of type:
Inventory Portfolio:
Development 2 $ 1,650 1 $ 108
Exchange 25 1,997 17 399
Minority interest,
Development - (825) - -
-------- -------- -------- --------
Total Inventory
gain 27 2,822 18 507
Investment Portfolio 13 22,464 5 4,116
-------- -------- -------- --------
40 $ 25,286 23 $ 4,623
======== ======== ======== ========
Real Estate Disposition Summary
-------------------------------
Nine Months Ended September 30,
2007 2006
-------------------- ------------------
# of # of
Properties Gain Properties Gain
---------- ------ ---------- ------
Reconciliation of gain
on disposition between
continuing and
discontinued
operations:
Continuing operations 2 $ 332 3 $ 7,116
Discontinued operations:
Investment Portfolio 27 46,873 11 68,568
Inventory Portfolio 64 9,877 43 4,125
Minority interest,
Inventory Portfolio - (1,003) - (4,009)
-------- -------- -------- --------
93 $ 56,079 57 $ 75,800
======== ======== ======== ========
Reconciliation of gain
on disposition of type:
Inventory Portfolio:
Development 10 $ 4,464 5 $ 8,567
Exchange 56 5,745 41 2,674
Minority interest,
Development - (1,003) - (4,009)
-------- -------- -------- --------
Total Inventory gain 66 9,206 46 7,232
Investment Portfolio 27 46,873 11 68,568
-------- -------- -------- --------
93 $ 56,079 57 $ 75,800
======== ======== ======== ========
National Retail Properties, Inc.
(in thousands)
(unaudited)
Earnings from Discontinued Operations - Investment Portfolio:
------------------------------------------------------------
In accordance with Statement of Financial Accounting Standards No. 144, "Accounting for the Impairment or Disposal of Long-Lived Assets" ("SFAS No. 144"), the company has classified its investment assets sold and leasehold interests expired subsequent to December 31, 2001, the effective date of SFAS No. 144, as discontinued operations. In addition, the company has classified any investment asset that was held for sale at September 30, 2007, as discontinued operations. The following is a summary of earnings from discontinued operations from the Investment Portfolio.
Quarter Ended Nine Months Ended
September 30, September 30,
2007 2006 2007 2006
------- ------- ------- -------
Revenues:
Rental and earned income $ 959 $ 4,674 $ 5,926 $ 21,314
Real estate expense
reimbursement from tenants 137 38 260 949
Interest and other income
from real estate
transactions 116 91 433 356
-------- -------- -------- --------
1,212 4,803 6,619 22,619
-------- -------- -------- --------
Expenses:
General and administrative - 2 (45) 96
Real estate 56 80 258 2,688
Interest - (143) (3) 1,816
Depreciation and 70
amortization 207 291 1,925
Impairment - real estate 146 273 335 693
-------- -------- -------- --------
272 419 836 7,218
-------- -------- -------- --------
Gain on disposition of real
estate 22,464 4,116 46,873 68,568
Loss on extinguishment of
mortgage payable - - - (167)
-------- -------- -------- --------
Earnings from discontinued
operations $ 23,404 $ 8,500 $ 52,656 $ 83,802
======== ======== ======== ========
Earnings from Discontinued
Operations - Inventory
Portfolio:
--------------------------
Revenues:
Rental income $ 1,479 $ 2,643 $ 6,538 $ 6,646
Real estate expense
reimbursement from tenants 129 71 590 221
Interest and other income
from real estate
transactions 95 - 140 -
-------- -------- -------- --------
1,703 2,714 7,268 6,867
-------- -------- -------- --------
Disposition of real estate:
Gross proceeds 51,735 24,503 151,743 51,755
Costs (48,088) (24,104) (141,866) (47,630)
-------- -------- -------- --------
Gain 3,647 399 9,877 4,125
-------- -------- -------- --------
Expenses:
General and administrative 16 (30) 40 23
Real estate 229 90 1,029 246
Depreciation and 12 -
amortization 44 -
Interest 1,316 303 2,726 619
-------- -------- -------- --------
1,573 363 3,839 888
-------- -------- -------- --------
Income tax expense (1,190) (1,053) (4,587) (3,532)
Minority interest (642) 23 (1,221) (800)
-------- -------- -------- --------
Earnings from discontinued
operations $ 1,945 $ 1,720 $ 7,498 $ 5,772
======== ======== ======== ========
National Retail Properties, Inc.
(in thousands)
Balance Sheet Summary September 30, December 31,
2007 2006
------------- -------------
(unaudited) (Note 1)
Assets:
Cash and cash equivalents $ 26,443 $ 1,675
Restricted cash 39,158 36,587
Receivables, net of allowance 6,162 7,915
Investment in and note receivables from
unconsolidated affiliates 4,568 -
Mortgages, notes and accrued interest
receivable, net of allowance 67,650 30,945
Real estate, Investment Portfolio:
Accounted for using the operating method, net
of accumulated depreciation and
amortization:
Held for investment 1,915,472 1,432,457
Held for sale 8,422 8,539
Accounted for using the direct financing
method:
Held for investment 37,816 62,432
Held for sale 8,562 8,902
Real estate, Inventory Portfolio,
held for sale 136,874 228,159
Mortgage residual interests 25,147 31,512
Accrued rental income, net of allowance 23,439 26,413
Other assets 40,977 41,249
---------- ----------
Total assets $2,340,690 $1,916,785
========== ==========
Liabilities and shareholders' equity:
Line of credit payable 19,400 28,000
Mortgages payable 27,766 35,892
Notes payable - secured 22,500 24,500
Notes payable - convertible 172,500 172,500
Notes payable, net of unamortized discount 739,038 489,804
Financing lease obligation 26,041 26,041
Income tax liability 3,123 6,340
Other liabilities 50,428 36,105
Minority interest 2,154 1,098
Shareholders' equity 1,277,740 1,096,505
Total liabilities and equity $2,340,690 $1,916,785
========== ==========
Common shares outstanding 67,572 59,823
========== ==========
Gross leasable area, Investment Portfolio 10,386 9,341
========== ==========
Note 1: Amounts are derived from audited consolidated financial statements
included in the company's Form 10-K for the year ended December
31, 2006 reflecting reclassifications for discontinued operations
within the Investment Portfolio.
