National Retail Properties, Inc
(NYSE:NNN)

National Retail Properties invests primarily in high-quality retail properties subject generally to long-term, net leases. As of September 30, 2020, the company owned 3,114 properties in 48 states with a gross leasable area of approximately 32.4 million square feet and with a weighted average remain...

Website: http://www.nnnreit.com

Founded: 1984

Full Time Employees: 70

Sector: Real Estate

Industry: REIT-Retail

REIT Real Estate

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At a glance:

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Unit: USD	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-09-30	2020-06-30	2020-03-31	2019-09-30	2019-06-30	2019-03-31	2018-09-30	2018-06-30	2018-03-31	2017-09-30	2017-06-30	2017-03-31	2016-09-30	2016-06-30	2016-03-31	2015-09-30	2015-06-30	2015-03-31	2014-09-30	2014-06-30	2014-03-31	2013-09-30	2013-06-30	2013-03-31	2012-09-30	2012-06-30	2012-03-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31	2007-12-31	2007-09-30	2007-06-30	2007-03-31	2006-12-31	2006-09-30	2006-06-30	2006-03-31	2005-12-31	2005-09-30	2005-06-30	2005-03-31	2004-12-31	2004-09-30	2004-06-30	2004-03-31	2003-12-31	2003-09-30	2003-06-30	2003-03-31	2002-09-30	2002-06-30	2002-04-30	2001-12-31	2001-09-30	2001-06-30	2001-03-31

