NNN Reit, Inc. is a real estate investment trust that invests primarily in high-quality properties that are subject to long-term NNN leases. It is organized in Maryland with its principal office in Orlando, Florida.[1]

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]

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

References

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

External links