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
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]
External links
References
- National Retail Properties, Inc. 2019 Form 10-K Annual Report U.S. Securities and Exchange Commission^
- Renee DeGross. The Name Game National Real Estate Investor, June 1, 2006^
- Corporate Notes The New York Times, August 17, 1984^
- Commercial Net Realty Applies For Nyse Listing Orlando Sentinel, December 2, 1993^
- Upendra Mishra. The Best Things In Life Are Freestanding National Real Estate Investor, May 1, 1998^
- Commercial Net Lease Realty, Inc. Appoints New Chief Executive Officer; Industry Veteran Joins Leadership Team Business Wire, February 17, 2004^
- Commercial Net Lease Realty, Inc. Announces Retirement of President and Chief Operating Officer Business Wire, May 3, 2004^
- Commercial Net Lease Realty, Inc. Agrees to Acquire National Properties Corporation Business Wire, January 18, 2005^
- Commercial Net Lease Realty changing names American City Business Journals, April 28, 2006^
- Tom Demeropolis. New owner sells Frisch's real estate for $47 million American City Business Journals, September 14, 2015^
- Craig Macnab To Retire As CEO Of National Retail Properties, Inc.; Julian E. ("Jay") Whitehurst Named As Successor PR Newswire, September 29, 2016^
- Kyle Arnold. National Retail CEO Craig Macnab announces retirement The Orlando Sentinel, September 30, 2016^