revenues:
rental income	240,014,000	237,535,000	229,773,000	226,498,000	230,574,000	218,348,000	218,155,000	216,140,000	214,825,000	215,178,000	204,856,000	202,426,000	203,630,000	198,217,000	193,102,000	190,536,000	189,763,000	186,633,000	180,024,000	178,004,000	179,198,000	157,865,000	163,479,000	174,547,000	168,224,000	164,596,000
interest and other income from real estate transactions	410,000	863,000	386,000	304,000	280,000	134,000	409,000	673,000	582,000	1,053,000	276,000	214,000	478,000	303,000	369,000	247,000	516,000	628,000	333,000	1,007,000	580,000	768,000	222,000	516,000	383,000	196,000	686,000	675,000	365,000	73,000	151,000	28,000	189,000	141,000	301,000	463,000	345,000	213,000	163,000	452,000	543,000	792,000	341,000	371,000	384,000	512,000	764,000	707,000	381,000	543,000	637,000	498,000	600,000	978,000	949,000	975,000	1,102,000	980,000	834,000	683,000	1,027,000	1,407,000	1,235,000	1,575,000	1,344,000	957,000	1,267,000	679,000	665,000	1,668,000	1,459,000				1,308,000	2,277,000	1,893,000
revenues: - sum	240,424,000	238,398,000	230,159,000	226,802,000	230,854,000	218,482,000	218,564,000	216,813,000	215,407,000	216,231,000	205,132,000	202,640,000	204,108,000	198,520,000	193,471,000	190,783,000	190,279,000	187,261,000	180,357,000	179,011,000	179,778,000	158,633,000	163,701,000	175,063,000	168,607,000	164,792,000	163,712,000	155,331,000	155,518,000	152,836,000	147,705,000	145,550,000	141,432,000	134,541,000	130,926,000	126,980,000	123,143,000	117,208,000	116,187,000	109,856,000	105,613,000	104,064,000	100,621,000	96,121,000	92,565,000	85,013,000	82,751,000	78,658,000	67,460,000	62,516,000	61,952,000	42,419,000	56,656,000	56,496,000	56,626,000
operating expenses:
general and administrative	14,106,000	11,642,000	11,056,000	11,217,000	13,008,000	8,705,000	11,209,000	11,789,000	12,584,000	10,530,000	10,225,000	10,740,000	12,251,000	10,789,000	10,124,000	9,740,000	11,042,000	9,947,000	11,077,000	11,868,000	11,748,000	9,419,000	9,395,000	10,100,000	8,726,000	9,276,000	9,521,000	8,543,000	8,741,000	8,697,000	7,354,000	8,820,000	8,919,000	9,116,000	8,735,000	9,249,000	8,643,000	7,830,000	8,605,000	9,007,000	8,074,000	8,915,000	7,534,000	9,412,000	8,264,000	8,652,000	7,024,000	7,603,000	7,036,000	6,568,000	6,657,000	5,465,000	5,927,000	5,775,000	5,611,000	5,749,000	4,937,000	5,784,000	5,305,000	6,026,000	5,242,000	6,040,000	7,560,000	6,045,000	5,230,000	5,946,000	6,321,000	5,096,000	4,663,000	7,088,000	7,200,000	6,570,000	6,232,000	5,797,000	4,813,000	5,845,000	5,848,000	5,399,000	5,912,000
real estate	9,799,000	10,040,000	9,128,000	8,838,000	9,375,000	11,142,000	7,263,000	6,758,000	7,154,000	8,237,000	6,459,000	6,836,000	6,846,000	7,035,000	5,875,000	6,173,000	7,198,000	7,520,000	6,521,000	6,619,000	7,725,000	6,345,000	6,323,000	7,635,000	6,706,000	6,600,000	7,093,000	5,759,000	5,828,000	5,862,000	5,553,000	5,424,000	5,663,000	4,942,000	4,567,000	4,787,000	4,782,000	4,658,000	4,759,000	4,583,000	4,746,000	4,340,000	4,420,000	4,301,000	3,954,000	3,878,000	4,025,000	4,612,000	4,459,000	4,026,000	3,722,000	3,904,000	2,985,000	3,156,000	3,530,000	3,476,000	3,494,000	3,241,000	3,587,000	3,560,000	2,359,000	2,254,000	2,439,000	2,606,000	1,862,000	1,982,000	1,978,000	3,059,000	1,452,000	1,359,000	1,338,000	3,851,000	2,207,000	2,663,000	2,824,000	3,063,000	2,854,000	3,280,000	3,013,000	936,000	913,000	1	293,000	255,000
depreciation and amortization	70,797,000	68,221,000	67,252,000	68,349,000	64,617,000	63,194,000	63,369,000	62,503,000	60,615,000	60,079,000	59,523,000	59,875,000	59,148,000	57,322,000	56,388,000	57,444,000	52,680,000	53,389,000	50,976,000	50,875,000	49,980,000	49,404,000	48,936,000	49,188,000	48,348,000	46,241,000	46,180,000	42,479,000	43,304,000	44,498,000	48,409,000	41,326,000	40,143,000	38,970,000	36,489,000	34,655,000	33,607,000	34,202,000	32,141,000	29,768,000	28,007,000	28,012,000	25,856,000	22,552,000	23,755,000	17,465,000	19,032,000	18,117,000	14,947,000	13,871,000	13,525,000	12,666,000	11,897,000	11,961,000	11,855,000	12,395,000	11,350,000	12,146,000	11,819,000	12,361,000	11,559,000	10,894,000	10,157,000	9,902,000	8,216,000	7,729,000	6,927,000	6,651,000	5,788,000	5,358,000	5,351,000	6,448,000	6,473,000	4,817,000	4,546,000	4,331,000	4,403,000	4,238,000	4,264,000	4,049,000	3,496,000	5	2,940,000	2,916,000	2,854,000	2,941,000	2,335,000	2,462,000	2,206,000	2,208,000
leasing transaction costs	144,000	151,000	131,000	74,000	130,000	24,000	22,000	20,000	33,000	76,000	96,000	52,000	75,000	60,000	96,000	76,000	88,000	57,000	86,000	22,000	38,000			36,000	51,000	75,000	52,000
impairment losses – real estate, net of recoveries	10,680,000	15,360,000	7,195,000	4,535,000	1,512,000	3,724,000	760,000	944,000	1,204,000	2,315,000	1,001,000	34,000	2,640,000	1,088,000	971,000	4,618,000	1,632,000	7,310,000	4,781,000	7,735,000	2,131,000	5,695,000	21,854,000	5,513,000	10,692,000	7,187,000	3,245,000
retirement and severance costs	434,000	62,000	690,000	191,000
operating expenses: - sum	105,960,000	105,476,000	95,452,000	93,204,000	90,815,000	86,831,000	82,779,000	82,167,000	81,907,000	83,806,000	77,457,000	77,846,000	81,383,000	77,009,000	74,010,000	80,706,000	76,234,000	78,223,000	73,441,000	77,119,000	71,622,000	70,863,000	86,508,000	72,472,000	74,472,000	69,304,000	66,039,000	60,638,000	61,968,000	61,566,000	61,621,000	62,959,000	55,931,000	63,923,000	55,882,000	49,483,000	47,082,000	49,804,000	46,533,000	43,456,000	40,993,000	41,821,000	37,826,000	36,425,000	37,785,000	37,256,000	32,799,000	30,332,000	26,442,000	24,732,000	24,033,000	16,613,250	20,809,000	21,057,000	24,679,000
gain on disposition of real estate	12,185,000	15,639,000	12,570,000	16,198,000	3,813,000	12,083,000	7,765,000	17,621,000	4,821,000	7,263,000	19,992,000	13,930,000	6,300,000	6,787,000	5,889,000	775,000	3,992,000	5,159,000	9,473,000	4,181,000	4,281,000	148,000	719,000	12,770,000	2,061,000	13,002,000	10,445,000	14,348,000	4,106,000	38,596,000	3,185,000	3,055,000	14,624,000																																																	-353				91,000	-117,000	315,000	1,586,000	2,864,000
earnings from operations	146,649,000	148,561,000	147,277,000	149,796,000	143,852,000	143,734,000	143,550,000	152,267,000	138,321,000	139,688,000	147,667,000	138,724,000	129,025,000	128,298,000	125,350,000	110,852,000	118,037,000	114,197,000	116,389,000	106,073,000	112,437,000	87,918,000	77,912,000	115,361,000	96,196,000	108,490,000	108,118,000	94,693,000	93,550,000	91,270,000	86,084,000	82,591,000	85,501,000	70,618,000	75,044,000	77,497,000	76,061,000	67,404,000	69,654,000	66,400,000	64,620,000	62,243,000	62,795,000	59,696,000	54,780,000	47,757,000	50,255,000	48,488,000	41,857,000	38,474,000	37,917,000	30,106,000	36,493,000	36,511,000	31,814,000	9,996,000	37,057,000	36,446,000	36,521,000	35,074,000	39,413,000	37,838,000	34,307,000	32,977,000	31,709,000	30,764,000	27,819,000	25,728,000	20,055,000	21,906,000	27,761,000	21,736,000	19,660,000	22,360,000	20,311,000	18,671,000	20,282,000	17,143,000
other expenses
interest and other income	-28,000	-962,000	-2,940,000	-15,000	-329,000	-1,040,000	-845,000	-976,000	-119,000	-383,000	-644,000	-74,000	-33,000	-29,000	-33,000	-52,000	-35,000	-57,000	-61,000	-33,000	-65,000	-74,000	-106,000	-164,000	-501,000	-487,000	-1,924,000	-195,000	-37,000	-25,000	-64,000	-37,000	-137,000	-17,000	-72,000	-19,000	-20,000	-35,000	-11,000	-87,000	-94,000	-63,000	-722,000	-377,000	-334,000	-1,194,000	-361,000	-386,000	-457,000	-283,000	-342,000	-343,000	-332,000	-586,000	-252,000	-350,000	-262,000	-416,000	-347,000	-701,000	-818,000	-1,008,000	-1,221,000	-1,633,000	-793,000	-1,024,000	-1,303,000	-1,148,000	-836,000	-1,015,000	-846,000	-863,000	-415,000	-309,000	-467,000	-722,000	-1,238,000	-789,000
interest expense	52,726,000	53,572,000	53,378,000	49,282,000	47,723,000	46,880,000	46,491,000	46,577,000	44,069,000	43,389,000	41,524,000	40,094,000	38,891,000	37,665,000	36,962,000	36,739,000	36,699,000	36,684,000	33,518,000	33,085,000	34,587,000	31,924,000	31,753,000	33,670,000	29,948,000	29,811,000	29,957,000	27,194,000	27,110,000	26,602,000	28,204,000	27,274,000	26,614,000	24,257,000	24,081,000	23,586,000	21,996,000	21,678,000	21,786,000	21,641,000	21,761,000	20,278,000	19,989,000	23,394,000	21,827,000	22,866,000	19,394,000	19,645,000	20,086,000	17,512,000	17,662,000	16,655,000	16,501,000	16,034,000	15,989,000	15,667,000	15,618,000	15,436,000	15,431,000	13,660,000	14,791,000	14,665,000	15,366,000	13,860,000	11,882,000	12,443,000	11,615,000	10,487,000	12,078,000	11,217,000	11,935,000	10,772,000	8,496,000	8,808,000	7,866,000	8,661,000	8,594,000	7,746,000
net earnings	93,951,000	95,951,000	96,839,000	100,529,000	96,458,000	97,894,000	97,904,000	106,666,000	94,371,000	96,682,000	106,787,000	98,704,000	90,167,000	90,662,000	88,421,000	74,165,000	81,373,000	77,570,000	82,932,000	73,021,000	56,587,000	56,068,000	46,265,000	65,176,000	66,698,000	79,091,000	80,033,000	82,042,000	70,583,000	103,289,000							0.34	0.28	0.34	0.31	0.3	0.28	0.29	0.28	0.26	0.31	0.26	0.23	0.24	0.23	0.23	0.15	0.23	0.24	0.18	-0.29	0.26	0.32	26,804,000	28,867,000	30,274,000	30,888,000	33,053,000	34,365,000	47,386,000	48,655,000	26,704,000	57,401,000	21,455,000	80,201,000	23,448,000	18,172,000	16,530,000	28,693,000	26,004,000	18,926,000	17,005,000	12,735,000	16,268,000	15,591,000	15,384,000	0.28	10,154,000	8,575,000	13,512,000	12,749,000	-489,000	7,473,000	10,385,000	11,594,000
yoy	-2.60%	-1.98%	-1.09%	-5.75%	2.21%	1.25%	-8.32%	8.07%	4.66%	6.64%	20.77%	33.09%	10.81%	16.88%	6.62%	1.57%	43.80%	38.35%	79.25%	12.04%	-15.16%	-29.11%	-42.19%	-20.56%	-5.50%	-23.43%											13.33%	0.00%	17.24%	10.71%	15.38%	-9.68%	11.54%	21.74%	8.33%	34.78%	13.04%	53.33%	4.35%	-4.17%	27.78%	-151.72%	-11.54%	-25.00%	-100.00%	-100.00%	-100.00%	-100.00%	-18.91%	-16.00%	-36.11%	-36.52%	23.78%	-40.13%	120.86%	-39.33%	13.89%	215.88%	29.79%	179.51%	-9.83%	-3.98%	-2.79%	125.31%	59.85%	21.39%	10.54%	4548214185.71%	60.21%	81.82%	13.85%	-100.00%	-2176.48%	14.75%	30.11%	9.96%
qoq	-2.08%	-0.92%	-3.67%	4.22%	-1.47%	-0.01%	-8.21%	13.03%	-2.39%	-9.46%	8.19%	9.47%	-0.55%	2.53%	19.22%	-8.86%	4.90%	-6.47%	13.57%	29.04%	0.93%	21.19%	-29.02%	-2.28%	-15.67%	-1.18%	-2.45%	16.23%	-31.66%								21.43%	-17.65%	9.68%	3.33%	7.14%	-3.45%	3.57%	7.69%	-16.13%	19.23%	13.04%	-4.17%	4.35%	0.00%	53.33%	-34.78%	-4.17%	33.33%	-162.07%	-211.54%	-18.75%	-100.00%	-7.15%	-4.65%	-1.99%	-6.55%	-3.82%	-27.48%	-2.61%	82.20%	-53.48%	167.54%	-73.25%	242.04%	29.03%	9.93%	-42.39%	10.34%	37.40%	11.30%	33.53%	-21.72%	4.34%	1.35%	5494285614.29%	-100.00%	18.41%	-36.54%	5.98%	-2707.16%	-106.54%	-28.04%	-10.43%
net earnings per share:
basic	0.5	0.5	0.51	0.54	0.52	0.53	0.53	0.58	0.52	0.53	0.59	0.54	0.5	0.5	0.5	0.42	0.46	0.37	0.45	0.39	0.3	0.3	0.24	0.35	0.35	0.43	0.44	0.47	0.4	0.62	0.35	0.33	0.35	0.29	0.3	0.44																																																		0.29	0.24	0.24	0.34	0.38
diluted	0.5	0.51	0.51	0.54	0.51	0.52	0.53	0.58	0.52	0.53	0.59	0.54	0.5	0.51	0.5	0.42	0.46	0.37	0.45	0.39	0.3	0.3	0.24	0.35	0.35	0.43	0.44	0.47	0.4	0.62	0.35	0.33	0.35	0.28	0.3	0.44																																																		0.29	0.24	0.24	0.34	0.38
weighted-average shares outstanding:
basic	189,031,812	187,611,451	187,838,711	186,876,693	186,855,097	183,688,562	184,007,176	182,438,791	181,794,208	181,200,040	181,398,273	181,092,031	180,845,503	176,403,656	176,900,786	174,956,856	174,772,243	174,710,921	174,629,442	174,610,897	174,589,300	172,681,136	171,388,869	171,039,017	164,883,509	161,893,442	161,105,315	156,852,984	153,810,692	153,041,056	149,341,025	148,372,501	146,929,678	146,111,041	143,443,375	140,840,371	133,892,905	133,267,292	131,665,258	124,554,066	122,490,306	121,575,983	120,287,890	117,812,651	113,491,101	107,487,935	105,992,014	104,840,867	87,109,406	84,409,788	83,122,731	82,715,645	82,779,476	82,694,624	82,320,772	79,846,258	80,343,958	79,163,140	78,165,859	74,249,137	73,717,097	73,070,034	72,314,787	66,152,437	66,795,783	66,431,725	60,332,971	57,428,063	57,998,523	57,258,741	55,408,126	52,984,821	53,651,776		51,868,166	51,312,434	51,672,012	51,479,069		43,108,213	44,368,735		40,410,574	40,304,531	40,262,732	40,638,133	31,539,857	30,619,548	30,583,463	30,515,582
diluted	189,458,620	187,986,798	188,332,789	187,070,288	187,080,084	184,043,841	184,561,431	182,807,374	182,212,897	181,689,723	181,721,467	181,627,857	181,434,345	177,067,865	177,367,710	175,107,914	174,911,213	174,818,899	174,738,903	174,726,812	174,714,617	172,782,266	171,485,285	171,231,828	165,361,731	162,351,901	161,614,074	157,286,165	154,203,938	153,393,383	149,667,609	148,719,470	147,279,537	146,681,592	143,976,712	141,326,003	134,246,098	133,600,656	132,109,965	125,045,097	122,832,524	121,866,951	121,230,232	120,865,525	115,850,253	110,339,705	107,458,993	106,211,366	87,788,250	84,725,968	83,570,438	82,849,362	82,915,376	82,825,423	82,446,011	79,953,499	80,455,033	79,265,374	78,253,746	74,521,909	74,021,518	73,348,473	72,447,395	66,407,530	67,029,148	66,663,765	60,471,563	58,079,875	58,225,055	57,784,835	56,956,636	54,640,143	53,901,276		53,539,294	51,742,518	51,969,340	51,767,989		43,896,800	45,403,830		40,571,614	40,592,453	40,448,937	40,709,657	31,717,043	30,906,277	30,707,449	30,544,202
other comprehensive income:
amortization of interest rate hedges	75	281	480	469	460	460	450	610	632	628	620	616	607	604	595	592	583	579	565	561	1,368	642	638	383	327	325	323	525	531		491	455	447	720	707	695	424	418	414	385	216	135	128	118	60	57	58	56
fair value of forward starting swaps	1,798	357		-117	-292														-1,584					-7,617	-7,818	-3,920		2,985	3,259
total comprehensive income	95,824	96,589	97,319	100,881	96,626	98,354	98,354	107,276	95,003	97,310	107,407	99,320	90,774	91,266	89,016	74,757	81,956	78,149	81,913	73,582	57,955
executive retirement costs					2,173,000	42,000	156,000	153,000	317,000	2,569,000	153,000	309,000	423,000	715,000	556,000	2,655,000	3,594,000
loss attributable to noncontrolling interests																6,000		750	1,000	2,000													9,000
net earnings attributable to common stockholders										96,682,000	106,787,000	98,704,000	90,167,000	90,662,000	88,421,000	74,171,000	81,372,000	65,129,000	78,448,000	68,538,000	52,102,000	51,584,000	41,780,000	60,693,000	58,111,000	70,097,000	71,441,000	73,450,000	61,992,000	94,698,000	52,538,000	49,447,000	51,622,000	41,925,000	43,084,000	61,824,000	46,339,000	37,330,000	45,119,000	39,081,000	36,713,000	34,474,000	34,810,000	32,724,000	29,304,000	33,253,000	27,579,000	24,755,000
net earnings per share of common stock:
basic	0.5	0.5	0.51	0.54	0.52	0.53	0.53	0.58	0.52	0.53	0.59	0.54	0.5	0.5	0.5	0.42	0.46	0.37	0.45	0.39	0.3	0.3	0.24	0.35	0.35	0.43	0.44	0.47	0.4	0.62	0.35	0.33	0.35	0.29	0.3	0.44																																																		0.29	0.24	0.24	0.34	0.38
diluted	0.5	0.51	0.51	0.54	0.51	0.52	0.53	0.58	0.52	0.53	0.59	0.54	0.5	0.51	0.5	0.42	0.46	0.37	0.45	0.39	0.3	0.3	0.24	0.35	0.35	0.43	0.44	0.47	0.4	0.62	0.35	0.33	0.35	0.28	0.3	0.44																																																		0.29	0.24	0.24	0.34	0.38
weighted-average number of common shares outstanding:
basic	189,031,812	187,611,451	187,838,711	186,876,693	186,855,097	183,688,562	184,007,176	182,438,791	181,794,208	181,200,040	181,398,273	181,092,031	180,845,503	176,403,656	176,900,786	174,956,856	174,772,243	174,710,921	174,629,442	174,610,897	174,589,300	172,681,136	171,388,869	171,039,017	164,883,509	161,893,442	161,105,315	156,852,984	153,810,692	153,041,056	149,341,025	148,372,501	146,929,678	146,111,041	143,443,375	140,840,371	133,892,905	133,267,292	131,665,258	124,554,066	122,490,306	121,575,983	120,287,890	117,812,651	113,491,101	107,487,935	105,992,014	104,840,867	87,109,406	84,409,788	83,122,731	82,715,645	82,779,476	82,694,624	82,320,772	79,846,258	80,343,958	79,163,140	78,165,859	74,249,137	73,717,097	73,070,034	72,314,787	66,152,437	66,795,783	66,431,725	60,332,971	57,428,063	57,998,523	57,258,741	55,408,126	52,984,821	53,651,776		51,868,166	51,312,434	51,672,012	51,479,069		43,108,213	44,368,735		40,410,574	40,304,531	40,262,732	40,638,133	31,539,857	30,619,548	30,583,463	30,515,582
diluted	189,458,620	187,986,798	188,332,789	187,070,288	187,080,084	184,043,841	184,561,431	182,807,374	182,212,897	181,689,723	181,721,467	181,627,857	181,434,345	177,067,865	177,367,710	175,107,914	174,911,213	174,818,899	174,738,903	174,726,812	174,714,617	172,782,266	171,485,285	171,231,828	165,361,731	162,351,901	161,614,074	157,286,165	154,203,938	153,393,383	149,667,609	148,719,470	147,279,537	146,681,592	143,976,712	141,326,003	134,246,098	133,600,656	132,109,965	125,045,097	122,832,524	121,866,951	121,230,232	120,865,525	115,850,253	110,339,705	107,458,993	106,211,366	87,788,250	84,725,968	83,570,438	82,849,362	82,915,376	82,825,423	82,446,011	79,953,499	80,455,033	79,265,374	78,253,746	74,521,909	74,021,518	73,348,473	72,447,395	66,407,530	67,029,148	66,663,765	60,471,563	58,079,875	58,225,055	57,784,835	56,956,636	54,640,143	53,901,276		53,539,294	51,742,518	51,969,340	51,767,989		43,896,800	45,403,830		40,571,614	40,592,453	40,448,937	40,709,657	31,717,043	30,906,277	30,707,449	30,544,202
net earnings attributable to nnn										392,044,342	106,787	98,704	90,167	90,662,000	88,421,000	74,171,000	81,372,000	77,570,000	82,933,000	73,023,000	56,587,000	56,069,000	46,265,000	65,178,000	66,693,000	78,678,000	80,023,000	82,032,000	70,573,000	103,280,000	61,120,000	58,028,000	73,657,000	50,784,000	51,942,000	70,683,000	55,198,000	46,188,000	53,978,000	47,940,000	45,571,000	43,333,000	44,352,000	37,486,000	34,066,000	38,015,000	33,505,000	29,832,000	22,632,000	21,303,000	20,820,000	14,215,000	21,210,000	21,206,000	16,365,000
comprehensive income attributable to nnn										97,310	107,407	99,320	90,774	91,266	89,016	74,763	81,955	78,149	81,914	73,584	57,955	56,711	46,903	57,944	59,202	75,083	79,131	85,555	74,547	101,509	55,742	57,262	73,624	47,691	53,622	71,377	45,467	46,421	54,119	47,899	43,065	40,894	44,892	35,965	34,881	38,071	33,776	29,887
comprehensive loss attributable to noncontrolling interests																-6		-0.75	-1	-2
earnings attributable to noncontrolling interests																	-1,000					1,000		2,000	-5,000	-413,000	-10,000	-10,000	-10,000
comprehensive earnings attributable to noncontrolling interests																	1
loss on early extinguishment of debt																					21,328,000			16,679,000
series f preferred stock dividends																		-1,544,000	-4,485,000	-4,485,000	-4,485,000	-4,485,000	-4,485,000	-4,485,000	-4,485,000	-4,485,000	-4,485,000	-4,485,000	-4,485,000	-4,485,000	-4,485,000	-4,485,000	-4,485,000
comprehensive income attributable to noncontrolling interests
series e preferred stock dividends																									-4,097,000	-4,096,000	-4,097,000	-4,097,000	-4,096,000	-4,097,000	-4,097,000	-4,096,000	-4,097,000	-4,097,000	-4,096,000	-4,097,000	-4,097,000	-4,096,000	-4,097,000	-4,097,000	-4,096,000	-4,097,000	-4,780,000
valuation adjustments – available-for-sale securities
realized gain – available-for-sale securities
retirement severance costs																												222,000	260,000	261,000	225,000	7,428,000
lease income																											163,026,000
rental income from operating leases																												150,418,000	150,969,000	147,829,000	143,376,000	141,298,000	136,493,000	129,944,000	126,418,000	121,645,000	118,218,000	112,715,000	111,474,000	105,013,000	100,730,000	99,055,000	95,772,000	91,295,000	87,661,000	80,411,000	77,927,000	73,625,000	62,969,000	58,154,000	57,340,000	54,427,000	52,633,000	52,178,000	52,038,000	52,714,000	51,901,000	53,727,000	52,821,000	51,247,000	53,997,000	52,042,000	50,190,000	46,013,000	42,831,000	41,641,000	36,624,000	34,985,000	32,194,000	30,630,000	29,482,000	30,697,000	26,996,000	27,855,000	26,573,000	24,836,000	25,454,000	25,511,000	24,745,000	23,484,000	23,257,000	203	19,243,000	19,246,000	18,257,000	18,413,000	14,481,000	13,806,000	14,425,000	14,411,000
earned income from direct financing leases																												242,000	225,000	230,000	241,000	246,000	257,000	338,000	347,000	356,000	340,000	397,000	405,000	427,000	435,000	443,000	534,000	556,000	566,000	608,000	618,000	628,000	659,000	713,000	760,000	736,000	746,000	755,000	764,000	773,000	797,000	746,000	754,000	761,000	773,000	780,000	789,000	795,000	944,000	1,060,000	1,777,000	588,000	2,230,000	2,356,000	2,336,000	2,396,000	2,648,000	2,662,000	2,681,000	2,508,000	2,780,000	2,798,000	2,775,000	2,712,000	2,727,000		2,830,000	2,859,000	2,874,000	2,864,000	2,721,000	2,703,000	3,079,000	3,256,000
percentage rent																												284,000	189,000	546,000	239,000	198,000	548,000	321,000	164,000	474,000	331,000	112,000	185,000	177,000	223,000	90,000	267,000	162,000	371,000	242,000	221,000	111,000	229,000	132,000	113,000	578,000	197,000	129,000	54,000	757,000	317,000	119,000	147,000	697,000	196,000	170,000	52,000	793,000	181,000
real estate expense reimbursement from tenants																												3,712,000	3,770,000	4,158,000	3,614,000	3,700,000	3,860,000	3,413,000	3,248,000	3,590,000	3,469,000	3,324,000	3,515,000	3,323,000	3,228,000	3,232,000	3,113,000	3,149,000	2,977,000	2,647,000	2,505,000	2,832,000	2,440,000	2,197,000	2,335,000	2,386,000	1,682,000	1,598,000	1,772,000	2,115,000	1,872,000	2,109,000	2,353,000	2,648,000	1,456,000	1,456,000	1,578,000	1,658,000	1,348,000	1,478,000	1,343,000	1,904,000	1,126,000	914,000	996,000	2,129,000	1,184,000	1,380,000	1,657,000	1,829,000	899,000	1,329,000	1,741,000
net gain – available-for-sale securities																											-1,215	13	184	-132	125	-81	74	47	379	174	26	-147	73
impairment losses – real estate and other charges, net of recoveries																												3,635,000	3,835,000	2,248,000	80,000	-39,000	1,206,000	4,917,000	5,459,000
earnings before gain on disposition of real estate																												67,694,000	66,477,000	64,693,000	57,944,000	55,354,000	59,024,000
series d preferred stock dividends																																	-3,598,000	-4,762,000	-4,762,000	-4,762,000	-4,762,000	-4,762,000	-4,762,000	-4,762,000	-4,762,000	-4,762,000	-4,762,000	-4,762,000	-4,762,000	-4,762,000	-5,926,000
excess of redemption value over carrying value of series d preferred shares redeemed																																	-9,855,000
loss (earnings) attributable to noncontrolling interests																														-9,000	-9,000	-381,000		12,000	9,000	7,000																							-175,000
amortization of deferred interest rate hedges																														525
deferred fair value of forward starting swaps																														-2,164
interest income on commercial mortgage residual interests																															84,000	80,000	85,000	384,000	448,000	452,000	440,000	447,000	445,000	464,000	454,000	452,000	594,000	588,000	606,000	593,000	716,000	755,000	782,000	777,000	767,000	755,000	798,000	858,000	1,049,000	1,152,000	1,046,000	1,000,000	1,054,000	985,000	1,124,000	1,171,000	1,356,000
impairment – commercial mortgage residual interests valuation																																		5,978,000	632,000	220,000	53,000	428,000		21,000	77,000	158,000	16,000				2,718,000			267,000													758,000
real estate acquisition costs																																		111,000	280,000	129,000	199,000	96,000	599,000
earnings including noncontrolling interests																															61,129,000	58,409,000	73,648,000	50,772,000	51,933,000	70,676,000	55,255,000	46,190,000	54,038,000	47,972,000	45,584,000	43,841,000	44,342,000	37,606,000	33,903,000	37,990,000	33,476,000	29,824,000	22,608,000	21,269,000	20,853,000	14,210,000	21,194,000	21,650,000	16,298,000	-20,300,000	22,796,000	27,129,000
fair value forward starting swaps																															-5,994	-1,140	-554	701	312		-10,297				-2,939	-3,373		-1,997	-1,144
net gain – commercial mortgage residual interests																																		-4,561	282		116	-38	-346	-224	240
net loss – commercial mortgage residual interests																																				-175
earnings before income tax expense																																		46,267,000		53,801,000
income tax expense																																					-545,000										-140,000		-68,000	-210,000
earnings before gain on disposition of real estate, net of income tax expense																																		46,267,000	50,755,000	53,801,000	53,341,000	46,160,000	46,838,000	44,616,000	42,530,000	42,085,000
gain on disposition of real estate, net of income tax expense																																		4,505,000	1,178,000	16,875,000	1,914,000	30,000	7,200,000	3,356,000	3,054,000	1,756,000
earnings before income tax benefit																																			50,755,000
income tax benefit																																						495,000	-442,000	-372,000	-441,000	93,000	-365,000	-432,000	780,000	7,426,000		-97,000			19,000	22,000	-170,000	-231,000	-92,000	-460,000	504,000	546,000	537,000	1,426,000	1,654,000	1,769,000	2,652,000	1,813,000	1,509,000	2,421,000	2,922,000	2,418,000	3,301,000	3,535,000	1,893,000	1,379,000	450,000	341,000
impairment losses, net of recoveries																																				572,000	-3,000
