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NATIONAL RETAIL PROPERTIES, INC.
CIK:0000751364|SEC Filings
Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2026 |
Jun. 30, 2025 |
Jun. 30, 2026 |
Jun. 30, 2025 |
|
| Revenues: | ||||
| Rental income | $ 242,682 | $ 226,498 | $ 482,696 | $ 457,072 |
| Interest and other income from real estate transactions | 1,584 | 304 | 1,994 | 584 |
| Total revenues | 244,266 | 226,802 | 484,690 | 457,656 |
| Operating expenses: | ||||
| General and administrative | 14,057 | 11,217 | 28,163 | 24,225 |
| Real estate | 8,266 | 8,838 | 18,065 | 18,213 |
| Depreciation and amortization | 71,025 | 68,349 | 141,822 | 132,966 |
| Leasing transaction costs | 212 | 74 | 356 | 204 |
| Impairment losses – real estate, net of recoveries | 8,067 | 4,535 | 18,747 | 6,047 |
| Retirement and severance costs | 368 | 191 | 802 | 2,364 |
| Total operating expenses | 101,995 | 93,204 | 207,955 | 184,019 |
| Gain on disposition of real estate | 9,105 | 16,198 | 21,290 | 20,011 |
| Earnings from operations | 151,376 | 149,796 | 298,025 | 293,648 |
| Other expenses (revenues): | ||||
| Interest and other income | (35) | (15) | (63) | (344) |
| Interest expense | 53,487 | 49,282 | 106,213 | 97,005 |
| Total other expenses (revenues) | 53,452 | 49,267 | 106,150 | 96,661 |
| Net earnings | $ 97,924 | $ 100,529 | $ 191,875 | $ 196,987 |
| Net earnings per share: | ||||
| Basic | $ 0.52 | $ 0.54 | $ 1.01 | $ 1.05 |
| Diluted | $ 0.52 | $ 0.54 | $ 1.01 | $ 1.05 |
| Weighted average shares outstanding: | ||||
| Basic | 189,078,464 | 186,876,693 | 189,055,792 | 186,865,955 |
| Diluted | 189,620,010 | 187,070,288 | 189,635,670 | 187,088,160 |
| Other comprehensive income: | ||||
| Net earnings | $ 97,924 | $ 100,529 | $ 191,875 | $ 196,987 |
| Amortization of interest rate hedges | 79 | 469 | 154 | 929 |
| Fair value of forward starting swap | 3,698 | (117) | 5,496 | (409) |
| Total comprehensive income | $ 101,701 | $ 100,881 | $ 197,525 | $ 197,507 |
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands |
Jun. 30, 2026 |
Dec. 31, 2025 |
|---|---|---|
| ASSETS | ||
| Real estate portfolio, net of accumulated depreciation and amortization | $ 9,463,681 | $ 9,239,542 |
| Cash and cash equivalents | 4,223 | 5,046 |
| Restricted cash and cash held in escrow | 0 | 776 |
| Receivables, net of allowance of $567 and $609, respectively | 2,874 | 3,470 |
| Accrued rental income, net of allowance of $3,528 and $3,393, respectively | 36,672 | 34,914 |
| Debt costs, net of accumulated amortization of $31,348 and $29,930, respectively | 4,987 | 8,645 |
| Other assets | 94,086 | 86,962 |
| Total assets | 9,606,523 | 9,379,355 |
| Liabilities: | ||
| Line of credit payable | 28,500 | 348,100 |
| Term loan payable, net of unamortized debt costs | 496,835 | 0 |
| Notes payable, net of unamortized discount and unamortized debt costs | 4,475,938 | 4,472,324 |
| Accrued interest payable | 37,989 | 40,557 |
| Other liabilities | 106,525 | 110,072 |
| Total liabilities | 5,145,787 | 4,971,053 |
| Stockholders’ equity: | ||
| Common stock, $0.01 par value. Authorized 375,000,000 shares; 191,931,110 and 189,937,404 shares issued and outstanding, respectively | 1,921 | 1,901 |
| Capital in excess of par value | 5,377,445 | 5,295,434 |
| Accumulated deficit | (917,959) | (882,712) |
| Accumulated other comprehensive income (loss) | (671) | (6,321) |
| Total equity | 4,460,736 | 4,408,302 |
| Total liabilities and equity | $ 9,606,523 | $ 9,379,355 |