NNN Reit
| File:National Retail Properties logo.jpg | |
| Formerly | National Retail Properties, Inc. |
|---|---|
| Company type | Public company |
| Industry | Real estate investment trust |
| Founded | October 1984 (as Golden Corral Realty Corp.) |
| Headquarters | Orlando, Florida, U.S. |
Key people | Julian E. Whitehurst (CEO & President) Don DeFosset (Chairman) Kevin B. Habicht (CFO) |
| Products | Freestanding retail properties |
| Revenue |  US$0.674 billion (2019) |
| US$0.299 billion (2019) | |
| Total assets | US$8.500 billion (2019) |
| Total equity |  US$4.332 billion (2019) |
Number of employees | 70 (2020) |
| Website | www |
| Footnotes / references [1] | |
NNN Reit, Inc. is a real estate investment trust that invests primarily in restaurant properties that are subject to long-term triple net leases, usually under leaseback arrangements. 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
[edit | edit source]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] Eventually, they acquired the majority of the restaurants.
In April 2017, Craig Macnab retired and Jay Whitehurst became CEO & President of the company.[11][12]
References
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External links
[edit | edit source]- Official website
- Business data for NNN Reit, Inc.:
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