earnings from continuing operations before income tax expense																																					53,886,000
earnings from continuing operations																																					53,341,000	46,160,000	46,838,000	44,474,000	42,512,000	42,121,000	43,163,000	36,247,000	34,067,000	37,280,000	31,237,000	29,282,000	22,269,000	21,139,000	20,725,000	13,857,000	20,261,000	20,991,000	16,106,000	-13,919,000	22,310,000	24,141,000	24,495,000	28,739,000	27,081,000	25,805,000	23,105,000	22,559,000	22,037,000	21,914,000	20,799,000	30,371,000	13,743,000	15,212,000	15,335,000	13,011,000	12,373,000	14,303,000	14,578,000	12,258,000	13,381,000	11,854,000	15,782,000	15,537,000	14,306,000	12,492	9,582,000	10,305,000	11,960,000
earnings from discontinued operations, net of income tax expense																																								142,000	18,000	-36,000	1,179,000	1,359,000	-164,000	710,000	2,239,000	542,000
earnings attributable to noncontrolling interests:
continuing operations																																					-57,000	-2,000	-60,000	-32,000	-13,000	-508,000	17,000	40,000	219,000	32,000	34,000	20,000	20,000	67,000	26,000	-4,000	-17,000	-468,000	119,000	-1,040,000	-152,000	-171,000	0.29	0.35	0.35	0.33	0.29	0.29	0.3	0.31	0.31		0.22	0.25	0.25		0.2		0.25	0.21	0.23	0.2		0.3	0.3	0.28	0.21	0.23	0.27
net earnings per share of common stock:
basic:
diluted:
impairment losses																																						2,686,000	1,028,000						1,812,000
earnings from continuing operations before income tax benefit																																						45,665,000	47,280,000	44,846,000	42,953,000	42,028,000
loss from discontinued operations, net of income tax expense
discontinued operations																																											-7,000	-160,000	-56,000	-7,000	-5,000	-12,000	4,000	-33,000	-59,000	9,000	33,000	24,000	-52,000	-50,000	-201,000	-4,000	0.03		0.04	0.07	0.14	0.16	0.38	0.4	0.1		0.13	1.13	0.15		0.08		0.22	0.13	0.07	0.02		0.013	0.02		0.02	-0.04	0.04
impairment losses and other charges																																								77,000	89,000					7,261,000
loss (earnings) attributable to noncontrolling interests:
loss (earnings) attributable to noncontrolling interests: - sum																																								-32,000	-13,000	-508,000	10,000	-120,000	163,000	25,000		8,000	24,000		-33,000	-90,250	16,000	-444,000	67,000
valuation adjustments on available-for-sale securities																																								-202	-23
reclassification of noncontrolling interests																																													949
impairment charges																																										396,000
unrealized gain – commercial mortgage residual interests																																										684	376	350
stock value adjustments																																										115	36	8	81	-1		-1
retail operations:
revenues																																															7,784,000	11,224,000	12,402,000	12,450,000	8,850,000	8,500,000	9,225,000	8,696,000	6,536,000	8,278,000	7,317,000
operating expenses																																															-7,481,000	-11,062,000	-11,563,000	-11,760,000	-8,852,000	-8,134,000	-8,579,000	-8,265,000	-6,669,000	-7,601,000	-7,550,000
net																																															303,000	162,000	839,000	690,000	-2,000	366,000	646,000	431,000	-133,000	677,000	-233,000
impairment losses and other charges, net of recoveries																																												160,000
earnings from continuing operations before income tax benefit and equity in earnings of unconsolidated affiliate																																											43,528,000		33,287,000			29,229,000			20,597,000
equity in earnings of unconsolidated affiliate																																														3,769,000	155,000	150,000	109,000	104,000	109,000	108,000	107,000	108,000	105,000	106,000	105,000	107,000	103,000	70,000	100,000	101,000	79,000
series c preferred stock dividends																																																-1,979,000	-1,696,000	-1,696,000	-1,696,000	-1,696,000	-1,696,000	-1,696,000	-1,696,000	-1,696,000	-1,696,000	-1,696,000	-1,696,000	-1,696,000	-1,696,000	-1,696,000	-1,696,000
excess of redemption value over carrying value of series c preferred shares redeemed
earnings from continuing operations before income tax expense and equity in earnings of unconsolidated affiliate																																												36,679,000			31,222,000		22,228,000	21,245,000
unrealized gain - commercial mortgage residual interests																																													869		213
earnings from continuing operations before income tax benefit (expense) and equity in earnings of unconsolidated affiliate																																														26,085,000
excess of redemption value over carrying value of preferred shares redeemed																																																-3,098,000
fair value treasury locks
disposition of real estate, inventory portfolio:
gross proceeds																																																						5,600,000		600,000	353,000						4,900,000	925,000			825,000
costs																																																						-4,959,000		-599,000	-317,000						-4,879,000	-925,000			-493,000
gain																																																						641,000		1,000	36,000						21,000				332,000
earnings from discontinued operations																																																																															486,000	54,000	1,078,000	-148	572,000	-1,730,000	1,552,000
real estate, investment portfolio, net of income tax expense																																																	268,000	-17,000				530,000
real estate, inventory portfolio, net of income tax expense																																																	71,000	147,000	132,000			129,000	131,000	-2,565,000	556,000	226,000
net earnings available to common stockholders																																																	20,936,000	19,607,000	19,124,000	13,423,250	19,514,000	19,510,000	14,669,000																												9,153,000	7,573,000	12,632,000	11,624,000
impairment – commercial mortgage residual interests valuation adjustment																																																			129,000	147,000		165,000	3,683,000
real estate, investment portfolio, net of income tax benefit																																																			-4,000
impairment – real estate																																																								27,050,000		1,064,000
restructuring costs																																																																						1,580,000
earnings from continuing operations before income tax benefit, equity in earnings of unconsolidated affiliate, gain on note receivable and property foreclosures and gain on extinguishment of debt																																																				14,363,750	20,324,000	21,063,000
gain on note receivable and property foreclosures																																																				16,750		51,000	16,000
gain on extinguishment of debt																																																										1,014,000	2,418,000
real estate, investment portfolio, net of income tax																																																				385,500	938,000
real estate, inventory portfolio, net of income tax																																																				64,000	-5,000
earnings from continuing operations before income tax benefit, equity in earnings of unconsolidated affiliate, gain on note receivable and property foreclosure and gain on extinguishment of debt																																																							16,077,000
real estate, investment portfolio																																																							61,000	-3,816,000	-70,000	2,762,000	2,040,000	-150,000	2,997,000	3,629,000	4,999,000	10,682,000	23,404,000	24,948,000	1,937,000	25,146,000	5,820,000	62,510,000	6,321,000	275,000	-28,000	699,000	10,086,000
loss on interest rate hedge																																																															804,000
earnings from continuing operations before income tax benefit, equity in earnings of unconsolidated affiliate, gain on note receivable foreclosure and gain on extinguishment of debt																																																								16,307,000	21,701,000	21,426,000
gain on note receivable foreclosure																																																								262,000		1,048,000
net earnings attributable to national retail properties, inc.																																																								-21,390,000	22,443,000	26,954,000
net earnings available to common stockholders – basic and diluted																																																								17,777,750	20,747,000	25,258,000	25,108,000	22,281,500	28,578,000	29,192,000	31,357,000
restructuring charges																																																											731,000
earnings from continuing operations before income tax benefit, equity in earnings of unconsolidated affiliate and gain on extinguishment of debt																																																											21,437,000
earnings from discontinued operations:
real estate, inventory portfolio, net of income tax expense and noncontrolling interest																																																											444,000
net earnings including noncontrolling interests																																																											26,979,000
impairment – real estate, inventory portfolio																																																																32,000	128,000
earnings from continuing operations before income tax benefit, minority interest and equity in earnings of unconsolidated affiliate																																																												16,995,500	25,440,000	24,181,000	19,358,000	13,906,000	20,620,000	19,345,000
minority interest																																																												-350,000	-113,000	-246,000	1,016,000	-53,000	-92,000	148,000	370,000	188,000	1,705,000	-255,000	-3,197,000	-113,000	233,000	1,000	15,000	-222,000	-1,342,000	11,000	50,000
real estate, inventory portfolio, net of income tax expense and minority interest																																																												278,000	196,000	1,454,000	4,949,000	1,124,000	1,945,000	1,793,000	3,968,000	1,884,000	1,892,000	2,479,000	1,792,000	1,905,000	4,185,000	1,886,000
interest income on mortgage residual interests																																																																880,750	1,135,000	1,144,000	1,244,000	1,331,000	1,693,000	1,947,000	2,297,000	2,630,000	2,797,000	1,922,000
impairment – mortgage residual interests valuation adjustment																																																																159,500	638,000				6,116,000
series a preferred stock dividends																																																																				-1,370,000	-1,002,000	-1,002,000	-1,002,000	-1,002,000	-1,002,000	-1,002,000	-1,002,000	-1,002,000	-1,002,000	-1,002,000	-1,002,000	-751,250	-1,002,000
series b convertible preferred stock dividends																																																																							-419,000	-419,000	-418,000	-419,000	-419,000	-419,000	-418,000	-419,000
series c redeemable preferred stock dividends																																																																-1,272,250	-1,696,000	-1,696,000	-1,696,000
net earnings available to common shareholders – basic																																																																29,414,000	45,690,000	46,959,000		30,419,750	20,453,000	79,199,000
series b convertible preferred stock dividends, if dilutive																																																																							419,000
net earnings available to common shareholders – diluted																																																																29,414,000	45,690,000	46,959,000		30,524,500	20,453,000	79,199,000
percentage rents																																																																		141,000
contingent rental income																																																																			458,000	163,000	58,000	55,000	456,000			57,000	393,000			90,000	329,000	1,000	3,000		303,000	66,000		438,000	81,000	104,000	122,000	662,000
earnings from continuing operations before income tax benefit, minority interest and equity in earnings of unconsolidated affiliates																																																																			17,507,000	8,977,500	8,813,000	11,704,000	16,672,000
equity in earnings of unconsolidated affiliates																																																																				3,000	-76,000	228,000	-33,000	-82,000	111,000	100,000	1,081,000	1,030,000	1,155,000	1,286,000	1,253,000	3,174,000	1,025,000		764,000	257,000	1,137,000	640,000	958,000	-224,000	-865,000	-1,344,000
net earnings available to common stockholders – basic																																																																			25,008,000				22,027,000
net earnings available to common stockholders – diluted																																																																			25,008,000				22,446,000
gross proceeds from the disposition of real estate, inventory portfolio																																																																				5,478,750	463,000
costs of the disposition of real estate, inventory portfolio																																																																				-3,699,750	-355,000
gain from the disposition of real estate, inventory portfolio																																																																				1,779,000	108,000
impairment – real estate, investment portfolio
earnings before extraordinary gain																																																																				57,401,000	21,455,000	80,201,000		15,191,000	16,530,000	16,888,000
extraordinary gain, net of income tax expense																																																																								2,951,250		11,805,000
extraordinary gain
gain on disposition of real estate, inventory portfolio																																																																						563,000	6,444,000	1,302,000	-138,000	378,000
impairment – mortgage residual interests																																																																						842,000	1,820,000
interest income from real estate transactions																																																																								1,235,000	1,507,000	2,124,000				1,788,000
transition costs																																																																												489,000	52,000	3,200,000
impairments																																																																								437,500	422,000	741,000
earnings from continuing operations before provision for income taxes, minority interest and equity in earnings of unconsolidated affiliates																																																																								9,546,750	11,579,000	13,861,000	12,912,000	10,732,000	12,926,000	10,186,000
earnings available to common stockholders – basic																																																																								16,741,500	15,110,000	27,272,000
earnings available to common stockholders – diluted																																																																								17,055,500	15,110,000	27,691,000
gain of disposition of real estate, inventory portfolio																																																																											469,000
impairment																																																																											587,000
provision for income taxes																																																																											570,000	718,000	642,000	371,000	-492,000
real estate, inventory portfolio, net of provision for income taxes and minority interest																																																																											1,340,000
earnings available to common stockholders - basic																																																																											24,583,000
earnings available to common stockholders - diluted																																																																											25,002,000
gain on disposition of real estate, held for sale																																																																												538,000	2,413,000	1,744,000
dissenting shareholders’ settlement
earnings from continuing operations before minority interest and equity in earnings of unconsolidated affiliates																																																																												11,450,000	13,568,000
earnings from continuing operations before equity in earnings of unconsolidated affiliates																																																																												11,228,000	12,226,000	10,568,000	14,529,000				8,818,000
real estate, held for investment																																																																												2,220,000	862,000	676,000
real estate, held for sale, net of provision for income taxes																																																																												1,274,000	2,762,000	205,000
earnings available to common stockholders — basic																																																																												10,436,500	15,585,000
earnings available to common stockholders — diluted																																																																												10,436,500	15,585,000
earnings from continuing operations before minority interest and equity and earnings of unconsolidated affiliates																																																																														10,557,000	14,479,000
earnings available to common stockholders – basic and diluted																																																																														11,314,000
gain on disposition of real estate held for sale																																																																															3,380,000
interest and other																																																																															2,921,000
expenses:
interest																																																																															7,731,000	7,613,000	6,771,000		6,509,000	6,860,000	6,406,000	6,567,000	6,500,000	6,106,000	6,052,000	6,294,000
dissenting shareholders' settlement																																																																																			2,413,000
earnings from continuing operations before provision for
income taxes, minority interest and equity in earnings
of unconsolidated affiliates																																																																															14,971,000
series b preferred stock dividends																																																																															-419,000	586,000	-84,000
earnings available to common stockholders -basic and
diluted																																																																															14,847,000
see accompanying notes to condensed consolidated financial statements. 2
interest from unconsolidated affiliates and
other mortgages receivable																																																																																690,500	655,000
other																																																																																347,000	380,000	16	453,000	362,000	379,000	419,000	535,000	594,000	256,000	299,000
general operating and administrative																																																																																3,687,000	2,561,000	8	2,600,000	2,136,000	2,728,000	2,264,000	1,799,000	1,536,000	1,724,000	1,853,000
provision for loss on impairment of real estate																																																																																				1,882,000
earnings from continuing operations before equity
in earnings of unconsolidated affiliates																																																																																8,198,000	13,281,000
net earnings available to common stockholders - basic																																																																																14,170,000	14,298,000
net earnings available to common stockholders - diluted																																																																																14,588,000	14,382,000
earnings before gain on disposition of real
estate																																																																																		205
preferred stock dividends																																																																																		-1,002	-1,001,000	-1,002,000	-880,000	-1,125,000
earnings available to common stockholders																																																																																		11,490
from continuing operations
net earnings available to common
stockholders																																																																																		11,342
basic earnings per share:
weighted-average number of common
shares outstanding used in basic
earnings per share																																																																																		40,445,121
basic earnings per share available to
common stockholders:
diluted earnings per share:
shares outstanding																																																																																		40,445,121
effect of dilutive securities:
common stock options and restricted
stock																																																																																		305,597
weighted-average number of common shares
outstanding used in diluted earnings
per share																																																																																		40,750,718
diluted earnings per share available to
interest from unconsolidated affiliates and other mortgages receivable																																																																																			744,000	1,564,000	1,639,000	2,242,000	2,536,000	1,984,000
net earnings per share of common stock:
basic	0.5	0.5	0.51	0.54	0.52	0.53	0.53	0.58	0.52	0.53	0.59	0.54	0.5	0.5	0.5	0.42	0.46	0.37	0.45	0.39	0.3	0.3	0.24	0.35	0.35	0.43	0.44	0.47	0.4	0.62	0.35	0.33	0.35	0.29	0.3	0.44																																																		0.29	0.24	0.24	0.34	0.38
discontinued operations																																											-7,000	-160,000	-56,000	-7,000	-5,000	-12,000	4,000	-33,000	-59,000	9,000	33,000	24,000	-52,000	-50,000	-201,000	-4,000	0.03		0.04	0.07	0.14	0.16	0.38	0.4	0.1		0.13	1.13	0.15		0.08		0.22	0.13	0.07	0.02		0.013	0.02		0.02	-0.04	0.04
diluted
expenses incurred in acquiring advisor from related party																																																																																							10,429,000	1,462,000	357,000	334,000
earnings from continuing operations before equity in earnings of unconsolidated affiliates and gain on disposition of real estate																																																																																				10,048,000	10,823,000
earnings per share available to common stockholders:
real estate expenses																																																																																					338,000	586,000	621,000	243,000	101,000	114,000
earnings before equity in earnings of unconsolidated affiliates and gain on disposition of real estate																																																																																						12,018,000	6,780,000	7,382,000	9,664,000	10,074,000
weighted-average number of shares outstanding:
basic	189,031,812	187,611,451	187,838,711	186,876,693	186,855,097	183,688,562	184,007,176	182,438,791	181,794,208	181,200,040	181,398,273	181,092,031	180,845,503	176,403,656	176,900,786	174,956,856	174,772,243	174,710,921	174,629,442	174,610,897	174,589,300	172,681,136	171,388,869	171,039,017	164,883,509	161,893,442	161,105,315	156,852,984	153,810,692	153,041,056	149,341,025	148,372,501	146,929,678	146,111,041	143,443,375	140,840,371	133,892,905	133,267,292	131,665,258	124,554,066	122,490,306	121,575,983	120,287,890	117,812,651	113,491,101	107,487,935	105,992,014	104,840,867	87,109,406	84,409,788	83,122,731	82,715,645	82,779,476	82,694,624	82,320,772	79,846,258	80,343,958	79,163,140	78,165,859	74,249,137	73,717,097	73,070,034	72,314,787	66,152,437	66,795,783	66,431,725	60,332,971	57,428,063	57,998,523	57,258,741	55,408,126	52,984,821	53,651,776		51,868,166	51,312,434	51,672,012	51,479,069		43,108,213	44,368,735		40,410,574	40,304,531	40,262,732	40,638,133	31,539,857	30,619,548	30,583,463	30,515,582
diluted	189,458,620	187,986,798	188,332,789	187,070,288	187,080,084	184,043,841	184,561,431	182,807,374	182,212,897	181,689,723	181,721,467	181,627,857	181,434,345	177,067,865	177,367,710	175,107,914	174,911,213	174,818,899	174,738,903	174,726,812	174,714,617	172,782,266	171,485,285	171,231,828	165,361,731	162,351,901	161,614,074	157,286,165	154,203,938	153,393,383	149,667,609	148,719,470	147,279,537	146,681,592	143,976,712	141,326,003	134,246,098	133,600,656	132,109,965	125,045,097	122,832,524	121,866,951	121,230,232	120,865,525	115,850,253	110,339,705	107,458,993	106,211,366	87,788,250	84,725,968	83,570,438	82,849,362	82,915,376	82,825,423	82,446,011	79,953,499	80,455,033	79,265,374	78,253,746	74,521,909	74,021,518	73,348,473	72,447,395	66,407,530	67,029,148	66,663,765	60,471,563	58,079,875	58,225,055	57,784,835	56,956,636	54,640,143	53,901,276		53,539,294	51,742,518	51,969,340	51,767,989		43,896,800	45,403,830		40,571,614	40,592,453	40,448,937	40,709,657	31,717,043	30,906,277	30,707,449	30,544,202
development and asset management fees from related parties																																																																																									108,000	92,000
interest from unconsolidated affiliate and other mortgages receivable																																																																																									2,114,000	2,157,000