Orange Avenue Mortgage Investments, Inc. ("OAMI")
(in thousands)
In May 2005, the company acquired a 78.9 percent equity investment of OAMI
for $9.4 million. The company's 78.9 percent share of OAMI's net cash flow
has been over $21.5 million since May 2005. The following summary represents
the balances related to OAMI included in the company's Balance Sheet and
Income Statement Summary:
September 30, December 31,
2007 2006
----------- -----------
(unaudited) (Note 1)
Assets:
Cash and cash equivalents $ 173 $ 823
Restricted cash 21,592 17,165
Receivables and other assets 4,363 5,246
Mortgage residual interests 25,147 31,512
------- -------
$51,275 $54,746
======= =======
Liabilities:
Notes payable - secured $22,500 $24,500
Income tax liability 7,437 9,480
Other liabilities 131 410
------- -------
$30,068 $34,390
======= =======
Minority interest $ 1,703 $ 1,217
======= =======
Quarter Ended Nine Months Ended
September 30, September 30,
2007 2006 2007 2006
------- ------- ------- -------
(unaudited)(unaudited)(unaudited)(unaudited)
Revenues:
Interest income on mortgage
residual interests $ 1,135 $ 1,693 $ 3,523 $ 5,937
Interest and other income 257 378 1,389 1,181
------- ------- ------- -------
1,392 2,071 4,912 7,118
Expenses:
General and administrative 108 74 318 421
Amortization 51 66 166 199
Impairment - mortgage residual
interests
valuation adjustments 638 6,116 638 8,779
Interest 575 672 1,807 2,096
------- ------- ------- -------
1,372 6,928 2,929 11,495
------- ------- ------- -------
Income tax benefit 551 1,381 2,010 4,076
Minority interest (2) 941 (486) 637
------- ------- ------- -------
Net earnings (loss) $ 569 $(2,535) $ 3,507 $ 336
======= ======= ======= =======
Note 1: Amounts are derived from audited financial statements included in
the company's Form 10-K for the year ended December 31, 2006.
NNN Retail Properties Fund I, LLC
(dollars in thousands)
In September 2007, the company entered into a joint venture, NNN Retail Properties Fund I, LLC, with an affiliate of Crow Holdings Realty Partners IV, L.P. The company owns a 15 percent equity interest, and the following summary represents the Balance Sheet for the joint venture. The company's investment in the joint venture is included in the company's Balance Sheet Summary under "Investment in and note receivables from unconsolidated affiliates."
September 30,
2007
------------
(unaudited)
Assets:
Cash and cash equivalents $ 1
Receivables 10
Real estate 30,611
-------------
$ 30,622
=============
Liabilities and member's equity:
Notes payable $ 18,330
Other liabilities 215
Member's equity 12,077
-------------
$ 30,622
=============
National Retail Properties, Inc.
Investment Portfolio
Top 20 Lines of Trade
---------------------
As of September 30,
Line of Trade 2007 (1) 2006 (2)
------------------------------- ----------- -----------
1. Convenience stores 23.8% 15.4%
2. Restaurants - full service 10.3% 9.4%
3. Drug stores 5.5% 9.9%
4. Books 4.7% 5.9%
5. Consumer electronics 4.6% 5.8%
6. Sporting goods 4.4% 7.5%
7. Theaters 4.1% -
8. Restaurants - limited service 3.9% 4.8%
9. Grocery 3.7% 6.5%
10. Furniture 3.3% 4.7%
11. Travel plazas 3.2% 3.5%
12. Office supplies 3.1% 4.2%
13. Car washes 2.5% -
14. Family entertainment centers 2.3% -
15. Auto dealerships 2.3% 2.1%
16. Beer, wine and liquor 2.3% 2.2%
17. General merchandise 1.9% 2.6%
18. Home furnishings 1.6% 1.8%
19. Equipment rental 1.5% 2.0%
20. Automotive parts 1.5% 1.6%
Other 9.5% 10.1%
------- -------
Total 100.0% 100.0%
======= =======
Top 10 States
-------------
State % of Total(1) State % of Total(1)
---------- ----------- ------------- --------------
1. Texas 19.8% 6. Pennsylvania 4.3%
2. Florida 11.4% 7. Indiana 3.9%
3. North Carolina 7.3% 8. Colorado 3.6%
4. Illinois 6.0% 9. Ohio 3.2%
5. Georgia 5.0% 10. Missouri 3.2%
Lease Expirations
-----------------
% of # of Gross Leasable
Total(1) Properties Area(3)
--------- ---------- -------------
2007 0.2% 3 82,000
2008 1.1% 16 257,000
2009 2.0% 25 470,000
2010 3.3% 37 394,000
2011 2.4% 21 347,000
2012 4.2% 35 562,000
2013 4.7% 32 735,000
2014 5.4% 32 538,000
2015 3.4% 22 521,000
2016 2.6% 18 298,000
2017 5.1% 26 667,000
Thereafter 65.6% 593 5,226,000
(1) Based on annual base rent of $184,940,000, which is the annualized
base rent for all leases in place as of September 30, 2007.
(2) Based on annual base rent of $145,145,000, which is the annualized
base rent for all leases in place as of September 30, 2006.
(3) Square feet.
Source: National Retail Properties, Inc.
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