Balance Sheets:

Quarterly

Annual

Unit: USD	2026-03-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-09-30	2020-06-30	2020-03-31	2019-09-30	2019-06-30	2019-03-31	2018-09-30	2018-06-30	2018-03-31	2017-09-30	2017-06-30	2017-03-31	2016-09-30	2016-06-30	2016-03-31	2015-09-30	2015-06-30	2015-03-31	2014-09-30	2014-06-30	2014-03-31	2013-09-30	2013-06-30	2013-03-31	2012-09-30	2012-06-30	2012-03-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31	2007-12-31	2007-09-30	2007-06-30	2007-03-31	2006-12-31	2006-09-30	2006-06-30	2006-03-31	2005-12-31	2005-09-30	2005-06-30	2005-03-31	2004-12-31	2004-09-30	2004-06-30	2004-03-31	2003-12-31	2003-09-30	2003-03-31	2002-12-31	2002-09-30	2002-06-30	2002-04-30	2002-03-31	2001-12-31	2001-09-30	2001-06-30	2001-03-31

assets
real estate portfolio, net of accumulated depreciation and amortization	9,280,628,000	9,204,697,000	9,023,171,000	8,898,036,000	8,746,168,000	8,625,489,000	8,586,936,000	8,586,856,000	8,535,851,000	8,346,062,000	8,221,192,000	8,111,622,000	8,020,814,000
cash and cash equivalents	4,570,000	157,917,000	5,973,000	5,097,000	8,731,000	173,526,000	2,130,000	1,128,000	1,189,000	77,137,000	2,281,000	3,240,000	2,505,000	3,277,000	3,289,000	53,736,000	171,322,000	543,526,000	249,558,000	311,231,000	294,860,000	224,560,000	217,383,000	353,688,000	2,209,000	80,521,000	607,672,000	1,885,000	4,002,000	254,263,000	4,450,000	34,418,000	5,916,000	2,371,000	8,203,000	2,615,000	2,448,000	4,456,000	4,904,000	85,358,000	5,926,000	6,530,000	236,916,000	3,442,000	141,446,000	2,907,000	3,033,000	19,678,000	3,588,000	2,557,000	2,048,000	4,009,000	51,832,000	31,243,000	15,225,000	23,251,000	1,573,000	1,858,000	2,626,000	2,514,000	4,873,000	11,838,000	27,499,000	26,443,000	2,516,000	56,561,000	1,675,000	9,211,000	4,682,000	20,322,000	8,234,000	11,856,000	9,346,000	3,149,000	1,947,000	16,921,000	10,105,000	2,613,000	4,364,000	4,120,000	4,851,000	1,737,000	3,566,000	4,218,000	4,963,000	4,963,000	6,974,000	9,344,000	8,099,000	11,454,000
restricted cash and cash held in escrow	827,000	776,000	775,000	427,000	331,000	4,986,000	14,672,000		3,966,000	21,126,000	2,971,000	2,086,000	4,273,000																					242,000	43,136,000
accounts receivable	3,805,000	2,266,000	2,499,000	3,577,000	2,975,000	2,224,000	2,551,000	3,569,000	3,649,000	2,142,000	2,246,000	2,568,000	3,612,000	2,978,000	2,612,000	2,816,000	3,154,000	2,128,000	3,613,000	4,611,000	4,126,000	18,645,000	4,214,000	2,882,000	2,507,000	2,910,000	2,171,000	2,548,000	3,863,000	3,495,000	2,208,000	3,111,000	2,473,000	2,205,000	5,236,000	2,020,000	1,778,000	1,969,000	2,135,000	2,017,000	3,690,000	2,736,000	3,443,000	3,260,000	1,220,000	1,456,000	1,563,000	1,513,000	2,424,000	2,831,000	3,403,000	1,049,000	3,645,000	1,189,000	1,946,000	2,221,000	2,812,000	2,778,000	3,612,000	4,654,000	4,198,000	7,212,000	3,818,000	6,162,000	6,258,000	8,312,000	7,915,000	8,989,000	7,797,000	7,438,000	8,547,000	12,777,000	16,290,000	4,877,000	6,636,000	6,730,000	3,641,000	3,935,000	4,458,000	3,296,000	767,000	1,227,000	963,000
accrued rental income, net of allowance of 3,475 and 3,393, respectively	36,021,000
debt costs, net of accumulated amortization of 30,850 and 29,930, respectively	7,814,000
other assets	88,626,000	73,580,000	74,967,000	72,048,000	71,560,000	73,913,000	76,590,000	77,062,000	79,459,000	82,303,000	84,490,000	85,623,000	81,694,000	85,211,000	84,893,000	85,408,000	87,347,000	92,808,000	93,002,000	93,308,000	94,157,000	98,301,000	100,523,000	97,441,000	98,481,000	92,317,000	82,605,000	80,590,000	78,245,000	86,838,000	91,880,000	87,514,000	94,311,000	88,999,000	89,494,000	102,160,000	110,603,000	106,508,000	101,937,000	96,744,000	97,665,000	96,993,000	101,161,000	68,624,000	68,536,000	60,607,000	54,324,000	58,202,000	41,018,000	41,312,000	40,663,000	40,807,000	34,386,000	35,862,000	33,763,000	44,282,000	42,060,000	29,606,000	30,280,000	26,941,000	29,254,000	29,892,000	38,691,000	32,114,000	32,648,000	32,593,000	33,069,000	29,345,000	17,689,000	20,450,000	20,908,000	22,758,000			14,292,000	13,029,000	12,895,000	12,059,000	8,968,000	6,350,000	3,350,000	3,132,000	2,965,000	2,587,000	2,293,000	2,293,000	2,184,000	5,432,000	5,108,000	5,137,000
total assets	9,422,291,000	9,480,106,000	9,148,677,000	9,021,718,000	8,872,728,000	8,923,643,000	8,727,295,000	8,705,742,000	8,661,968,000	8,561,308,000	8,345,935,000	8,238,114,000	8,146,045,000	7,951,847,000	7,804,255,000	7,771,813,000	7,751,054,000	8,132,945,000	7,675,800,000	7,712,203,000	7,634,697,000	7,632,928,000	7,647,050,000	7,627,684,000	7,252,801,000	7,136,988,000	7,358,723,000	6,744,941,000	6,660,656,000	6,626,220,000	6,337,128,000	6,114,772,000	5,856,363,000	5,785,290,000	5,552,903,000	5,349,235,000	5,131,965,000	5,020,836,000	4,866,577,000	4,650,854,000	4,518,462,000	4,436,860,000	4,649,352,000	4,001,790,000	3,934,198,000	3,703,990,000	3,612,538,000	3,146,361,000	2,798,807,000	2,753,697,000	2,713,575,000	2,609,755,000	2,587,398,000	2,601,801,000	2,590,962,000	2,651,604,000	2,638,159,000	2,638,765,000	2,649,362,000	2,637,970,000	2,672,431,000	2,662,760,000	2,539,605,000	2,340,690,000	2,219,043,000	1,987,568,000	1,916,785,000	1,819,416,000	1,700,522,000	1,776,345,000	1,733,416,000	1,549,377,000	1,501,369,000	1,321,406,000	1,300,048,000	1,327,832,000	1,315,655,000	1,267,030,000	1,208,310,000	1,150,239,000	955,147,000	954,108,000	982,567,000	994,646,000	1,008,927,000	1,008,927,000	1,006,628,000	787,414,000	771,419,000	765,851,000
liabilities and equity
liabilities:
line of credit payable	80,000,000		267,700,000	116,300,000			12,000,000	116,200,000	132,000,000		332,500,000	209,000,000	166,200,000	47,500,000	40,000,000										63,200,000			166,700,000	176,400,000		215,500,000		184,200,000	147,300,000		282,400,000	127,500,000	41,900,000	134,900,000		91,500,000			59,400,000		142,600,000	26,200,000		219,200,000	184,200,000	161,000,000	37,100,000					22,000,000	22,900,000	26,500,000	53,000,000	127,200,000	123,500,000	129,800,000	19,400,000	172,600,000		28,000,000	78,800,000	149,700,000	191,500,000	162,300,000	120,800,000	76,200,000	33,000,000	17,900,000	28,000,000	37,300,000	43,200,000	27,800,000	127,700,000	57,700,000	38,900,000	66,500,000	72,800,000	110,900,000	110,900,000	107,400,000	125,800,000	107,800,000	103,500,000
term loan payable	300,000,000
notes payable, net of unamortized discount and unamortized debt costs	4,474,123,000	4,870,460,000	4,376,893,000	4,375,337,000	4,373,803,000	4,372,293,000	4,370,807,000	4,229,933,000	4,228,544,000	4,227,164,000	3,742,012,000	3,740,945,000	3,739,890,000	3,738,843,000	3,737,808,000	3,736,781,000	3,735,769,000	3,734,764,000	3,299,218,000	3,298,302,000	3,208,533,000	3,207,545,000	3,206,563,000	2,841,680,000	2,840,674,000	2,839,678,000	3,135,311,000	2,448,390,000	2,447,393,000	2,695,414,000	2,299,710,000	2,298,755,000	1,954,244,000	1,953,479,000	1,952,723,000
accrued interest payable	72,320,000	79,926,000	30,685,000	74,698,000	29,699,000	75,399,000	30,931,000	75,487,000	34,374,000	60,765,000	24,779,000	58,218,000	23,826,000	57,384,000	23,178,000	58,022,000	23,923,000	52,803,000	21,816,000	44,668,000	51,327,000	21,652,000	41,698,000	45,886,000	17,984,000	47,456,000	35,298,000	19,401,000	36,379,000	37,055,000	19,921,000	36,379,000	32,792,000	19,138,000	33,637,000	29,513,000	17,448,000	29,303,000	30,537,000	18,532,000	27,996,000	27,913,000	17,277,000	28,130,000	22,112,000	14,440,000	21,885,000	22,371,000	7,285,000	19,015,000	7,342,000	18,400,000	7,464,000	18,486,000	7,471,000	18,448,000	7,475,000	18,495,000	7,608,000	18,727,000	8,035,000	17,957,000	11,243,000	8,642,000	6,032,000	7,582,000	5,989,000	7,802,000	4,178,000	8,609,000	5,539,000	5,513,000	4,368,000	4,948,000	4,334,000	5,436,000	4,271,000	5,122,000	3,806,000	4,334,000	4,390,000	3,560,000	4,295,000	3,435,000	3,096,000	3,096,000	3,133,000	3,165,000	3,201,000	3,103,000
other liabilities	100,579,000	109,357,000	110,994,000	98,896,000	106,951,000	107,025,000	118,635,000	109,264,000	109,593,000	115,321,000	96,410,000	85,305,000	82,663,000	91,037,000	77,409,000	68,749,000	79,002,000	74,360,000	72,839,000	70,172,000	76,063,000	81,200,000	85,959,000	101,393,000	96,113,000	84,431,000	98,045,000	108,339,000	122,829,000	114,541,000	99,720,000	90,973,000	89,315,000	100,977,000	115,315,000	131,930,000	100,400,000	84,892,000	91,852,000	84,889,000	91,821,000	97,369,000	87,925,000	73,191,000	99,145,000	87,483,000	73,879,000	72,502,000	40,395,000	39,544,000	43,774,000	40,207,000	32,845,000	29,168,000	29,283,000	35,896,000	37,440,000	35,710,000	45,526,000	45,994,000	39,659,000	42,088,000	57,002,000	41,786,000	40,315,000	32,674,000	30,116,000	26,247,000	20,904,000	20,668,000	20,058,000	23,353,000	23,523,000	12,211,000	11,745,000	9,691,000	13,999,000	13,067,000	8,612,000	8,823,000	2,274,000	16,818,000	15,988,000	16,981,000	3,375,000	3,375,000	3,522,000	3,471,000	3,511,000	3,573,000
total liabilities	5,027,022,000	5,059,743,000	4,786,272,000	4,665,231,000	4,510,453,000	4,554,717,000	4,532,373,000	4,530,884,000	4,504,511,000	4,403,250,000	4,195,701,000	4,103,242,000	4,022,543,000	3,944,915,000	3,888,729,000	3,874,067,000	3,849,391,000	3,872,802,000	3,404,922,000	3,424,364,000	3,347,488,000	3,322,128,000	3,346,115,000	3,001,180,000	3,030,350,000	2,984,101,000	3,281,503,000	2,755,830,000	2,796,150,000	2,860,457,000	2,648,442,000	2,439,841,000	2,277,283,000	2,237,794,000	2,118,741,000	2,184,049,000	1,985,811,000	1,897,005,000	1,983,248,000	1,826,404,000	1,734,984,000	1,648,930,000	1,851,781,000	1,559,030,000	1,656,120,000	1,476,580,000	1,396,366,000	1,367,505,000	1,242,359,000	1,216,826,000	1,184,801,000	1,067,029,000	1,035,684,000	1,041,731,000	1,024,100,000	1,040,422,000	1,051,741,000	1,063,010,000	1,105,938,000	1,169,286,000	1,226,710,000	1,236,724,000	1,129,986,000	1,060,796,000	968,434,000	793,629,000	819,182,000	871,712,000	765,081,000	910,537,000	900,390,000	726,301,000	683,051,000	554,459,000	541,022,000	573,099,000	562,843,000	516,080,000	477,556,000	484,057,000	409,234,000	404,967,000	433,258,000	440,444,000	444,598,000	444,598,000	441,988,000	390,177,000	373,712,000	369,466,000
equity:
stockholders' equity:
common stock	1,904,000	1,901,000	1,884,000	1,881,000	1,877,000	1,877,000	1,838,000	1,835,000	1,826,000	1,825,000	1,825,000	1,822,000	1,815,000	1,788,000	1,767,000	1,759,000	1,757,000	1,757,000	1,757,000	1,757,000	1,739,000	1,735,000	1,721,000	1,717,000	1,636,000	1,620,000	1,591,000	1,571,000	1,540,000	1,518,000	1,493,000	1,487,000	1,473,000	1,462,000	1,434,000	1,357,000	1,346,000	1,336,000	1,266,000	1,247,000	1,231,000	1,220,000	1,194,000	1,171,000	1,096,000	1,076,000	1,067,000	955,000	862,000	847,000	838,000	836,000	835,000	834,000	825,000	820,000	801,000	793,000	784,000	749,000	740,000	730,000	725,000	676,000	671,000	657,000	598,000	586,000	580,000	563,000	551,000	542,000	539,000	522,000	521,000	518,000	518,000		500,000	462,000		404,000	404,000	404,000			406,000	309,000	305,000	305,000
capital in excess of par value	5,300,076,000	5,290,592,000	5,217,161,000	5,203,561,000	5,197,644,000	5,194,330,000	5,012,642,000	4,996,698,000	4,971,625,000	4,966,872,000	4,963,808,000	4,948,024,000	4,928,034,000	4,804,856,000	4,705,479,000	4,669,590,000	4,662,714,000	4,649,161,000	4,644,593,000	4,639,680,000	4,569,085,000	4,554,958,000	4,499,255,000	4,479,600,000	4,042,318,000	3,957,835,000	3,823,672,000	3,734,313,000	3,602,865,000	3,516,360,000	3,415,807,000	3,383,461,000	3,330,015,000	3,270,587,000	3,139,585,000	2,844,152,000	2,803,522,000	2,762,461,000	2,504,837,000	2,432,733,000	2,376,287,000	2,347,014,000	2,343,074,000	2,260,488,000	2,075,112,000	2,015,121,000	1,990,633,000	1,721,691,000	1,487,290,000	1,448,689,000	1,429,750,000	1,425,069,000	1,421,381,000	1,418,074,000	1,408,491,000	1,396,744,000	1,360,133,000	1,347,870,000	1,302,351,000	1,225,068,000	1,203,491,000	1,181,989,000	1,175,364,000	1,053,034,000	1,041,350,000	1,009,466,000	873,885,000	850,788,000	837,630,000	803,414,000	783,268,000	765,717,000	759,500,000	727,431,000	725,337,000	722,380,000	721,106,000	714,665,000	691,704,000	626,926,000	530,150,000	528,888,000	528,527,000	528,256,000	532,279,000	532,279,000	531,677,000	404,303,000	399,478,000	398,933,000
accumulated deficit	-902,263,000	-865,171,000	-849,201,000	-841,164,000	-829,287,000	-818,862,000	-810,689,000	-814,196,000	-805,883,000	-799,900,000	-804,040,000	-802,999,000	-793,765,000	-786,526,000	-777,939,000	-759,232,000	-747,853,000	-720,241,000	-705,958,000	-683,525,000	-611,537,000	-573,174,000	-526,684,000	-469,646,000	-443,822,000	-432,845,000	-372,877,000	-368,074,000	-357,216,000	-370,758,000	-352,626,000	-334,413,000	-306,568,000	-281,818,000	-262,451,000
accumulated other comprehensive income	-4,448,000	-6,959,000	-7,439,000	-7,791,000	-7,959,000	-8,419,000	-8,869,000	-9,479,000	-10,111,000	-10,739,000	-11,359,000	-11,975,000	-12,582,000	-13,186,000	-13,781,000	-14,373,000	-14,956,000	-15,535,000	-14,516,000	-15,077,000	-17,082,000	-17,724,000	-18,362,000	-17,674,000	-10,183,000	-6,588,000	-8,012,000	-11,535,000	-15,509,000	-14,367,000	-8,989,000	-8,224,000	-21,071,000	-17,978,000	-19,658,000	-18,015,000	-8,284,000	-8,517,000	-9,491,000	-9,450,000	-6,944,000	-2,548,000	-3,088,000	-1,567,000	-3,448,000	-3,504,000	-3,775,000	-3,039,000	-3,069,000	3,322,000	1,661,000	1,198,000	569,000	660,000	511,000	2,432,000	4,866,000	3,321,000	3,285,000	3,848,000	3,215,000	2,818,000	1,597,000	1,630,000	6,731,000	5,593,000	5,219,000	3,631,000	3,783,000
total equity	4,395,269,000	4,420,363,000	4,362,405,000	4,356,487,000	4,362,275,000	4,368,926,000	4,194,922,000	4,174,858,000					4,123,502,000	4,006,932,000	3,915,526,000	3,897,746,000	3,901,663,000	4,260,143,000	4,270,878,000	4,287,839,000	4,287,209,000	4,310,800,000	4,300,935,000	4,626,504,000	4,222,451,000	4,152,887,000	4,077,220,000	3,989,111,000	3,864,506,000	3,765,763,000	3,688,686,000	3,674,931,000	3,579,080,000	3,547,496,000	3,434,162,000	3,165,186,000	3,146,154,000	3,123,831,000	2,883,329,000	2,824,450,000	2,783,478,000	2,787,930,000	2,797,571,000	2,442,760,000	2,278,078,000	2,227,410,000	2,216,172,000	1,778,856,000	1,556,448,000	1,536,871,000	1,528,774,000	1,542,726,000	1,551,714,000	1,560,070,000	1,566,862,000	1,611,182,000	1,586,418,000	1,575,755,000
total liabilities and equity	9,422,291,000	9,480,106,000	9,148,677,000	9,021,718,000	8,872,728,000	8,923,643,000	8,727,295,000	8,705,742,000	8,661,968,000	8,561,308,000	8,345,935,000	8,238,114,000	8,146,045,000	7,951,847,000	7,804,255,000	7,771,813,000	7,751,054,000	8,132,945,000	7,675,800,000	7,712,203,000	7,634,697,000	7,632,928,000	7,647,050,000	7,627,684,000	7,252,801,000	7,136,988,000	7,358,723,000	6,744,941,000	6,660,656,000	6,626,220,000	6,337,128,000	6,114,772,000	5,856,363,000	5,785,290,000	5,552,903,000	5,349,235,000	5,131,965,000	5,020,836,000	4,866,577,000	4,650,854,000	4,518,462,000	4,436,860,000	4,649,352,000	4,001,790,000	3,934,198,000	3,703,990,000	3,612,538,000	3,146,361,000	2,798,807,000	2,753,697,000	2,713,575,000	2,609,755,000	2,587,398,000	2,601,801,000	2,590,962,000	2,651,604,000	2,638,159,000	2,638,765,000
accrued rental income, net of allowance of 3,325 and 4,156, respectively		33,897,000
debt costs, net of accumulated amortization of 29,174 and 27,002, respectively		6,973,000
accrued rental income, net of allowance of 3,290 and 4,156, respectively			33,594,000
debt costs, net of accumulated amortization of 28,449 and 27,002, respectively			7,698,000
accrued rental income, net of allowance of 3,311 and 4,156, respectively				34,245,000
debt costs, net of accumulated amortization of 27,725 and 27,002, respectively				8,288,000
accrued rental income, net of allowance of 4,156 and 4,168, respectively					34,005,000
debt costs, net of accumulated amortization of 27,002 and 23,952, respectively					8,958,000
commitments and contingencies
accrued rental income, net of allowance of 4,117 and 4,168, respectively						33,849,000
debt costs, net of accumulated amortization of 26,280 and 23,952, respectively						9,656,000
accrued rental income, net of allowance of 4,087 and 4,168, respectively							33,956,000
debt costs, net of accumulated amortization of 25,552 and 23,952, respectively							10,460,000
accrued rental income, net of allowance of 4,153 and 4,168, respectively								34,404,000
debt costs, net of accumulated amortization of 24,525 and 23,952, respectively								2,723,000
accrued rental income, net of allowance of 4,168 and 3,836, respectively									34,611,000
debt costs, net of accumulated amortization of 23,952 and 21,663, respectively									3,243,000
mortgages payable, including unamortized premium and net of unamortized debt costs												9,774,000	9,964,000	10,151,000	10,334,000	10,515,000	10,697,000	10,875,000	11,049,000	11,222,000	11,565,000	11,731,000	11,895,000	12,221,000	12,379,000	12,536,000	12,849,000	13,000,000	13,149,000	13,447,000	13,591,000	13,734,000	16,732,000	16,900,000	17,066,000
total stockholders' equity of nnn									4,157,457,000
accrued rental income, net of allowance of 3,880 and 3,836, respectively										28,777,000
debt costs, net of accumulated amortization of 23,379 and 21,663, respectively										3,761,000
stockholders’ equity:
total stockholders’ equity of nnn										4,158,058,000	4,150,234,000	4,134,872,000	4,123,502,000	4,006,932,000	3,915,526,000	3,897,744,000	3,901,662,000	4,260,142,000	4,270,876,000	4,287,835,000	4,287,205,000	4,310,795,000	4,300,930,000	4,626,497,000	4,222,449,000	4,152,522,000	4,076,874,000	3,988,775,000	3,864,180,000	3,765,253,000	3,688,185,000	3,674,811,000	3,578,849,000	3,547,253,000	3,433,910,000	3,164,782,000	3,145,807,000	3,123,258,000	2,882,769,000	2,823,922,000	2,782,938,000	2,786,683,000	2,796,314,000	2,441,623,000	2,276,763,000	2,226,070,000	2,214,802,000	1,777,593,000	1,555,161,000	1,535,539,000	1,527,483,000	1,541,446,000	1,549,203,000	1,557,624,000
accrued rental income, net of allowance of 3,861 and 3,836, respectively											28,422,000
debt costs, net of accumulated amortization of 22,807 and 21,663, respectively											4,333,000
accrued rental income, net of allowance of 3,851 and 3,836, respectively												28,145,000
debt costs, net of accumulated amortization of 22,235 and 21,663, respectively												4,830,000
accrued rental income, net of allowance of 3,836 and 4,587, respectively													27,795,000
debt costs, net of accumulated amortization of 21,663 and 19,377, respectively													5,352,000
noncontrolling interests																2,000	1,000	1,000	2,000	4,000	4,000	5,000	5,000	7,000	2,000	365,000	346,000	336,000	326,000	510,000	501,000	120,000	231,000	243,000	252,000	404,000	347,000	573,000	560,000	528,000	540,000	1,247,000	1,257,000	1,137,000	1,315,000	1,340,000	1,370,000	1,263,000	1,287,000	1,332,000	1,291,000	1,280,000	2,511,000	2,446,000	2,622,000	2,853,000	2,829,000	2,100,000
real estate portfolio														7,826,292,000	7,674,508,000	7,591,643,000	7,444,289,000	7,442,473,000	7,270,513,000	7,249,613,000
accrued rental income, net of allowance of 3,924 and 4,587, respectively														28,231,000
debt costs, net of accumulated amortization of 21,085 and 19,377, respectively														5,858,000
real estate held for sale															3,461,000	562,000	5,557,000	9,709,000	12,736,000	6,498,000	5,408,000	3,615,000	4,498,000	13,961,000	288,000	21,397,000	3,309,000	10,463,000	3,791,000	2,423,000	2,341,000	7,263,000	29,234,000	3,062,000	627,000	3,593,000	3,753,000	4,731,000	14,060,000	8,230,000	6,220,000	16,792,000	46,691,000	23,492,000	53,361,000	40,351,000	42,997,000
accrued rental income, net of allowance of 4,090 and 4,587, respectively															29,065,000
debt costs, net of accumulated amortization of 20,515 and 19,377, respectively															6,427,000
accrued rental income, net of allowance of 4,351 and 4,587, respectively																30,727,000
debt costs, net of accumulated amortization of 19,946 and 19,377, respectively																6,921,000
accrued rental income, net of allowance of 4,587 and 6,947, respectively																	31,942,000
debt costs, net of accumulated amortization of 19,377 and 17,294, respectively																	7,443,000
preferred stock, 0.01 par value. authorized 15,000,000 shares; 5.200% series f, 138,000 shares issued and outstanding, at december 31, 2020, at stated liquidation value of 2,500 per share
accrued rental income, net of allowance of 4,922 and 6,947, respectively																		34,341,000
debt costs, net of accumulated amortization of 18,810 and 17,294, respectively																		7,960,000
preferred stock, 0.01 par value. authorized 15,000,000 shares
5.200% series f, 138,000 shares issued and outstanding, at stated liquidation value of 2,500 per share																		345,000,000	345,000,000	345,000,000	345,000,000	345,000,000	345,000,000	345,000,000	345,000,000	345,000,000	345,000,000	345,000,000	345,000,000	345,000,000	345,000,000	345,000,000
accrued rental income, net of allowance of 5,294 and 6,947, respectively																			37,870,000
debt costs, net of accumulated amortization of 18,243 and 17,294, respectively																			8,508,000
accrued rental income, net of allowance of 6,030 and 6,947, respectively																				45,450,000
debt costs, net of accumulated amortization of 17,764 and 17,294, respectively																				1,492,000
real estate portfolio:
accounted for using the operating method, net of accumulated depreciation and amortization																					7,167,992,000	7,221,418,000	7,285,236,000	7,121,156,000	7,110,598,000	6,900,747,000	6,624,165,000	6,609,368,000	6,529,910,000	6,241,667,000	6,198,346,000	5,944,220,000	5,677,881,000	5,630,117,000	5,343,433,000	5,163,123,000	4,935,472,000	4,823,155,000	4,662,775,000	4,368,475,000	4,316,989,000	4,221,892,000	4,158,943,000	3,801,517,000	3,565,782,000	3,485,819,000	3,393,906,000	2,919,942,000	2,603,827,000	2,560,213,000	2,519,950,000	2,406,985,000	2,335,018,000	2,323,515,000	2,329,827,000	2,346,198,000	2,348,773,000	2,352,293,000	2,357,894,000	2,313,293,000	2,270,493,000	2,195,701,000	2,055,846,000												1,009,397,000					863,429,000		703,465,000					706,280,000
accounted for using the direct financing method																					4,060,000	4,121,000	4,143,000	6,882,000	7,052,000	7,219,000	8,688,000	9,188,000	9,422,000	9,873,000	10,091,000	10,303,000	13,464,000	13,826,000	14,178,000	14,850,000	15,987,000	16,329,000	17,329,000	17,676,000	18,014,000	21,523,000	22,407,000	22,817,000	24,539,000	24,954,000	25,359,000	26,922,000	28,475,000	31,107,000	29,773,000	30,173,000	30,564,000	30,945,000	31,317,000	31,677,000	30,572,000	30,911,000	31,240,000	31,545,000	32,141,000	33,038,000	37,497,000						89,061,000	89,803,000	95,704,000	100,445,000	100,881,000	101,606,000	102,311,000	105,597,000	106,309,000	106,986,000	102,970,000	103,569,000	107,730,000	108,308,000	108,871,000	109,420,000	109,955,000	109,955,000	107,272,000	98,519,000	111,202,000	118,966,000
accrued rental income, net of allowance of 7,978 and 1,842, respectively																					61,754,000
debt costs, net of accumulated amortization of 16,825 and 15,574, respectively																					2,340,000
accrued rental income, net of allowance of 7,481 and 1,842, respectively																						59,459,000
debt costs, net of accumulated amortization of 16,356 and 15,574, respectively																						2,809,000
accrued rental income, net of allowance of 1,842																							28,592,000	28,570,000	28,198,000	28,120,000
debt costs, net of accumulated amortization of 15,939 and 15,574, respectively																							2,461,000
debt costs, net of accumulated amortization of 15,210 and 14,118, respectively																								3,104,000
5.700% series e, 115,000 shares issued and outstanding, at stated liquidation value of 2,500 per share																								287,500,000	287,500,000	287,500,000	287,500,000	287,500,000	287,500,000	287,500,000	287,500,000	287,500,000	287,500,000	287,500,000	287,500,000	287,500,000	287,500,000	287,500,000
debt costs, net of accumulated amortization of 14,846 and 14,118, respectively																									3,468,000
debt costs, net of accumulated amortization of 14,482 and 14,118, respectively																										3,757,000
accrued rental income, net of allowance of 1,842 and 1,936, respectively																											25,687,000	26,118,000
debt costs, net of accumulated amortization of 13,734 and 12,667, respectively																											4,426,000
debt costs, net of accumulated amortization of 13,378 and 12,667, respectively																												4,781,000
accrued rental income, net of allowance of 1,936																													26,361,000
debt costs, net of accumulated amortization of 13,023 and 12,667, respectively																													5,062,000
accrued rental income, net of allowance of 2,224 and 3,078, respectively																														25,886,000
debt costs, net of accumulated amortization of 12,315 and 11,268, respectively																														1,775,000
6.625% series d, 115,000 shares issued and outstanding at december 31, 2016, at stated liquidation value of 2,500 per share
accrued rental income, net of allowance of 3,078																															25,688,000	25,549,000
debt costs, net of accumulated amortization of 11,966 and 11,268, respectively																															2,124,000
debt costs, net of accumulated amortization of 11,616 and 11,268, respectively																																2,394,000
mortgages, notes and accrued interest receivable, net of allowance of 14 and 5, respectively																																	4,925,000
accrued rental income, net of allowance of 3,078 and 3,078, respectively																																	24,915,000
debt costs, net of accumulated amortization of 10,900 and 9,877, respectively																																	3,055,000
commercial mortgage residual interests																																	189,000	10,580,000	10,801,000	10,974,000	10,832,000	11,132,000	12,075,000	12,087,000	12,034,000	14,755,000	14,173,000	13,719,000	12,508,000	12,395,000	15,016,000	16,322,000	16,245,000	16,402,000	15,915,000	15,278,000	15,148,000	16,577,000	20,153,000	23,722,000	25,525,000	22,617,000	22,000,000	22,496,000	22,314,000	22,617,000	24,340,000
6.625% series d, 115,000 shares issued and outstanding, at stated liquidation value of 2,500 per share																																	287,500,000	287,500,000	287,500,000	287,500,000	287,500,000	287,500,000
mortgages, notes and accrued interest receivable, net of allowance of 17 and 5, respectively																																		5,271,000
accrued rental income, net of allowance of 3,110 and 3,078, respectively																																		25,221,000
debt costs, net of accumulated amortization of 10,559 and 9,877, respectively																																		3,396,000
mortgages, notes and accrued interest receivable, net of allowance of 8 and 5, respectively																																			8,558,000
accrued rental income, net of allowance of 3,133 and 3,078, respectively																																			25,575,000
debt costs, net of accumulated amortization of 10,218 and 9,877, respectively																																			3,662,000
mortgages, notes and accrued interest receivable, net of allowance of 144 at september 30, 2015																																				10,427,000
accrued rental income, net of allowance of 3,066 and 3,086, respectively																																				25,087,000
debt costs, net of accumulated amortization of 15,220 and 14,353, respectively																																				14,386,000
mortgages payable, including unamortized premium of 735 and 890, respectively																																				24,527,000
notes payable, net of unamortized discount of 9,321 and 10,285, respectively																																				1,715,679,000
retained earnings																																				-237,712,000	-225,777,000	-207,022,000	-188,843,000	-175,608,000	-162,636,000	-134,003,000	-119,866,000	-105,969,000	-83,497,000	-74,123,000	-60,623,000	-34,014,000	-21,922,000	-9,319,000	3,234,000	22,343,000	34,418,000	46,056,000	62,413,000	116,333,000	125,789,000	129,671,000	143,789,000	145,918,000	144,995,000	143,258,000	137,599,000	130,400,000	108,475,000	85,156,000	80,263,000	44,912,000	43,929,000
mortgages, notes and accrued interest receivable, net of allowance of 124 at june 30, 2015																																					10,628,000
accrued rental income, net of allowance of 3,086																																					25,359,000	25,592,000
debt costs, net of accumulated amortization of 14,501 and 14,353, respectively																																					15,105,000
mortgages payable, including unamortized premium of 787 and 890, respectively																																					25,109,000
notes payable, net of unamortized discount of 9,646 and 10,285, respectively																																					1,715,354,000
mortgages, notes and accrued interest receivable																																						11,220,000	11,279,000	19,680,000	20,357,000	16,693,000	26,203,000	26,884,000								38,583,000	42,886,000	47,338,000		43,100,000																									10,711,000	11,253,000	16,024,000	17,118,000	17,632,000	17,632,000	18,374,000
debt costs, net of accumulated amortization of 13,787 and 14,353, respectively																																						15,744,000
mortgages payable, including unamortized premium of 839 and 890, respectively																																						25,878,000
notes payable, net of unamortized discount of 9,968 and 10,285, respectively																																						1,715,032,000
accrued rental income, net of allowance of 3,086 and 3,181, respectively																																							25,972,000	25,763,000
debt costs, net of accumulated amortization of 13,637 and 20,213, respectively																																							14,111,000
mortgages payable, including unamortized premium of 214 and 130, respectively																																							11,558,000
notes payable, net of unamortized discount of 10,599 and 10,816, respectively																																							1,714,401,000
series d, 11,500,000 depositary shares issued and outstanding, at stated liquidation value of 25 per depositary share																																							287,500,000	287,500,000
series e, 11,500,000 depositary shares issued and outstanding, at stated liquidation value of 25 per depositary share																																							287,500,000	287,500,000
excess stock, 0.01 par value. authorized 390,000,000 shares; none issued or outstanding
debt costs, net of accumulated amortization of 12,924 and 20,213, respectively																																								14,824,000
mortgages payable, including unamortized premium of 101 and 130, respectively																																								8,892,000
notes payable, net of unamortized discount of 10,909 and 10,816, respectively																																								1,714,091,000
accrued rental income, net of allowance of 3,179 and 3,181, respectively																																									25,346,000
debt costs, net of accumulated amortization of 12,227 and 20,213, respectively																																									12,221,000
mortgages payable, including unamortized premium of 115 and 130, respectively																																									9,181,000
notes payable, net of unamortized discount of 10,514 and 10,816, respectively																																									1,514,486,000
series d, 11,500,000 depositary shares issued and outstanding, at stated liquidation value of 25 per share																																									287,500,000	287,500,000	287,500,000	287,500,000	287,500,000	287,500,000	287,500,000
series e, 11,500,000 depositary shares issued and outstanding, at stated liquidation value of 25 per share																																									287,500,000	287,500,000	287,500,000
accrued rental income, net of allowance of 3,086 and 3,270, respectively																																										25,411,000
debt costs, net of accumulated amortization of 19,556 and 17,965, respectively																																										13,535,000
mortgages payable, including unamortized premium of 144 and 187, respectively																																										9,764,000
notes payable – convertible, net of unamortized discount of 0 and 2,072, respectively																																											222,944,000
notes payable, net of unamortized discount of 11,116 and 9,338, respectively																																										1,513,884,000
accrued rental income, net of allowance of 3,153 and 3,270, respectively																																											25,226,000
debt costs, net of accumulated amortization of 18,902 and 17,965, respectively																																											14,189,000
mortgages payable, including unamortized premium of 158 and 187, respectively																																											10,048,000
notes payable, net of unamortized discount of 11,413 and 9,338, respectively																																											1,513,587,000
accrued rental income, net of allowance of 3,154 and 3,270, respectively																																												26,161,000
debt costs, net of accumulated amortization of 18,002 and 17,965, respectively																																												11,874,000
mortgages payable, including unamortized premium of 173 and 187, respectively																																												10,328,000
notes payable – convertible, net of unamortized discount of 951 and 2,072, respectively																																												222,084,000
notes payable, net of unamortized discount of 9,103 and 9,338, respectively																																												1,165,897,000
investment in unconsolidated affiliate																																														4,283,000	4,312,000	4,376,000	4,423,000	4,466,000	4,515,000	4,553,000	4,612,000	4,656,000	4,703,000	4,732,000	4,792,000	4,863,000	4,927,000	4,853,000	4,916,000	4,958,000
mortgages, notes and accrued interest receivable, net of allowance																																													29,682,000	36,740,000	36,366,000	30,929,000	32,402,000	29,905,000	30,331,000				41,976,000		49,774,000	60,887,000	60,472,000	66,646,000	90,114,000	113,891,000	65,964,000															66,845,000	56,568,000	13,377,000
accrued rental income, net of allowance of 3,086 and 4,870, respectively																																													25,806,000	25,330,000
debt costs, net of accumulated amortization of 17,887 and 15,381, respectively																																													11,318,000
mortgages payable, including unamortized premium of 202 and 0, respectively																																													10,873,000
notes payable – convertible, net of unamortized discount of 3,174 and 6,363, respectively																																													358,561,000
notes payable, net of unamortized discount of 9,571 and 5,033, respectively																																													1,165,429,000
series c, 3,680,000 depositary shares issued and outstanding, at stated liquidation value of 25 per share																																																			92,000,000	92,000,000	92,000,000	92,000,000	92,000,000	92,000,000	92,000,000	92,000,000	92,000,000	92,000,000	92,000,000	92,000,000	92,000,000
debt costs, net of accumulated amortization of 16,986 and 15,332, respectively																																														9,148,000
mortgages payable, including unamortized premium of 216 and 0, respectively																																														29,341,000
notes payable – convertible, net of unamortized discount of 4,256 and 6,363, respectively																																														357,479,000
notes payable, net of unamortized discount of 4,763 and 5,033, respectively																																														845,237,000
excess stock, 0.01 par value. authorized 205,000,000 shares; none issued or outstanding
accrued rental income, net of allowance of 4,875 and 4,870, respectively																																															25,687,000
debt costs, net of accumulated amortization of 16,159 and 15,332, respectively																																															9,975,000
mortgages payable																																															22,883,000	23,453,000	23,728,000	23,997,000	24,269,000	24,532,000	30,189,000	30,469,000	25,290,000	25,548,000	25,798,000	26,043,000	26,290,000	26,598,000	26,896,000	27,189,000	27,480,000	27,766,000	34,991,000	35,442,000	35,892,000	36,331,000	36,758,000	37,176,000	151,133,000	152,043,000	153,846,000	154,817,000	157,168,000	160,745,000	164,032,000	165,052,000	147,580,000	53,328,000	54,772,000	55,481,000	56,160,000	56,806,000	36,412,000	36,412,000	37,011,000	35,763,000	36,302,000	36,832,000
notes payable – convertible, net of unamortized discount of 5,319 and 6,363, respectively																																															356,416,000
notes payable, net of unamortized discount of 4,897 and 5,033, respectively																																															895,103,000
real estate, investment portfolio:
real estate, inventory portfolio, held for sale																																																31,928,000	31,350,000	31,230,000	32,076,000	31,995,000	31,933,000	71,778,000	72,423,000	98,580,000	98,364,000	98,889,000	101,106,000	126,223,000	176,070,000	205,384,000	248,611,000	136,874,000	169,827,000	190,781,000	228,159,000	199,123,000	193,471,000	151,878,000
accrued rental income, net of allowance of 4,666 and 3,609, respectively																																																25,398,000
debt costs, net of accumulated amortization of 14,983 and 11,198, respectively																																																11,151,000
notes payable – convertible, net of unamortized discount of 7,389 and 12,201, respectively																																																354,346,000
notes payable, net of unamortized discount of 5,167 and 1,118, respectively																																																894,833,000
preferred stock, 0.01 par value. authorized 15,000,000 shares series c, 3,680,000 depositary shares issued and outstanding, at stated liquidation value of 25 per share																																																92,000,000	92,000,000	92,000,000
accrued rental income, net of allowance of 4,364 and 3,609, respectively																																																	25,386,000
debt costs, net of accumulated amortization of 13,674 and 11,198, respectively																																																	9,669,000
notes payable – convertible, net of unamortized discount of 8,967 and 12,201, respectively																																																	352,768,000
notes payable, net of unamortized discount of 1,017 and 1,118, respectively																																																	598,983,000
accrued rental income, net of allowance of 4,001 and 3,609, respectively																																																		25,482,000
debt costs, net of accumulated amortization of 12,372 and 11,198, respectively																																																		8,192,000
notes payable – convertible, net of unamortized discount of 10,597 and 12,201, respectively																																																		351,138,000
notes payable, net of unamortized discount of 1,068 and 1,118, respectively																																																		598,932,000
accrued rental income, net of allowance of 3,609 and 2,875, respectively																																																			25,535,000
debt costs, net of accumulated amortization of 11,198 and 6,870, respectively																																																			9,366,000
notes payable – convertible, net of unamortized discount of 12,201 and 18,355, respectively																																																			349,534,000
notes payable, net of unamortized discount of 1,118 and 1,324, respectively																																																			598,882,000
accrued rental income, net of allowance of 3,139 and 2,875, respectively																																																				25,870,000
debt costs, net of accumulated amortization of 12,823 and 10,008, respectively																																																				10,453,000
notes payable – convertible, net of unamortized discount of 13,778 and 18,355, respectively																																																				347,957,000
notes payable, net of unamortized discount of 1,168 and 1,324, respectively																																																				598,833,000
accrued rental income, net of allowance of 3,094 and 2,875, respectively																																																					25,766,000
debt costs, net of accumulated amortization of 11,668 and 10,008, respectively																																																					11,608,000
notes payable – convertible, net of unamortized discount of 15,329 and 18,355, respectively																																																					346,406,000
notes payable, net of unamortized discount of 1,220 and 1,324, respectively																																																					618,780,000
accrued rental income, net of allowance of 2,987 and 2,875, respectively																																																						25,945,000
debt costs, net of accumulated amortization of 11,107 and 10,008, respectively																																																						12,753,000
notes payable – convertible, net of unamortized discount of 16,855 and 18,355, respectively																																																						344,880,000
notes payable, net of unamortized discount of 1,272 and 1,324, respectively																																																						618,728,000
accrued rental income, net of allowance of 2,875 and 4,144, respectively																																																							25,745,000
debt costs, net of accumulated amortization of 10,008 and 12,852, respectively																																																							13,884,000
liabilities and stockholders’ equity
notes payable – convertible, net of unamortized discount of 18,355 and 25,413, respectively																																																							343,380,000
notes payable, net of unamortized discount of 1,324 and 1,521, respectively																																																							618,676,000
total stockholders’ equity of national retail properties, inc.																																																							1,564,240,000	1,608,329,000	1,583,589,000
accrued rental income, net of allowance of 3,475 and 4,144, respectively																																																								25,081,000
debt costs, net of accumulated amortization of 15,102 and 12,852, respectively																																																								8,760,000
notes payable – convertible, net of unamortized discount of 19,831 and 25,413, respectively																																																								341,904,000
notes payable, net of unamortized discount of 1,374 and 1,521, respectively																																																								618,626,000
accrued rental income, net of allowance of 3,261 and 4,144, respectively																																																									24,487,000
debt costs, net of accumulated amortization of 14,436 and 12,852, respectively																																																									9,427,000
notes payable – convertible, net of unamortized discount of 21,282 and 25,413, respectively																																																									340,452,000
notes payable, net of unamortized discount of 1,424 and 1,521, respectively																																																									618,576,000
accrued rental income, net of allowance of 2,949 and 4,144, respectively																																																										23,840,000
debt costs, net of accumulated amortization of 13,687 and 12,852, respectively																																																										10,223,000
notes payable – convertible, net of unamortized discount of 22,900 and 25,413, respectively																																																										341,335,000
notes payable, net of unamortized discount of 1,473 and 1,521, respectively																																																										618,527,000
total stockholders’ equity																																																										1,573,655,000	1,542,209,000	1,467,583,000	1,444,441,000	1,420,795,000	1,407,285,000	1,277,740,000	1,249,227,000	1,192,872,000	1,096,505,000			860,640,000	828,087,000	813,716,000	809,283,000	765,380,000	756,998,000	752,796,000	752,498,000					549,141,000					564,640,000
accrued rental income, net of allowance of 4,144 and 3,077, respectively																																																											23,972,000
debt costs, net of accumulated amortization of 12,975 and 13,424, respectively																																																											11,233,000
notes payable – secured																																																															12,000,000	22,500,000	22,500,000	24,500,000	24,500,000	26,250,000	26,250,000	28,250,000		30,000,000	30,000,000
notes payable – convertible																																																											381,535,000	406,535,000	406,535,000	406,535,000	172,500,000	172,500,000	172,500,000	172,500,000	172,500,000	172,500,000
notes payable, net of unamortized discount of 1,521 and 1,710, respectively																																																											618,479,000
minority interest																																																											1,215,000	1,101,000	1,280,000	5,241,000	2,334,000	2,154,000	1,382,000	1,067,000	1,098,000	3,247,000	4,979,000	5,168,000	4,939,000	9,360,000	9,035,000	1,567,000	2,028,000	1,937,000	314,000	281,000
accrued rental income, net of allowance of 3,278 and 3,077, respectively																																																												23,933,000
debt costs, net of accumulated amortization of 12,314 and 13,424, respectively																																																												11,851,000
income tax asset																																																												3,021,000	943,000
note payable – secured
notes payable, net of unamortized discount of 1,568 and 1,710, respectively																																																												618,432,000
income tax liability																																																														1,115,000	1,671,000	3,123,000	3,579,000	5,050,000	6,340,000	7,973,000	11,517,000	13,593,000	13,748,000	24,786,000	25,251,000	365,000	702,000
accrued rental income, net of allowance of 3,136 and 3,077, respectively																																																													24,499,000
debt costs, net of accumulated amortization of 14,815 and 13,424, respectively																																																													12,616,000
notes payable, net of unamortized discount of 1,615 and 1,710, respectively																																																													618,385,000
accrued rental income, net of allowance of 3,737 and 3,694, respectively																																																														24,855,000
debt costs, net of accumulated amortization of 14,057 and 13,424, respectively																																																														13,374,000
notes payable, net of unamortized discount of 1,660 and 1,170, respectively																																																														618,340,000
excess stock, 0.01 par value. authorize 205,000,000 shares; none issued or outstanding
investment in unconsolidated affiliates																																																															4,139,000																									5,624,000	6,054,000	2,101,000
restricted cash																																																																39,158,000	37,707,000	36,054,000	36,587,000	36,980,000	33,959,000	30,549,000	30,191,000	26,500,000	23,751,000
accrued rental income, net of allowance																																																															24,652,000	23,439,000	25,590,000	26,826,000	26,413,000				27,999,000				28,619,000					22,869,000	19,780,000	19,172,000	18,316,000	17,588,000	16,503,000	16,503,000	16,184,000	15,787,000	15,512,000	15,381,000
debt costs, net of accumulated amortization of 13,424 and 11,339, respectively																																																															8,548,000
notes payable, net of unamortized discount of 1,710 and 996, respectively																																																															718,290,000
financing lease obligation																																																																26,041,000	26,041,000	26,041,000	26,041,000	26,041,000	26,041,000	26,041,000	26,041,000	26,041,000	26,041,000	26,041,000	26,041,000	26,041,000
series a, 1,781,589 shares issued and outstanding, stated liquidation value of 25 per share																																																																			44,540,000	44,540,000	44,540,000		44,540,000	44,540,000	44,540,000	44,540,000
accounted for using the operating method, net of accumulated depreciation and amortization:
held for investment																																																																1,915,472,000	1,797,937,000	1,493,312,000	1,439,002,000	1,347,432,000
held for sale																																																																8,422,000	9,568,000	3,194,000	1,994,000	6,614,000
accounted for using the direct financing method:
investment in and note receivable from unconsolidated affiliates																																																																4,568,000
mortgages, notes and accrued interest receivable, net of allowance of 403 and 634, respectively																																																																67,650,000
mortgage residual interests																																																																25,147,000	28,384,000	29,577,000	31,512,000	32,130,000				69,917,000	75,131,000
debt costs, net of accumulated amortization of 12,806 and 11,339, respectively																																																																8,863,000
notes payable, net of unamortized discount of 1,762 and 996, respectively																																																																739,038,000
series a, 1,781,589 shares issued and outstanding at december 31, 2006, stated liquidation value of 25 per share
series c redeemable, 3,680,000 depositary shares issued and outstanding, stated liquidation value of 25 per share																																																																92,000,000	92,000,000
mortgages, notes and accrued interest receivable, net of allowance of 482 and 634, respectively																																																																	42,158,000
debt costs, net of accumulated amortization of 12,304 and 11,339, respectively																																																																	7,239,000
notes payable, net of unamortized discount of 924 and 996, respectively																																																																	489,876,000
mortgages, notes and accrued interest receivable, net of allowance of 559 and 634, respectively																																																																		32,591,000
debt costs, net of accumulated amortization of 11,819 and 11,339, respectively																																																																		7,723,000
notes payable, net of unamortized discount of 960 and 996, respectively																																																																		489,840,000
series c redeemable, 3,680,000 depositary shares issued and outstanding stated liquidation value of 25 per share																																																																		92,000,000
mortgages, notes and accrued interest receivable, net of allowance of 634 and 676, respectively																																																																			30,945,000	23,269,000	24,328,000
debt costs, net of accumulated amortization of 11,339 and 9,567, respectively																																																																			8,180,000
notes payable, net of unamortized discount of 996 and 1,133, respectively, and an unamortized interest rate hedge gain of 3,653 at december 31, 2005																																																																			489,804,000
series b convertible, 10,000 shares issued and outstanding at december 31, 2005, stated liquidation value of 2,500 per share
series c redeemable, 3,680,000 depositary shares issued and outstanding at december 31, 2006, stated liquidation value of 25 per share																																																																			92,000,000
accrued rental income, net of allowance of 2,358 and 2,057, respectively																																																																				27,894,000
debt costs, net of accumulated amortization of 10,838 and 9,567, respectively																																																																				8,681,000
liabilities and shareholders’ equity
notes payable, net of unamortized discount of 1,032 and 1,133, respectively, and an unamortized interest rate hedge gain of 3,653 at december 31, 2005																																																																				489,768,000
shareholders’ equity:
series b convertible, 10,000 shares issued and outstanding at december 31, stated liquidation value of 2,500 per share
total shareholders’ equity																																																																				944,457,000	930,462,000
accounted for using the operating method, net of accumulated depreciation and amortization and impairment																																																																					1,254,077,000	1,158,639,000	1,296,793,000	1,140,481,000	1,100,529,000
held for sale, net of impairment																																																																					1,180,000	164,129,000	1,600,000
mortgage residual interests, net of impairment of 3,669 and 2,382, respectively																																																																					41,925,000
accrued rental income, net of allowance of 2,146 and 2,057, respectively																																																																					27,215,000
debt costs, net of accumulated amortization of 10,531 and 9,567, respectively																																																																					5,138,000
notes payable, net of unamortized discount of 1,067 and 1,133, respectively, and an unamortized interest rate hedge gain of 3,653 at december 31, 2005																																																																					489,733,000
mortgages, notes and accrued interest receivable, net of allowance of 676 at december 31, 2005																																																																						51,981,000
mortgage residual interests, net of impairment of 4,202 and 2,382, respectively																																																																						47,438,000
accrued rental income, net of allowance of 2,109 and 2,057, respectively																																																																						28,112,000
debt costs, net of accumulated amortization of 10,064 and 9,567, respectively																																																																						5,606,000
mortgages payable, held for sale																																																																						95,000,000
notes payable, net of unamortized discount of 1,100 and 1,133, respectively, and an unamortized interest rate hedge gain of 3,653 at december 31, 2005																																																																						489,700,000
preferred stock, 0.01 par value. authorized 15,000,000 shares series a, 1,781,589 shares issued and outstanding, stated liquidation value of 25 per share																																																																						44,540,000
series b convertible, 10,000 shares issued and outstanding, stated liquidation value of 2,500 per share																																																																						25,000,000	25,000,000	25,000,000	25,000,000	25,000,000
accumulated dividends in excess of net earnings																																																																						-16,473,000	-20,489,000	-19,623,000	-17,222,000	-27,531,000	-35,188,000	-35,778,000	-34,485,000	-29,295,000	-28,167,000	-27,535,000	-25,431,000		-20,951,000	-15,610,000	-15,702,000	-15,702,000				-2,853,000
other comprehensive income																																																																						3,596,000		1,254,000	1,254,000
real estate, inventory portfolio, held for sale, net of accumulated depreciation																																																																							131,074,000	80,311,000	71,070,000
mortgages, notes and accrued interest receivable, net of allowance of 676 and 896, respectively																																																																							51,086,000
investments in unconsolidated mortgage residual interests
mortgage residual interests, net of impairment of 2,382																																																																							55,184,000
debt costs, net of accumulated amortization of 9,567 and 8,063, respectively																																																																							6,096,000
notes payable—secured																																																																							28,250,000
notes payable, net of unamortized discount of 1,133 and 847, respectively, and an unamortized interest rate hedge gain of 3,653 and 3,979, respectively																																																																							493,321,000
deferred compensation																																																																							-4,783,000	-3,714,000	-4,328,000	-4,582,000	-3,212,000	-3,864,000	-4,182,000	-2,527,000	-2,824,000	-3,212,000	-3,752,000		-3,222,000	-3,399,000	-2,654,000	-2,654,000
held for sale, net of impairment of 576 at september 30																																																																								1,600,000
mortgages, notes and accrued interest receivable, net of allowance of 748 and 896, respectively																																																																								51,607,000
accrued rental income, net of allowance of 2,070 and 1,620, respectively																																																																								27,510,000
debt costs, net of accumulated amortization of 8,963 and 8,063, respectively																																																																								3,615,000
notes payable, net of unamortized discount of 772 and 847, respectively, and an unamortized interest rate hedge gain of 3,736 and 3,979, respectively																																																																								343,765,000
held for sale, net of accumulated depreciation of 448 and 423, respectively, and impairment of 1,978 at june 30																																																																									3,250,000
mortgages, notes and accrued interest receivable, net of allowance of 757 and 896, respectively																																																																									46,294,000
accrued rental income, net of allowance of 1,917 and 1,620, respectively																																																																									29,594,000
debt costs, net of accumulated amortization of 8,640 and 8,063, respectively																																																																									3,933,000
other assets, net of impairment of 1,328 at june 30																																																																									21,300,000
notes payable, net of unamortized discount of 797 and 847, respectively, and an unamortized interest rate hedge gain of 3,819 and 3,979, respectively																																																																									343,822,000
accounted for using the operating method, net of accumulated depreciation and amortization of 64,308 and 61,297, respectively, and impairment of 1,613																																																																										1,027,096,000
held for sale, net of accumulated depreciation of 448 and 423, respectively, and impairment of 1,403 at march 31																																																																										1,650,000
real estate, inventory portfolio, held for sale, net of accumulated depreciation of 81																																																																										66,064,000
investments in and other receivables from unconsolidated affiliates																																																																										28,199,000	29,307,000	31,997,000	34,092,000	35,472,000
mortgages, notes and accrued interest receivable, net of allowance of 822 and 896, respectively																																																																										42,122,000
accrued rental income, net of allowance of 1,742 and 1,620, respectively																																																																										29,020,000
debt costs, net of accumulated amortization of 8,334 and 8,063, respectively																																																																										3,655,000
other assets, net of impairment of 587 at march 31																																																																										13,700,000
deferred income tax asset																																																																										268,000
notes payable, net of unamortized discount of 822 and 847, respectively, and an unamortized interest rate hedge gain of 3,899 and 3,979, respectively																																																																										323,077,000
real estate, held for investment:
real estate, held for sale net of accumulated depreciation																																																																											58,049,000
line of credit, note and accrued interest receivable from related party																																																																													29,265,000
mortgages, notes and accrued interest receivable, net of allowance of 896 and 979, respectively																																																																											45,564,000
debt costs, net of accumulated amortization of 8,063 and 6,714, respectively																																																																											3,926,000
notes payable, net of unamortized discount of 847 and 530, respectively, and unamortized interest rate hedge gain of 3,979 and 288, respectively																																																																											323,132,000
series a, 1,781,589 and 1,781,645 shares issued and outstanding, at december 31, 2004 and 2003, respectively; stated liquidation value of 25 per share																																																																											44,540,000
series b convertible, 10,000 shares issued and outstanding, at december 31, 2004 and 2003; stated liquidation value of 2,500 per share																																																																											25,000,000
accounted for using the operating method, net of accumulated depreciation and amortization of 58,481 and 48,863, respectively																																																																												966,775,000
real estate, held for sale, net of accumulated depreciation of 82 and 246, respectively																																																																												63,521,000
line of credit and accrued interest receivable from related party, net of unamortized loan origination fees of 17 and 70, respectively																																																																												26,983,000
mortgages, notes and accrued interest receivable, net of allowance of 903 and 979, respectively																																																																												62,287,000
accrued rental income, net of allowance of 1,413 and 1,320, respectively																																																																												28,478,000
debt costs, net of accumulated amortization of 7,771 and 6,714, respectively																																																																												4,218,000
deferred tax asset																																																																												1,296,000	2,345,000	2,088,000
notes payable, net of unamortized discount of 871 and 530, respectively, and an unamortized interest rate hedge gain of 4,057 and 288, respectively																																																																												343,186,000
preferred stock, 0.01 par value. authorized 15,000,000 shares series a, 1,781,589 and 1,781,645 shares issued and outstanding, at september 30, 2004 and december 31, 2003, respectively; stated liquidation value of 25 per share																																																																												44,540,000
series b convertible, 10,000 shares issued and outstanding, at september 30, 2004 and december 31, 2003; stated liquidation value of 2,500 per share																																																																												25,000,000
accounted for using the operating method, net of accumulated depreciation and amortization of 54,987 and 48,863, respectively																																																																													945,636,000
real estate, held for sale																																																																													75,344,000	50,857,000
mortgages, notes and accrued interest receivable, net of allowance of 908 and 979, respectively																																																																													63,226,000
accrued rental income, net of allowance of 1,526 and 1,320, respectively																																																																													28,234,000
debt costs, net of accumulated amortization of 7,477 and 6,714, respectively																																																																													4,563,000
notes payable, net of unamortized discount of 896 and 530, respectively, and an unamortized interest rate hedge gain of 4,137 and 288, respectively																																																																													343,241,000
series a preferred stock 1,781,645 shares issued and outstanding, at june 30, 2004 and december 31, 2003, stated liquidation value of 25 per share																																																																													44,541,000
series b convertible preferred stock, 10,000 shares issued and outstanding, at june 30, 2004 and december 31, 2003; stated liquidation value of 2,500 per share																																																																													25,000,000
excess stock, 0.01 par value. authorized 105,000,000 shares; none issued or outstanding
accounted for using the operating method, net of accumulated
depreciation and amortization of 52,418 and 48,863, respectively																																																																														930,154,000
line of credit, note and accrued interest receivable from related parties																																																																														24,248,000
accrued rental income, net of allowance of 1,416 and 1,320, respectively																																																																														28,160,000
debt costs, net of accumulated amortization of 7,147 and 6,714,
respectively																																																																														3,613,000	3,733,000
liabilities and stockholders' equity
notes payable, net of unamortized discount of 492 and 530,
respectively, and unamortized interest rate hedge gain of 131 and
288, respectively																																																																														289,639,000
series a preferred stock 1,781,645 shares issued and outstanding, at
march 31, 2004 and december 31, 2003, stated liquidation value of
25 per share																																																																														44,541,000
series b convertible preferred stock, 10,000 shares issued and
outstanding, at march 31, 2004 and december 31, 2003; stated
liquidation value of 2,500 per share																																																																														25,000,000
and 50,001,898 shares issued and outstanding at march 31, 2004 and
december 31, 2003, respectively																																																																														513,000
excess stock, 0.01 par value. authorized 105,000,000 shares; none
issued or outstanding
other comprehensive loss																																																																														-2,228,000
total stockholders' equity																																																																														750,669,000	730,754,000	666,182,000	545,913,000		549,309,000	554,202,000	564,329,000	564,329,000		397,237,000	397,707,000	396,385,000
see accompanying notes to condensed consolidated financial statements. 1
real estate:
depreciation and amortization																																																																															887,124,000
investments in, mortgages and other receivables from unconsolidated
affiliates																																																																															114,803,000
accrued rental income, net of allowance of 1,320 and 998, respectively																																																																															25,322,000
debt costs, net of accumulated amortization of 6,680 and 5,353,
notes payable, net of unamortized discount of 530 and 677,
respectively, and unamortized interest rate hedge gain of 288
and 885, respectively																																																																															289,758,000
series a preferred stock, 1,781,645 and 1,782,024 shares issued and outstanding, respectively; stated liquidation value of 25 per share																																																																															44,541,000
series b convertible preferred stock, 10,000 shares issued and outstanding; stated liquidation value of 2,500 per share																																																																															25,000,000
investments in, mortgages and other receivables from unconsolidated affiliates																																																																																128,395,000	106,178,000	102,633,000	122,115,000	126,364,000	139,771,000	139,771,000	144,220,000
debt costs, net of accumulated amortization of 6,351 and 5,353, respectively																																																																																4,834,000
notes payable, net of unamortized discount of 568 and 677, respectively, and unamortized interest rate hedge gain of 440 and 885, respectively																																																																																289,872,000
series a preferred stock, 1,781,645 and 1,782,024 shares issued and outstanding, at september 30, 2003 and december 31, 2002, respectively; stated liquidation value of 25 per share																																																																																44,541,000
series b convertible preferred stock, 10,000 shares issued and outstanding, at september 30, 2003; stated liquidation value of 2,500 per share																																																																																25,000,000
accounted for using the operating method, net of accumulated depreciation and amortization of 40,618 and 38,671, respectively																																																																																	698,882,000
debt costs, net of accumulated amortization of 5,614 and 5,353, respectively																																																																																	2,898,000
notes payable, net of unamortized discount of 641 and 677, respectively, and unamortized interest rate hedge gain of 739 and 885, respectively																																																																																	290,098,000
debt costs, net of accumulated amortization of 5,353 and 4,393, respectively																																																																																		3,181,000
notes payable, net of unamortized discount of 677 and 517, respectively, and unamortized interest rate hedge gain of 885 and 1,439, respectively																																																																																		290,208,000
preferred stock, 0.01 par value. authorized 15,000,000 shares; 1,782,024 and 1,999,974 shares issued and outstanding, respectively; stated liquidation value 25 per share																																																																																		44,551,000
accounted for using the operating method, net of accumulated depreciation and amortization of 36,401 and 31,678, respectively																																																																																			706,400,000
debt costs, net of accumulated amortization of 5,089 and 4,393, respectively																																																																																			3,347,000
notes payable, net of unamortized discount of 711 and 517, respectively, and unamoritzed interest rate hedge gain of 1,026 and 1,439, respectively																																																																																			290,315,000
preferred stock, 0.01 par value. authorized 15,000,000 shares; 1,782,024 and 1,999,974 shares issued and outstanding, respectively; stated liquidation value of 25 per share																																																																																			44,551,000
accounted for using the operating method, net of accumulated depreciation and amortization of 34,241 and 31,678, respectively																																																																																				711,215,000
receivables																																																																																				2,791,000	1,656,000	1,656,000	2,083,000	1,907,000	1,278,000	1,606,000
debt costs, net of accumulated amortization of 4,831 and 4,393, respectively																																																																																				3,345,000
notes payable, net of unamortized discount of 745 and 517, respectively, and unamoritzed interest rate hedge gain of 1,167 and 1,439, respectively																																																																																				290,422,000
preferred stock, 0.01 par value. authorized 15,000,000 shares; 1,782,024 and 1,999,974 shares issued and outstanding, respectively; stated at a liquidation value of 25 per share																																																																																				44,551,000
accounted for using the operating method, net of accumulated depreciation and amortization of 33,977 and 31,678, respectively																																																																																					713,343,000	713,343,000
debt costs, net of accumulated amortization of 4,609 and 4,393, respectively																																																																																					2,811,000	2,811,000
notes payable, net of unamortized discount of 489 and 517, respectively, and unamoritzed interest rate hedge gain of 1,304 and 1,439, respectively																																																																																					290,815,000	290,815,000
debt costs, net of accumulated amortization of 4,393 and 3,587, respectively																																																																																							3,057,000
notes payable, net of unamortized discount of 517 and 624, respectively, and unamoritzed interest rate hedge gain of 1,240 and 1,955, respectively																																																																																							290,922,000
preferred stock, 0.01 par value. authorized 15,000,000 shares; 1,999,974 shares issued and outstanding at december 31, 2001; stated at liquidation value 25 per share																																																																																							50,000,000
see accompanying notes to consolidated financial statements. - 32 -
accounted for using the operating method, net of accumulated depreciation and amortization of 30,485 and 27,438, respectively																																																																																								516,612,000
mortgages and accrued interest receivable																																																																																								10,321,000	12,701,000	12,762,000
mortgages and other receivables from unconsolidated affiliates																																																																																								120,784,000	102,396,000	92,611,000
debt costs, net of accumulated amortization of 4,186 and 3,587, respectively																																																																																								3,084,000
notes payable, net of unamortized discount of 545 and 625, respectively, and unamoritzed interest rate hedge gain of 1,571 and 1,955, respectively																																																																																								221,026,000
accounts payable and accrued expenses																																																																																								952,000	1,768,000	1,228,000
preferred stock, 0.01 par value. authorized 15,000,000 shares; none issued or outstanding
accounted for using the operating method, net of accumulated depreciation and amortization of 28,982 and 27,438, respectively																																																																																									505,784,000
debt costs, net of accumulated amortization of 3,985 and 3,587, respectively																																																																																									3,285,000
notes payable, net of unamortized discount of 572 and 625, respectively, and unamoritzed interest rate hedge gain of 1,702 and 1,955, respectively																																																																																									221,130,000
accounted for using the operating method, net of accumulated depreciation and amortization of 28,253 and 27,438, respectively																																																																																										502,354,000
debt costs, net of accumulated amortization of 3,785 and 3,587, respectively																																																																																										3,479,000
notes payable, net of unamortized discount of 598 and 624, respectively, and unamoritzed interest rate hedge gain of 1,829 and 1,955, respectively																																																																																										221,230,000

Cashflow Statements:

Quarterly

Annual

Unit: USD	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-09-30	2020-06-30	2020-03-31	2019-09-30	2019-06-30	2019-03-31	2018-09-30	2018-06-30	2018-03-31	2017-09-30	2017-06-30	2017-03-31	2016-09-30	2016-06-30	2016-03-31	2015-09-30	2015-06-30	2015-03-31	2014-09-30	2014-06-30	2014-03-31	2013-09-30	2013-06-30	2013-03-31	2012-09-30	2012-06-30	2012-03-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31	2007-12-31	2007-09-30	2007-06-30	2007-03-31	2006-12-31	2006-09-30	2006-06-30	2006-03-31	2005-12-31	2005-09-30	2005-06-30	2005-03-31	2004-12-31	2004-09-30	2004-06-30	2004-03-31	2003-12-31	2003-09-30	2003-06-30	2003-03-31	2002-12-31	2002-09-30	2002-06-30	2002-04-30	2001-12-31	2001-09-30	2001-06-30	2001-03-31

cash flows from operating activities:
net earnings	93,951,000	95,951,000	96,839,000	100,529,000	96,458,000	97,894,000	97,904,000	106,666,000	94,371,000	96,682,000	106,787,000	98,704,000	90,167,000	90,662,000	88,421,000	74,165,000	81,373,000	77,570,000	82,932,000	73,021,000	56,587,000	56,068,000	46,265,000	65,176,000	66,698,000	79,091,000	80,033,000	82,042,000	70,584,000	103,289,000																													26,804,000	28,867,000	30,274,000	30,888,000	33,053,000	34,365,000	47,386,000	48,655,000	26,704,000	57,401,000	21,455,000	80,201,000	23,448,000	18,172,000	16,531,000	28,693,000	26,004,000	18,926,000	17,005,000	12,735,000	16,268,000	15,591,000			10,154,000	13,222,000	8,575,000	13,512,000	12,749,000	-489,000	7,473,000	10,385,000	11,594,000
adjustments to reconcile net earnings to net cash from operating activities:
depreciation and amortization	70,797,000	68,221,000	67,252,000	68,349,000	64,617,000	63,194,000	63,369,000	62,503,000	60,615,000	60,079,000	59,523,000	59,875,000	59,148,000	57,322,000	56,388,000	57,444,000	52,680,000	53,389,000	50,976,000	50,875,000	49,980,000	49,404,000	48,936,000	49,188,000	48,348,000	46,241,000	46,180,000	42,478,000	43,304,000	44,498,000	48,409,000	41,326,000	40,143,000	38,970,000	36,489,000	34,655,000	33,607,000	34,202,000	32,141,000	29,771,000	28,007,000	28,012,000	26,005,000	22,613,000	23,805,000	17,543,000	19,120,000	18,263,000	15,124,000	14,008,000	13,670,000	12,857,000	12,035,000	12,147,000	12,045,000	12,775,000	11,509,000	12,211,000	11,990,000	12,511,000	11,645,000	11,021,000	10,225,000	9,950,000	8,298,000	7,760,000	6,968,000	6,670,000	5,694,000	5,556,000	6,604,000	6,459,000	6,477,000	4,828,000	4,586,000	3,785,000	5,083,000	4,265,000	4,265,000	4,049,000			2,952,000	2,940,000	2,953,000	2,908,000	2,941,000	2,335,000	2,462,000	2,206,000	2,208,000
impairment losses – real estate, net of recoveries	10,680,000	15,360,000	7,195,000	4,535,000	1,512,000	3,724,000	760,000	944,000	1,204,000	2,315,000	1,001,000	34,000	2,640,000	1,088,000	971,000	4,618,000	1,632,000	7,310,000	4,781,000	7,735,000	2,131,000	5,695,000	21,854,000	5,513,000	10,692,000	7,187,000	3,245,000
amortization of notes payable discount	967,000	976,000	952,000	802,000	791,000	777,000	765,000	723,000	661,000	658,000	547,000	437,000	432,000	429,000	425,000	422,000	415,000	412,000	368,000	357,000	993,000	379,000	378,000	1,897,000	438,000	434,000	425,000	479,000	464,000	458,000	452,000	441,000	437,000	347,000	345,000	338,000	325,000	322,000	317,000	310,000	312,000	302,000	297,000	1,235,000	1,356,000	1,263,000	1,197,000	1,181,000	1,697,000	1,681,000	1,654,000	1,626,000	1,604,000	1,578,000	1,552,000	1,527,000	1,502,000	1,481,000	1,496,000	47,000	47,000	45,000	50,000	52,000	40,000	36,000	36,000	36,000	35,000	33,000	33,000	29,000	106,000	-55,000	25,000	24,000	24,000	37,000	38,000	39,000			36,000	35,000	34,000	31,000	28,000	27,000	27,000	27,000	26,000
amortization of debt costs	1,752,000	1,644,000	1,630,000	1,478,000	1,466,000	1,455,000	1,450,000	1,787,000	1,301,000	1,295,000	1,247,000	1,202,000	1,199,000	1,201,000	1,184,000	1,178,000	1,171,000	1,164,000	1,140,000	1,042,000	1,840,000	1,082,000	1,026,000	1,816,000	936,000	931,000	920,000	914,000	893,000	888,000	884,000	868,000	859,000	763,000	757,000	756,000	719,000	714,000	709,000	713,000	697,000	656,000	654,000	899,000	907,000
amortization of interest rate hedges	75,000	281,000	480,000	469,000	460,000	460,000	450,000	610,000	632,000	628,000	620,000	616,000	607,000	604,000	595,000	592,000	583,000	579,000	565,000	561,000	1,368,000	642,000	638,000	383,000	327,000	325,000	323,000	525,000
gain on disposition of real estate	-12,185,000	-15,639,000	-12,570,000	-16,198,000	-3,813,000	-12,083,000	-7,765,000	-17,621,000	-4,821,000	-7,263,000	-19,992,000	-13,930,000	-6,300,000	-6,787,000	-5,889,000	-775,000	-3,992,000	-5,159,000	-9,473,000	-4,181,000	-4,281,000	-148,000	-719,000	-12,770,000	-2,061,000	-13,002,000	-10,445,000	-14,348,000	-4,106,000	-38,596,000	-3,185,000	-3,055,000	-14,624,000	-4,505,000	-1,178,000	-16,875,000	-1,971,000	-30,000	-7,230,000	-3,607,000	-3,057,000	-1,963,000	-1,228,000	-2,669,000	-505,000																																						-69,000	-220,000	819,000	-768,000	-91,000				-2,864,000
performance incentive plan expense	4,323,000	2,849,000	3,502,000	3,055,000	5,637,000	2,859,000	3,124,000	2,955,000	3,897,000	4,378,000	2,707,000	2,824,000	3,466,000	3,330,000	3,163,000	4,591,000	6,246,000	2,120,000	3,654,000	4,399,000	4,318,000	3,394,000	3,197,000	3,078,000	3,001,000	2,793,000	2,787,000	2,388,000	2,568,000	2,275,000	1,896,000	7,449,000	2,755,000	2,910,000	2,924,000	2,880,000	2,556,000	2,393,000	2,575,000	2,622,000	2,374,000	2,338,000	1,688,000	2,533,000	2,310,000	3,121,000	1,632,000	2,257,000	1,760,000	1,558,000	1,739,000	1,459,000	1,585,000
performance incentive plan payment	-487,000	0	0	0	-1,702,000	0	0	0	-1,274,000	0	0	0	-916,000	0	0	0	-103,000	0	0	0	-721,000	0	0	-846,000	0	0	-775,000	0	0	-432,000	0	0	-862,000	0	0	-581,000	0	0	-676,000	0	0	-2,808,000	0	0	-2,139,000
change in operating assets and liabilities, net of assets acquired and liabilities assumed:
increase in receivables	-335,000																				-273,000																																										-3,385,000																822,000
increase in accrued rental income	-1,291,000																					-2,419,000	-30,984,000	-61,000	-542,000	-413,000	-747,000	59,000	68,000	-998,000		-229,000	-675,000		85,000	-242,000		187,000	-205,000			-549,000			-727,000											-666,000	-594,000			-69,000	177,000	-528,000	-558,000		-85,000	-345,000	-563,000			-3,360,000	-746,000			-574,000	-400,000	-370,000	-448,000	-495,000	-2,125,000	-2,453,000			-839,000	-896,000	-863,000	-1,094,000	-319,000				-740,000
decrease in other assets	-792,000				1,326,000				303,000				832,000			-1,254,000	-115,000	1,756,000	-291,000	-943,000	1,067,000			183,000			-12,000		-1,308,000	414,000		405,000	453,000	-363,000	297,000	-161,000			4,539,000			742,000	143,000	-122,000	61,000	878,000	-108,000	595,000	590,000	-521,000	502,000		378,000	-162,000	236,000				175,000	302,000	528,000	-232,000	353,000	1,750,000	-308,000			-2,064,000	952,000	868,000	-276,000			-359,000	621,000														-11,000
increase in accrued interest payable	31,763,000	-39,369,000	49,241,000	-44,013,000	44,999,000	-45,700,000	44,468,000	-44,556,000	41,113,000	-26,391,000	35,986,000	-33,439,000	34,392,000	-33,558,000	34,206,000	-34,844,000	34,099,000	-28,880,000	30,987,000	-22,852,000	25,267,000	29,675,000	-20,046,000	23,448,000			27,937,000	15,897,000	-16,978,000	16,068,000	17,134,000	-16,458,000	16,714,000	13,654,000	-14,499,000	13,524,000	12,065,000	-11,855,000	11,907,000	12,005,000	-9,464,000	10,854,000			10,603,000			6,777,000			11,673,000				11,015,000	-10,977,000	10,973,000	-11,020,000	10,887,000	-11,119,000	10,693,000	-9,923,000	6,714,000			-1,550,000	1,593,000	-1,812,000	3,623,000	-4,431,000	3,070,000	25,000	1,146,000	-872,000	614,000				1,273,000	-528,000			830,000	-735,000	860,000						-111,000
decrease in other liabilities	-12,030,000				-7,392,000				-7,148,000			3,949,000	-4,670,000			3,035,000	-11,043,000		3,422,000	1,234,000	-6,438,000	1,822,000	3,943,000	-11,299,000	7,347,000	-1,532,000	-7,315,000			-1,082,000			-3,701,000		486,000	-4,457,000	367,000	783,000	-4,311,000		14,000	-3,249,000		1,063,000	-2,264,000		611,000	-4,101,000		1,501,000	-3,132,000	1,179,000	1,557,000	-2,433,000	-734,000										710,000	2,348,000	-2,788,000								-961,000		-3,004,000	2,311,000	-561,000
other	-157,000	-242,000	0	61,000	34,000	56,000	66,000	51,000	-255,000	-35,000	62,000	74,000	-22,000	72,000	-55,000	72,000	-21,000	-47,000	55,000	2,000	-307,000	-304,000	-37,000	140,000	-21,000	50,000	-218,000	-307,000	-75,000	110,000	-89,000	83,000	-125,000	-128,000	-243,000	-313,000	1,381,000	-1,621,000	507,000	206,000	479,000	291,000	-664,000	-24,000	-93,000			-139,000	184,000	-381,000	463,000	-1,487,000	-477,000	-860,000	-750,000	-98,000	-636,000	11,000	-94,000	109,000	11,000	68,000	-324,000	-6,877,000	176,000	-86,000	175,000	510,000	-396,000	298,000	618,000	17,000	-114,000	315,000	-335,000	-462,000	-211,000	787,000	-768,000	825,000			-343,000	-318,000	1,110,000	-464,000	-240,000	-4,000	-1,000	178,000	92,000
net cash from operating activities	187,031,000	126,168,000	218,261,000	119,420,000	203,282,000	117,678,000	206,632,000	120,479,000	190,715,000	121,597,000	191,519,000	118,472,000	180,822,000	113,084,000	189,960,000	110,973,000	164,338,000	115,275,000	172,394,000	119,586,000	161,170,000	161,107,000	59,633,000	128,084,000	163,691,000	91,965,000	143,376,000	137,277,000	98,234,000	129,997,000	115,144,000	97,879,000	117,192,000	126,558,000	85,225,000	102,423,000	110,153,000	70,691,000	97,138,000	94,734,000	58,415,000	78,604,000	90,890,000	55,366,000	68,823,000	71,807,000	49,167,000	50,600,000	61,286,000	28,993,000	48,866,000	26,023,000	51,568,000	63,877,000	46,446,000	23,528,000	48,248,000	28,942,000	48,784,000	26,460,000	98,701,000	40,795,000	70,792,000	-63,968,000	69,522,000	57,737,000	66,343,000	-1,968,000	15,548,000	-14,361,000	19,342,000	-25,823,000	22,823,000	17,558,000	16,372,000	36,456,000	30,232,000	-5,753,000	13,857,000	11,290,000			-996,000	12,713,000	15,638,000	15,287,000	15,067,000	1,524,000	10,109,000	12,876,000	13,499,000
capital expenditures	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0			0	0	0	0	0	0	0	0	0
free cash flows	187,031,000	126,168,000	218,261,000	119,420,000	203,282,000	117,678,000	206,632,000	120,479,000	190,715,000	121,597,000	191,519,000	118,472,000	180,822,000	113,084,000	189,960,000	110,973,000	164,338,000	115,275,000	172,394,000	119,586,000	161,170,000	161,107,000	59,633,000	128,084,000	163,691,000	91,965,000	143,376,000	137,277,000	98,234,000	129,997,000	115,144,000	97,879,000	117,192,000	126,558,000	85,225,000	102,423,000	110,153,000	70,691,000	97,138,000	94,734,000	58,415,000	78,604,000	90,890,000	55,366,000	68,823,000	71,807,000	49,167,000	50,600,000	61,286,000	28,993,000	48,866,000	26,023,000	51,568,000	63,877,000	46,446,000	23,528,000	48,248,000	28,942,000	48,784,000	26,460,000	98,701,000	40,795,000	70,792,000	-63,968,000	69,522,000	57,737,000	66,343,000	-1,968,000	15,548,000	-14,361,000	19,342,000	-25,823,000	22,823,000	17,558,000	16,372,000	36,456,000	30,232,000	-5,753,000	13,857,000	11,290,000			-996,000	12,713,000	15,638,000	15,287,000	15,067,000	1,524,000	10,109,000	12,876,000	13,499,000
cash flows from investing activities:
proceeds from the disposition of real estate	36,257,000	82,495,000	41,470,000	51,263,000	15,935,000	43,070,000	20,496,000	67,328,000	18,940,000	26,792,000	49,092,000	28,314,000	12,136,000	16,043,000	21,716,000	8,888,000	20,315,000	51,247,000	30,541,000	23,197,000	18,067,000	3,685,000	3,873,000	33,384,000	33,560,000	42,117,000	16,909,000	38,099,000	12,084,000	71,627,000	7,684,000	9,344,000	39,251,000	10,656,000	22,164,000	50,902,000	8,160,000	2,207,000	22,697,000	15,238,000	17,209,000	12,301,000	35,004,000	12,461,000	4,627,000																																			-114,000			12,141,000		4,556,000	17,817,000	3,613,000		1,153,000	17,228,000	18,057,000
additions to real estate	-142,274,000	-194,659,000	-288,510,000	-222,401,000	-231,508,000	-221,725,000	-126,163,000	-108,580,000	-116,406,000	-271,072,000	-196,980,000	-174,013,000	-153,726,000	-266,684,000	-218,728,000	-147,977,000	-209,483,000
principal payments received on mortgages and notes receivable		0	0	0	460,000	129,000	126,000	224,000	120,000	119,000	116,000	213,000	111,000	109,000	106,000	204,000	102,000	100,000	98,000	195,000	93,000	89,000	94,000	100,000
net cash from investing activities	-106,364,000	-113,219,000	-247,876,000	-171,667,000	-215,302,000	-179,322,000	-105,666,000	-41,616,000	-97,732,000	-244,389,000	-148,162,000	-145,763,000	-142,346,000	-250,823,000	-197,352,000	-139,813,000	-189,643,000	-48,021,000	-216,918,000	-78,726,000	-88,512,000	-7,097,000	-10,818,000	-30,654,000	-91,186,000	-224,806,000	-93,030,000	-52,505,000	-138,084,000	-103,152,000	-64,376,000	-291,952,000	-58,847,000	-140,985,000	-295,070,000	-118,767,000	-235,430,000	-131,027,000	-128,919,000	-317,323,000	-78,728,000	-81,692,000	-41,537,000	-420,200,000	-46,552,000	-99,976,000	-90,594,000	-190,678,000	-317,096,000	-56,922,000	-57,944,000	-121,707,000	-79,954,000	-12,799,000	-5,800,000	-2,806,000	-8,069,000	-7,179,000	-10,009,000	-25,322,000	-17,723,000	-39,049,000	-174,210,000	-82,252,000	-114,672,000	-288,003,000	-51,790,000	-42,882,000	-100,319,000	55,786,000	-19,569,000	-155,820,000	-50,727,000	-26,541,000	-9,399,000	-2,421,000	-19,985,000	-17,368,000	-19,181,000	-54,902,000			-279,000	27,349,000	4,694,000	14,680,000	-6,740,000				3,872,000
cash flows from financing activities:
proceeds from line of credit payable	149,000,000	474,800,000	0	368,500,000	249,500,000	96,500,000	41,000,000	256,000,000	152,000,000	226,500,000	132,500,000	295,500,000	218,000,000	344,000,000	218,000,000							0	0	311,000,000	227,200,000			432,000,000	676,500,000	491,000,000	251,500,000	601,500,000	103,700,000	491,700,000	535,000,000	63,500,000	514,700,000	452,700,000	227,100,000	238,000,000	68,000,000	251,000,000	144,500,000	114,000,000	186,500,000	71,500,000	372,000,000	242,400,000	176,000,000	199,300,000	129,500,000	240,800,000				0	28,400,000	51,200,000	52,800,000	45,500,000	90,600,000	117,900,000	262,000,000	174,500,000	128,000,000	253,000,000	106,800,000	54,300,000	130,900,000	88,300,000	105,500,000	186,300,000	83,100,000	58,200,000	45,900,000	70,100,000	44,500,000	184,800,000	51,500,000	95,800,000			55,300,000	27,700,000	15,500,000	39,500,000	28,800,000	81,600,000	30,400,000	24,600,000	20,600,000
repayment of line of credit payable	-417,100,000	-126,700,000	-267,700,000	-217,100,000	-133,200,000	-96,500,000	-53,000,000	-360,200,000	-167,800,000	-94,500,000	-465,000,000	-172,000,000	-175,200,000	-225,300,000	-210,500,000							0	0	-444,600,000	-290,400,000			-598,700,000	-686,200,000	-435,100,000	-467,000,000	-386,000,000	-103,700,000	-454,800,000	-387,700,000	-63,500,000	-359,800,000	-367,100,000	-185,200,000	-103,100,000	-159,500,000	-205,900,000	-144,500,000	-173,400,000	-301,300,000	-214,100,000	-255,600,000	-281,800,000	-395,200,000	-164,300,000	-106,300,000	-116,900,000				0	-50,400,000	-52,100,000	-56,400,000	-72,000,000	-164,800,000	-114,200,000	-268,300,000	-64,100,000	-281,200,000	-80,400,000	-134,800,000	-105,100,000	-201,800,000	-130,100,000	-76,300,000	-144,800,000	-38,500,000	-15,000,000	-30,800,000	-80,200,000	-53,800,000	-190,700,000	-36,100,000	-195,700,000			-36,500,000	-55,300,000	-21,800,000	-77,600,000	-25,300,000				-18,800,000
proceeds from term loan payable	300,000,000
payment of debt issuance costs	-89,000	-2,438,000	-4,224,000	-134,000	-53,000	-24,000	-89,000	-12,961,000	-53,000	-262,000	-4,123,000	-75,000	-50,000	-72,000	-1,000	-78,000	-48,000	-689,000	-4,382,000	-7,598,000	-5,145,000	-1,000	-1,412,000	-6,397,000	0	-75,000	-40,000
proceeds from issuance of common stock	699,000	2,172,000	71,660,000	10,938,000	655,000	647,000	181,818,000	13,423,000	21,693,000	800,000	763,000	13,575,000	17,190,000	122,565,000	98,359,000	32,300,000	748,000	728,000	719,000	724,000	1,882,000	11,356,000	53,388,000	696,000	451,340,000	82,699,000	5,279,000	88,333,000	130,637,000	1,554,000	99,996,000	25,492,000	49,011,000	57,628,000	130,313,000	89,135,000	38,791,000	39,324,000	49,370,000	70,880,000	54,954,000	21,144,000	5,281,000	92,018,000	166,067,000	58,940,000	22,769,000	37,550,000	243,137,000	36,366,000	20,025,000	3,472,000	2,388,000	3,475,000	8,357,000	10,541,000	35,725,000	12,819,000	8,975,000	80,190,000	20,854,000	20,843,000	6,152,000	126,731,000	11,159,000	32,158,000	140,673,000	25,785,000	12,720,000	7,346,000	24,541,000	15,544,000	6,548,000	741,000	435,000	2,979,000	1,403,000	3,319,000	5,529,000	65,682,000			228,000	341,000	263,000	1,507,000	614,000	60,547,000	177,000	188,000	150,000
stock issuance costs	-100,000	-162,000	-1,277,000	-167,000	-85,000	-110,000	-2,908,000	-132,000	-166,000	-189,000	-219,000	-264,000	-294,000	-1,882,000	-1,304,000	-510,000	-65,000	-51,000	-50,000	-47,000	-177,000	-484,000	-712,000	-45,000	-16,508,000	-724,000	-42,000	-1,168,000	-1,566,000	-174,000	-1,380,000	-440,000	-798,000	-887,000	-1,999,000	-1,380,000	-583,000	-632,000	-991,000	-1,088,000	-800,000	-304,000	-39,000	-11,152,000	-2,264,000	-807,000	-471,000	-9,922,000								0	-72,000	-28,000	-4,000					-4,809,000	0	-789,000	-5,517,000	-100,000	-2,000	-129,000	28,000	-2,000	0			2,000	-17,000	-262,000	137,000
payment of common stock dividends	-113,502,000	-113,492,000	-112,809,000	-108,566,000	-108,335,000	-108,319,000	-106,077,000	-103,159,000	-102,684,000	-102,665,000	-102,647,000	-99,745,000	-99,401,000	-97,901,000	-97,008,000	-92,878,000	-92,751,000	-92,741,000	-92,731,000	-90,971,000	-90,848,000	-89,947,000	-88,270,000	-88,148,000	-83,935,000	-81,073,000	-80,566,000	-78,253,000	-72,850,000	-72,733,000	-70,670,000	-67,659,000	-66,781,000	-66,675,000	-62,451,000	-61,151,000	-58,274,000	-56,086,000	-55,314,000	-52,316,000	-49,685,000	-49,273,000	-48,947,000	-46,622,000	-44,321,000	-42,628,000	-41,079,000	-40,432,000	-33,028,000	-32,209,000	-31,678,000	-31,629,000	-31,588,000	-31,148,000	-31,026,000	-30,834,000	-30,202,000	-29,907,000	-29,313,000	-29,300,000	-27,655,000	-27,454,000	-25,698,000	-25,469,000	-23,767,000	-23,638,000	-20,115,000	-19,766,000	-19,460,000	-18,799,000	-18,014,000	-17,619,000	-17,510,000	-16,964,000	-16,925,000	-16,890,000	-16,852,000	-16,529,000	-16,001,000	-14,801,000			-12,928,000	-12,928,000	-12,910,000	-12,540,000	-12,799,000
net cash from financing activities	-81,092,000	-165,820,000	181,560,000	53,471,000	8,482,000	-107,806,000	60,744,000	-63,189,000	-97,010,000	29,684,000	49,654,000	27,217,000	-39,928,000	141,240,000	7,380,000	-21,607,000	-92,281,000	-439,458,000	338,492,000	-102,533,000	-28,663,000	-83,710,000	-41,638,000	118,841,000	278,974,000	54,529,000	-84,092,000	521,015,000	37,733,000	-24,207,000	199,045,000	164,105,000	-318,467,000	17,972,000	204,013,000	10,888,000	125,444,000	58,328,000	25,633,000	142,135,000	99,745,000	7,529,000	-279,739,000	598,308,000	-20,905,000	166,708,000	41,301,000	141,029,000	271,900,000	28,960,000	9,587,000	93,723,000	-19,437,000	-30,489,000	-24,628,000	-28,748,000	-18,501,000	-22,048,000	-39,543,000		-83,337,000	-8,711,000	87,757,000	147,276,000	69,077,000	176,221,000	40,333,000	37,314,000	89,300,000	-57,065,000	12,315,000	178,021,000	30,414,000	15,180,000	-5,771,000	-49,009,000	-3,431,000	30,613,000	2,602,000	43,856,000			4,389,000	-41,891,000	-20,984,000	-30,712,000	-10,338,000				-8,107,000
net decrease in cash, cash equivalents and restricted cash	-425,000				-3,538,000				-4,027,000			-74,000	-1,452,000																		249,813,000
cash, cash equivalents and restricted cash at beginning of period	5,822,000		0	0	9,062,000		0	0	5,155,000		0	0	6,778,000		0	0	171,322,000		0	0	267,236,000	0	0	1,112,000	0	0	114,267,000	0	0	1,364,000	0	0	294,540,000
cash, cash equivalents and restricted cash at end of period	5,397,000		151,945,000	1,224,000	5,524,000		161,710,000	15,674,000	1,128,000		93,011,000	-74,000	5,326,000		-12,000	-50,447,000	53,736,000		293,968,000	-61,673,000	311,231,000	70,300,000	7,177,000	217,383,000	351,479,000	-78,312,000	80,521,000	605,787,000	-2,117,000	4,002,000	249,813,000	-29,968,000	34,418,000
supplemental disclosure of cash flow information:
interest paid, net of amount capitalized	18,749,000	90,479,000	1,532,000	91,088,000	928,000	90,949,000	626,000	89,630,000	2,221,000	69,111,000	4,372,000	71,999,000	2,687,000	69,345,000	847,000	69,589,000	550,000	63,542,000	568,000	54,063,000	5,203,000	500,000	50,198,000	6,613,000	692,000	57,960,000	499,000	9,996,000	43,298,000	9,512,000	9,847,000	42,547,000	8,732,000	9,225,000	37,125,000	8,835,000	9,200,000	32,689,000	8,881,000	8,645,000	30,501,000	8,781,000	8,897,000	32,473,000	9,297,000	12,072,000	26,380,000	12,420,000	3,887,000	28,190,000	5,040,000	26,770,000	4,562,000	26,594,000	4,460,000		4,264,000	26,309,000	4,536,000	26,753,000	5,663,000	26,802,000	10,177,000					14,227,000	9,628,000	16,494,000	10,425,000
supplemental disclosure of noncash investing and financing activities:
change in other comprehensive income	1,873,000	638,000	480,000	352,000	168,000	460,000	450,000	610,000	632,000	628,000	620,000	616,000	607,000	604,000	595,000	592,000	583,000	579,000	-1,019,000	561,000	1,368,000									1,171,000	5,378,000	765,000	33,000	-1,655,000	1,680,000	694,000	8,983,000	233,000	141,000	41,000	2,506,000	2,439,000	-540,000	-109,000	815,000	-56,000	-381,000	55,000	29,000	-6,391,000	1,661,000	463,000	629,000	-91,000	149,000		-3,199,000	2,141,000	1,076,000	-563,000	633,000	397,000	1,221,000	-33,000	-5,101,000	1,137,000	375,000	1,588,000	-152,000	187,000	3,596,000
change in work in progress accrual	3,120,000	-11,598,000	-5,483,000	10,135,000	885,000	-4,919,000	-12,587,000	1,962,000	8,086,000
amortization of mortgages payable premium										0	0	0	-21,000	-22,000	-22,000	-22,000	-21,000	-20,000	-22,000	-22,000	-21,000	-21,000	-22,000	-21,000	-21,000	-22,000	-21,000	-21,000	-22,000	-21,000	-23,000	-21,000	-21,000	-37,000	-38,000	-51,000	-52,000	-52,000	-52,000	-20,000	-14,000	-15,000	-15,000	-14,000	-14,000
settlement of forward starting swaps		0	0															0				0	0	-13,141,000
decrease in receivables		-1,204,000	233,000	1,078,000	-602,000	-751,000	327,000	1,018,000	80,000	-1,507,000	104,000	213,000	337,000	-906,000	722,000	204,000	338,000	-1,026,000	1,485,000			14,519,000	-14,431,000	-1,340,000	-375,000	403,000	887,000	325,000	1,104,000	125,000	-1,287,000	903,000	307,000	-268,000	668,000	471,000	-242,000	191,000	1,044,000	-139,000	616,000	417,000	1,764,000	-183,000	-148,000	381,000	116,000	517,000	736,000	417,000	581,000		2,605,000	-2,446,000	766,000	-472,000	593,000	-24,000	844,000	1,049,000	-445,000			2,347,000	-79,000	2,054,000	-398,000	1,075,000	-1,192,000	-359,000	1,118,000	3,374,000	2,217,000	83,000	2,056,000					-1,180,000										193,000	329,000
increase in other liabilities		5,945,000	2,768,000			5,228,000	1,292,000			-4,028,000				-1,858,000														-904,000			-1,769,000																											1,264,000	-2,612,000	1,108,000			86,000					-617,000			41,000									-490,000			-14,343,000	938,000	-1,144,000	552,000	-175,000		-4,000	-27,000	553,000
repayment of mortgages payable										0	0	-9,774,000	-173,000	-170,000	-166,000	-163,000	-165,000	-161,000	-157,000	-156,000	-156,000	-149,000	-147,000	-147,000	-141,000	-140,000	-141,000	-134,000	-132,000	-134,000	-126,000	-126,000	-127,000	-135,000	-133,000	-6,857,000	-531,000	-717,000	-409,000	-271,000	-275,000	-279,000	-269,000	-266,000	-260,000	-18,454,000	-392,000	-288,000	-275,000	-269,000	-272,000	-263,000	-5,657,000	-280,000	-253,000	-258,000	-250,000	-245,000	-247,000	-308,000	-298,000	-293,000	-291,000	-286,000	-7,225,000	-451,000	-450,000	-439,000	-426,000	-419,000	-18,957,000	-910,000	-1,804,000	-970,000	-2,960,000	-3,983,000	-3,286,000	-1,021,000	-873,000	-748,000			-709,000	-679,000	-646,000	-606,000	-599,000				-519,000
proceeds from notes payable		0				0	0			0								0	439,578,000	0	441,594,000	0	0	692,646,000																0			0																					0												0	0							0	0
repayment of notes payable						0	0											0	0	0	-350,000,000	0	0	-325,000,000																0						0						0							-13,533,000	0	0	0	-100,000,000									-1,750,000	0			-20,000,000	0							0	0
net increase in cash, cash equivalents and restricted cash		-152,871,000	151,945,000			-169,450,000	161,710,000							3,501,000			-117,586,000	-372,204,000	293,968,000	-61,673,000	43,995,000	70,300,000	7,177,000	216,271,000	351,479,000	-78,312,000	-33,746,000	605,787,000	-2,117,000	2,638,000			-260,122,000
cash, cash equivalents and restricted cash at beginning of year
cash, cash equivalents and restricted cash at end of year
right-of-use asset recorded in connection with lease liability										0	0	0	6,401,000
decrease in accrued rental income			-631,000	425,000	-509,000	-302,000	-123,000	95,000	36,000	-5,957,000	-493,000	-534,000	-469,000	261,000	655,000	1,547,000	1,096,000	2,046,000	3,399,000	7,360,000	8,332,000																									-477,000													132,000
increase in other assets			1,370,000				545,000				221,000														852,000																																-109,000										668,000									-518,000	134,000	-1,161,000	89,000	-1,055,000			-31,000				-57,000				-13,000
noncontrolling interest distributions																									0												0	-228,000	-64,000	0	-24,000	-1,208,000							0	-12,000	-33,000	0	0	-851,000	-10,000	-227,000	-5,000	-43,000	-277,000
loss on early extinguishment of debt																		0	0	0	21,328,000	0	0	16,679,000
payment for early extinguishment of debt																		0	0	0	-21,328,000	0	0	-16,679,000
redemption of series f preferred stock
payment of series f preferred stock dividends																		-1,544,000	-4,485,000	-4,485,000	-4,485,000	-4,485,000	-4,485,000	-4,485,000	-4,485,000	-4,485,000	-4,485,000	-4,485,000	-4,485,000	-4,485,000	-4,485,000	-4,485,000	-4,485,000
noncontrolling interests distributions															0
work in progress accrual balance at end of period											15,512,000	7,175,000	13,974,000
work in progress accrual balance at the end of the period
mortgage receivable issued in connection with a real estate disposition
work in progress accrual balance																5,793,000	8,914,000	1,431,000	-112,000	1,637,000	4,739,000	-6,658,000	-7,790,000	24,579,000
additions to real estate accounted for using the operating method																		-98,579,000																																																														-28,602,000			-9,857,000	-3,467,000	-6,055,000	-17,485,000	-13,152,000				-68,000
redemption of series e preferred stock
payment of series e preferred stock dividends																									-4,097,000	-4,097,000	-4,097,000	-4,097,000	-4,097,000	-4,097,000	-4,097,000	-4,097,000	-4,097,000	-4,097,000	-4,097,000	-4,097,000	-4,097,000	-4,097,000	-4,097,000	-4,097,000	-4,097,000	-4,097,000
right-of-use assets recorded in connection with lease liabilities																									0	489,000	7,735,000
change in lease classification																															0	0	696,000				868,000	0	311,000							0	0	757,000	1,164,000
mortgage receivable issued in connection with real estate disposition
additions to real estate:
accounted for using the operating method																				-101,299,000	-106,490,000	-10,539,000	-14,683,000	-64,197,000	-126,980,000	-266,583,000	-112,130,000	-90,049,000	-150,083,000	-174,986,000	-72,433,000	-300,905,000	-98,058,000	-152,030,000	-358,996,000	-126,577,000	-243,206,000	-133,293,000	-151,319,000	-338,981,000	-96,528,000	-89,862,000	-84,540,000	-433,799,000	-51,431,000	-126,920,000	-96,178,000	-191,745,000	-322,859,000	-54,161,000	-57,512,000	-124,403,000	-83,522,000	-16,512,000	-6,491,000	-9,255,000	-9,601,000	-11,231,000	-14,346,000	-34,214,000						-333,423,000	-61,040,000
decrease in real estate leased to others using the direct financing method																						61,000	22,000	61,000	170,000	166,000	172,000	193,000	234,000	228,000	218,000	212,000	231,000	362,000	352,000	340,000	269,000	342,000	334,000	347,000	338,000	328,000	420,000	410,000	400,000	415,000	405,000	402,000	389,000	389,000	413,000	400,000	391,000	381,000	372,000	360,000	350,000	339,000	329,000	305,000	296,000	280,000	314,000	377,000	471,000	642,000	640,000	702,000	762,000	742,000	776,000	739,000	746,000	725,000	705,000	732,000	712,000											478,000	454,000	506,000	541,000
decrease in other comprehensive income																						-642,000	-638,000	7,234,000
mortgage receivable issued in connection with real estate transactions																						0
mortgage receivable accepted in connection with real estate transactions																								3,000,000	0	0	3,100,000										0	0	500,000	0			0										0	450,000	5,500,000
principal payments on mortgages and notes receivable																																		345,000	28,000	95,000	199,000	580,000	296,000	10,225,000	2,719,000	214,000	11,065,000	1,821,000	1,339,000	7,583,000	2,522,000	563,000
increase in other comprehensive income																									7,491,000	3,595,000	892,000	-3,523,000
decrease in accrued interest payable																																																																													1,165,000
impairment losses – real estate and other charges, net of recoveries																												3,635,000	3,835,000	2,248,000	78,000	-39,000	1,206,000	4,918,000
payment of debt costs																												-5,394,000	-74,000	-38,000	-3,065,000	-80,000	-92,000	0			0			121,000			-82,000						-2,544,000											-590,000	-37,000	-5,000	-5,181,000	-303,000	-2,125,000	-3,000	-22,000	0	-3,850,000	1,000	-15,000					0	0	-1,281,000	-169,000	773,000				-14,000	-374,000	-717,000	-40,000				-36,000
redemption of series d preferred stock																															0	0	-287,500,000
payment of series d preferred stock dividends																															0	0	-3,598,000	-4,762,000	-4,761,000	-4,762,000	-4,762,000	-4,761,000	-4,762,000	-4,762,000	-4,761,000	-4,762,000	-4,762,000	-4,761,000	-4,762,000	-4,762,000
taxes received																															0	0	-3,000
amortization of deferred interest rate hedges																														525,000	491,000	456,000	447,000	720,000	707,000	695,000	424,000	418,000	414,000	385,000	216,000	135,000	128,000	118,000	60,000	57,000	58,000	56,000	38,000	-42,000	-43,000	-42,000	-42,000	-40,000	-42,000	-40,000	-40,000	-39,000	-40,000	-38,000	-39,000	-39,000	-46,000	-44,000
earnings including noncontrolling interests																															61,129,000	58,409,000	73,648,000	50,772,000	51,933,000	70,676,000	55,256,000	46,191,000	54,038,000	47,972,000	45,583,000	43,841,000	44,342,000	37,606,000	33,903,000	37,991,000	33,475,000	29,824,000	22,608,000	21,270,000	20,853,000	14,210,000	21,195,000	21,650,000	16,298,000	-20,300,000	22,796,000
adjustments to reconcile earnings including noncontrolling interests to net cash from operating activities:
impairment – commercial mortgage residual interests valuation																																		5,978,000	632,000	220,000	53,000			21,000	77,000	158,000				0			0	267,000	129,000	147,000	0	165,000	3,683,000
change in operating assets and liabilities, net of assets acquired and liabilities assumed in business combinations:
increase in mortgages, notes and accrued interest receivable																																																				-203,000	-225,000	114,000	-153,000	355,000	-196,000	122,000	-291,000		-205,000	194,000	-479,000												-333,000	7,733,000	-500,000	-446,000	-544,000	-135,000					-191,000
decrease in mortgages, notes and accrued interest receivable																																		1,000	49,000	-24,000	2,000	12,000	59,000	291,000	-94,000	-137,000	471,000	-69,000	286,000			50,000			209,000													348,000	-344,000	-133,000	-172,000				-381,000		-242,000
transfers from (to) restricted cash and cash held in escrow
net decrease in cash and cash equivalents																																		3,545,000	-5,832,000	-5,456,000																						-285,000	-768,000
cash and cash equivalents at beginning of period																																		0	0	13,659,000	0	0	10,604,000										0	0	2,048,000		0	0	15,225,000		0	0	2,626,000		0	0	27,499,000		0	0	1,675,000		0	0	8,234,000		0	0	1,947,000		0	0	5,335,000				1,737,000		0	0	6,974,000		0	0	2,190,000
cash and cash equivalents at end of period																																		3,545,000	-5,832,000	8,203,000	167,000	-2,008,000	4,456,000										16,090,000	1,031,000	2,557,000		-47,823,000	20,589,000	31,243,000		21,678,000	-285,000	1,858,000		-2,359,000	-6,965,000	11,838,000		23,927,000	-54,045,000	56,561,000		4,529,000	-15,640,000	20,322,000		2,510,000	6,197,000	3,149,000		6,816,000	7,492,000	2,613,000				4,851,000		-652,000	-745,000	4,963,000		1,245,000	-3,355,000	11,454,000
taxes paid																																					28,000	80,000	116,000	41,000	74,000	27,000	95,000	98,000	19,000	47,000	63,000	15,000	-54,000	54,000	-541,000	42,000	125,000	217,000	88,000		79,000	132,000	74,000	795,000	543,000	1,179,000	924,000					321,000	1,401,000	232,000	-817,000
issued 281,870 and 279,712 shares of restricted and unrestricted common stock in 2016 and 2015, respectively, pursuant to nnn’s performance incentive plan
transfers from restricted cash and cash held in escrow
issued 278,671 and 274,693 shares of restricted and unrestricted common stock in 2016 and 2015, respectively, pursuant to nnn’s performance incentive plan
impairment losses, net of recoveries																																				572,000
transfers to restricted cash and cash held in escrow																																				-42,535,000
issued 274,512 and 270,735 shares of restricted and unrestricted common stock in 2016 and 2015, respectively, pursuant to nnn’s performance incentive plan																																				10,820,000
interest rate hedge payment																																								0
increase in mortgages and notes receivable																																								-2,115,000	-1,886,000	-3,245,000	-2,026,000	-321,000	-739,000	-907,000	-3,926,000	-3,935,000	-1,616,000	-2,845,000	-1,245,000	-62,000	-140,000			-250,000	0	0	-709,000	-409,000	0	-7,173,000	-22,352,000	-2,182,000	-27,539,000	-10,946,000	-4,221,000	-7,360,000	-1,394,000	-2,871,000	-6,746,000	-1,710,000	-9,835,000	-5,565,000	-628,000	-5,090,000	0	0	-1,767,000	-43,987,000
net increase in cash and cash equivalents																																					167,000	-2,008,000	-6,148,000	-80,454,000	79,432,000	4,441,000	-230,386,000	233,474,000	1,366,000	138,539,000	-126,000	951,000	16,090,000	1,031,000	509,000	-1,961,000	-47,823,000	20,589,000	16,018,000	-8,026,000				112,000	-2,359,000	-6,965,000	-15,661,000	1,056,000	23,927,000	-54,045,000	54,886,000	-7,536,000	4,529,000	-15,640,000	12,088,000	-3,622,000	2,510,000	6,197,000	1,202,000	-14,974,000	6,816,000	7,492,000	-2,722,000	244,000			3,114,000	-1,829,000	-652,000	-745,000	-2,011,000	-2,370,000	1,245,000	-3,355,000	9,264,000
issued 279,712 and 382,645 shares of restricted and unrestricted common stock in 2015 and 2014, respectively, pursuant to nnn’s performance incentive plan
issued 11,658 and 12,166 shares of common stock in 2015 and 2014, respectively, pursuant to nnn’s deferred director fee plan
mortgages payable assumed in connection with real estate transactions																																																				0	0	0	5,432,000
note receivable accepted in connection with real estate transactions																																								0	0	70,000																								0	170,000
impairment losses
decrease in other
issued 274,693 and 378,965 shares of restricted and unrestricted common stock in 2015 and 2014, respectively, pursuant to nnn’s performance incentive plan
issued 7,243 and 8,229 shares of common stock in 2015 and 2014, respectively, pursuant to nnn’s deferred director fee plan
impairment charges																																							1,028,000	77,000	89,000	459,000
issued 267,133 and 371,134 shares of restricted and unrestricted common stock in 2015 and 2014, respectively, pursuant to nnn’s performance incentive plan																																							8,285,000
issued 3,602 and 3,985 shares of common stock in 2015 and 2014, respectively, to directors pursuant to nnn’s performance incentive plan																																							154,000
issued 3,435 and 4,162 shares of common stock in 2015 and 2014, respectively, pursuant to nnn’s deferred director fee plan																																							66,000
additions to held for sale real estate																																											0	0	-1,029,000	-469,000	-87,000	-4,385,000
repayment of notes payable – convertible
proceeds from issuance of series e preferred stock																																											0
issued 371,134 and 298,896 shares of restricted and unrestricted common stock in 2014 and 2013, respectively, pursuant to nnn’s performance incentive plan																																								0	0	10,345,000
issued 11,511 and 12,186 shares of common stock in 2014 and 2013, respectively, to directors pursuant to nnn’s performance incentive plan
issued 12,166 and 9,044 shares of common stock in 2014 and 2013, respectively, pursuant to nnn’s deferred director fee plan
surrender of 241 shares of restricted common stock in 2013
cash and cash equivalents at beginning of year																																									0	1,485,000	0	0	2,076,000	0	0	2,082,000
cash and cash equivalents at end of year																																									79,432,000	5,926,000	-230,386,000	233,474,000	3,442,000	138,539,000	-126,000	3,033,000
issued 7,831 and 7,774 shares of common stock in 2014 and 2013, respectively, to directors pursuant to nnn’s performance incentive plan
issued 8,229 and 5,873 shares of common stock in 2014 and 2013, respectively, pursuant to nnn’s deferred director fee plan
payment of lease costs																																										-1,084,000	-234,000	-480,000	-255,000	-429,000	-539,000	-615,000	-190,000	-534,000	-138,000	-359,000	-279,000	-417,000	-269,000	-176,000	84,000	-334,000	-25,000	-353,000	-28,000	-318,000	-223,000	-1,539,000	-226,000	-400,000	-747,000	-1,145,000	-499,000	-723,000	-423,000	-654,000	-270,000	-83,000	-246,000	-64,000	-267,000	-151,000	-1,009,000	-429,000
issued 3,985 and 4,292 shares of common stock in 2014 and 2013, respectively, to directors pursuant to nnn’s performance incentive plan																																										132,000
issued 4,162 and 3,227 shares of common stock in 2014 and 2013, respectively, pursuant to nnn’s deferred director fee plan																																										66,000
impairment losses and other charges, net of recoveries																																											-1,000
equity in earnings of unconsolidated affiliate																																														-3,769,000	-155,000	-150,000	-108,000	-104,000	-109,000		-106,000	-109,000	-105,000		-105,000	-107,000	-103,000		-100,000	-101,000	-79,000
distributions received from unconsolidated affiliate																																														6,657,000	175,000	187,000	146,000	137,000	149,000		156,000	143,000	143,000		156,000	168,000	157,000		154,000	200,000	30,000
gain on note receivable and property foreclosure																																														0	-170,000	-28,000
increase in commercial mortgage residual interests																																																			-556,000				-15,000	853,000
increase in current tax liability																																											682,000	697,000	-799,000	-7,447,000	137,000	118,000				-74,000	-132,000	18,000	19,000	331,000	56,000	-2,000	47,000				1,031,000			-576,000	-144,000	-43,000	-1,238,000	434,000	1,805,000
cash received from commercial mortgage residual interests																																																											499,000	-34,000	528,000	778,000	2,319,000
return of investment from unconsolidated affiliate
payment of interest rate hedge																																											0						0															0
proceeds from issuance of series d preferred stock
redemption of series c preferred stock
payment of series c preferred stock dividends																																														0	0	-1,979,000	-1,697,000	-1,696,000	-1,696,000	-1,696,000	-1,697,000	-1,696,000	-1,696,000	-1,696,000	-1,697,000	-1,696,000	-1,696,000	-1,696,000	-1,697,000	-1,696,000	-1,696,000
issued 298,896 and 396,577 shares of restricted and unrestricted common stock in 2013 and 2012, respectively, pursuant to nnn’s performance incentive plan																																											0	314,000	7,904,000
issued 12,186 and 12,373 shares of common stock in 2013 and 2012, respectively, to directors pursuant to nnn’s performance incentive plan
issued 9,044 and 14,836 shares of common stock in 2013 and 2012, respectively, pursuant to nnn’s deferred director fee plan
surrender of 241 and of 4,712 shares of restricted common stock in 2013 and 2012, respectively
real estate acquired in connection with mortgage receivable foreclosure																																														0	0	490,000				1,900,000	0
real estate received in note receivable foreclosure																																														0
repayment of notes payable - convertible																																												-91,000	-20,565,000
issued 7,774 and 8,389 shares of common stock in 2013 and 2012, respectively, to directors pursuant to nnn’s performance incentive plan
issued 5,873 and 10,247 shares of common stock in 2013 and 2012, respectively, pursuant to nnn’s deferred director fee plan
surrender of 241 and of 4,178 shares of restricted common stock in 2013 and 2012, respectively
impairment losses and other charges																																													2,851,000	8,663,000	345,000	35,000
increase in work in process																																													-340,000	-336,000	-459,000	-430,000	-281,000	-253,000	-322,000		-175,000	-172,000	-152,000									-1,319,000	-1,350,000	-937,000	-611,000	-969,000			381,000
decrease in commercial mortgage residual interests																																													246,000	-113,000			-77,000				528,000
proceeds from issuance of preferred stock																																														0	0	287,500,000
redemption of preferred stock																																														0	0	-92,000,000
issued 4,292 and 4,122 shares of common stock in 2013 and 2012, respectively, to directors pursuant to nnn’s performance incentive plan																																													137,000
issued 3,227 and 5,317 shares of common stock in 2013 and 2012, respectively, pursuant to nnn’s deferred director fee plan																																													38,000
gain on disposition of real estate portfolio																																														-1,694,000	-2,438,000	-314,000
proceeds from disposition of held for sale real estate
proceeds from the disposition of real estate, investment portfolio																																														20,347,000	6,831,000	5,193,000	7,331,000	34,000	773,000	3,209,000	1,399,000	4,285,000	1,419,000	6,039,000	0	4,425,000	4,124,000	3,324,000	19,724,000	26,643,000	10,336,000	24,885,000	50,558,000	53,520,000	7,332,000	52,719,000	20,319,000	132,876,000	16,864,000	3,115,000	3,647,000	381,000	31,839,000
accounted for using the direct financing method																																																	0	0	-1,747,000
noncontrolling interest contributions																																																	0	0	41,000	15,000	17,000			0	0	0	152,000
issued 396,577 and 141,351 shares of restricted and unrestricted common stock in 2012 and 2011, respectively, pursuant to nnn’s performance incentive plan
issued 12,373 and 6,975 shares of common stock in 2012 and 2011, respectively, to directors pursuant to nnn’s performance incentive plan
issued 14,836 and 19,962 shares of common stock in 2012 and 2011, respectively, pursuant to nnn’s deferred director fee plan
surrender of 4,712 and of 5,215 shares of restricted common stock in 2012 and 2011, respectively
mortgage payable assumed in connection with real estate transaction																																														0
issued 396,577 and 139,351 shares of restricted and unrestricted common stock in 2012 and 2011, respectively, pursuant to nnn’s performance incentive plan																																															0	8,576,000
issued 8,389 and 4,623 shares of common stock in 2012 and 2011, respectively, to directors pursuant to nnn’s performance incentive plan
issued 10,247 and 13,879 shares of common stock in 2012 and 2011, respectively, pursuant to nnn’s deferred director fee plan
surrender of 4,178 and of 4,494 shares of restricted common stock in 2012 and 2011, respectively
decrease (increase) in commercial mortgage residual interests																																																283,000
decrease (increase) in accrued rental income																																																-537,000
issued 4,122 and 2,391 shares of common stock in 2012 and 2011, respectively, to directors pursuant to nnn’s performance incentive plan																																																112,000
issued 5,317 and 7,115 shares of common stock in 2012 and 2011, respectively, pursuant to nnn’s deferred director fee plan																																																74,000
stock option expense – tax effect																																																					0	0	122,000
impairment – real estate																																																								33,450,000	0			1,563,000	3,930,000	153,000	14,000	1,507,000	274,000	94,000	95,000	0	273,000
gain on disposition of real estate, investment portfolio																																																	-8,000	0	-30,000	-121,000	-636,000	-355,000	-22,000	-759,000	-1,000	-600,000	-1,032,000	-750,000	-2,644,000	2,563,000	-9,149,000	-9,752,000	-22,464,000	-22,646,000	-1,763,000	-22,764,000	-3,949,000	-59,501,000	-4,951,000	-104,000	89,000	-16,000	-9,785,000
gain on disposition of real estate, inventory portfolio																																																	0	0	-102,000	0	0	-854,000	-87,000	-1,000	-36,000	-12,000	-546,000	-1,000	-2,807,000	-5,980,000	-3,877,000	-1,924,000	-3,647,000	-1,893,000	-4,669,000	-2,540,000	-508,000	-3,129,000	-7,604,000
income tax valuation allowance																																																				2,856,000	0
additions to real estate, inventory portfolio																																																	-578,000	-120,000	-92,000	-81,000	-62,000	-327,000	-8,000	50,000	-495,000	87,000	-2,099,000	-873,000	-3,714,000	-10,167,000	-18,991,000	-121,632,000	-14,151,000	-14,636,000	-14,741,000	-68,172,000	-28,304,000	-61,158,000	-38,322,000	-73,253,000	-29,232,000	-15,858,000	-18,943,000
proceeds from disposition of real estate, inventory portfolio																																																	0	0	1,058,000	0	0	42,042,000	775,000	597,000	321,000	493,000	4,865,000	597,000	51,675,000	24,958,000	51,555,000	12,065,000	51,918,000	38,681,000	57,509,000	42,382,000	11,708,000	22,406,000	24,828,000	26,840,000	32,056,000	5,545,000	14,624,000
decrease accrued rental income																																																	-56,000	96,000	53,000				-270,000
increase in tax liability																																																	168,000	225,000	569,000
additions to real estate, investment portfolio:
principal payments on mortgages and notes																																																	2,831,000	645,000	1,462,000		4,668,000	9,067,000	291,000		2,084,000	449,000	542,000
acquired additional interest in controlled subsidiary
supplemental disclosure of non-cash investing and financing activities:
issued 141,351 and 392,474 shares of restricted and unrestricted common stock in 2011 and 2010, respectively, pursuant to nnn’s performance incentive plan
issued 6,975 and 7,912 shares of common stock in 2011 and 2010, respectively, to directors pursuant to nnn’s performance incentive plan
issued 19,962 and 18,605 shares of common stock in 2011 and 2010, respectively, pursuant to nnn’s deferred director fee plan
surrender of 5,215 shares of restricted stock in 2011
issued 139,351 and 392,474 shares of restricted and unrestricted common stock in 2011 and 2010, respectively, pursuant to nnn’s performance incentive plan																																																		0	3,407,000
issued 4,623 and 5,372 shares of common stock in 2011 and 2010, respectively, to directors pursuant to nnn’s performance incentive plan
issued 13,879 and 12,528 shares of common stock in 2011 and 2010, respectively, pursuant to nnn’s deferred director fee plan
surrender of 4,494 shares of restricted stock in 2011
gain on note receivable and property foreclosures																																																							-16,000
issued 2,391 and 2,949 shares of common stock in 2011 and 2010, respectively, to directors pursuant to nnn’s performance incentive plan																																																			59,000
issued 7,115 and 6,823 shares of common stock in 2011 and 2010, respectively, pursuant to nnn’s deferred director fee plan																																																			122,000
stock options expense – tax effect
equity in earnings of unconsolidated affiliates																																																																				-3,000	76,000	-228,000	33,000
distributions received from unconsolidated affiliates																																																																				-13,000	126,000	677,000	74,000	0	199,000	819,000	2,275,000	3,801,000	3,460,000	2,627,000	1,120,000	1,509,000			1,083,000
gain on extinguishment of debt																																																								0	0	-1,014,000	-2,418,000
deferred income taxes																																																							-89,000	-14,630,000	-1,093,000	-539,000	-387,000	-1,460,000	-1,636,000	-910,000	-1,587,000	-1,910,000	-639,000	-895,000	-1,146,000	-1,590,000	-2,306,000	-2,510,000	-1,960,000	-1,587,000	-465,000	-280,000	-606,000
decrease (increase) in work in process
decrease (increase) in receivables
decrease (increase) in other assets
investment in unconsolidated affiliate																																																													0	-68,000	-778,000
proceeds from notes payable – convertible																																																												0	0							0
repurchase of notes payable – convertible – debt component																																																								0	0
repurchase of notes payable – convertible – equity component																																																								1,000	0
repayment of notes payable – secured
issued 392,474, 262,546 and 225,517 shares of restricted and unrestricted common stock in 2010, 2009 and 2008, respectively, pursuant to nnn’s performance incentive plan
issued 10,092, 6,594 and 12,766 shares of common stock in 2010, 2009 and 2008, respectively, to directors pursuant to nnn’s performance incentive plan
issued 25,066, 41,604 and 26,879 shares of common stock in 2010, 2009 and 2008, respectively, pursuant to nnn’s deferred director fee plan
surrender of 2,520 shares of restricted common stock in 2008
transfer of real estate from inventory portfolio to investment portfolio
note and mortgage receivable accepted in connection with real estate transactions																																																									0				0	3,997,000	20,248,000
assets received in note receivable foreclosure																																																									0
note receivable foreclosures
loss on note receivable and property foreclosures																																																					0
deferred income tax expense																																																					96,000
increase accrued rental income																																																					-120,000
issued 392,474 and 262,546 shares of restricted and unrestricted common stock in 2010 and 2009, respectively, pursuant to nnn’s performance incentive plan																																																					0	-902,000	8,392,000
issued 7,912 and 5,108 shares of common stock in 2010 and 2009, respectively, to directors pursuant to nnn’s performance incentive plan
issued 18,605 and 31,756 shares of common stock in 2010 and 2009, respectively, pursuant to nnn’s deferred director fee plan
note receivable foreclosure
issued 5,372 and 3,601 shares of common stock in 2010 and 2009, respectively, to directors pursuant to nnn’s performance incentive plan
issued 12,528 and 22,143 shares of common stock in 2010 and 2009, respectively, pursuant to nnn’s deferred director fee plan
stock compensation expense																																																							1,113,000	1,020,000	1,016,000	1,017,000	1,119,000	694,000	735,000	674,000	485,000	531,000	538,000	532,000	490,000	436,000	437,000	1,890,000	407,000	954,000	285,000	441,000	291,000	318,000	206,000	157,000	297,000	300,000			214,000	177,000	178,000	237,000	262,000	158,000
issued 2,949 and 1,943 shares of common stock in 2010 and 2009, respectively, to directors pursuant to nnn’s performance incentive plan																																																							59,000
issued 6,823 and 11,785 shares of common stock in 2010 and 2009, respectively, pursuant to nnn’s deferred director fee plan																																																							93,000
loss on note receivable foreclosure
decrease in work in process																																																								521,000	-116,000	-688,000	-503,000	-652,000	-704,000	-207,000	1,610,000
restricted cash																																																																39,159,000	-1,452,000	-1,652,000	532,000	393,000	-3,021,000	-3,410,000	-358,000	13,736,000	-2,749,000
repayment of financing lease obligation
redemption of 1,781,589 shares of series a preferred stock																																																																0	0	0	-44,540,000
gain on note receivable foreclosure																																																									0
repayment of note payable – secured																																																													0
issued 262,546 and 225,517 shares of restricted and unrestricted common stock in 2009 and 2008, respectively, pursuant to nnn’s performance incentive plan
issued 5,108 and 9,316 shares of common stock in 2009 and 2008, respectively, to directors pursuant to nnn’s performance incentive plan
issued 31,756 and 15,829 shares of common stock in 2009 and 2008, respectively, pursuant to nnn’s deferred director fee plan
surrender of 2,520 shares of restricted stock in 2008
real estate acquired in connection with note receivable foreclosure
transfer of two real estate properties from inventory portfolio to investment portfolio
transfer of capital lease to operating lease
increase in mortgage residual interests
issued 262,546 and 225,467 shares of restricted and unrestricted common stock in 2009 and 2008, respectively, pursuant to nnn’s performance incentive plan																																																										0	4,290,000
issued 3,601 and 6,500 shares of common stock in 2009 and 2008, respectively, to directors pursuant to nnn’s performance incentive plan
issued 22,143 and 8,973 shares of common stock in 2009 and 2008, respectively, pursuant to nnn’s deferred director fee plan
real estate acquired in connection with foreclosure																																																												0	0
noncontrolling interests																																																											-30,000
issued 1,943 and 4,500 shares of common stock in 2009 and 2008, respectively, to directors pursuant to nnn’s performance incentive plan																																																											29,000
issued 11,785 and 4,032 shares of common stock in 2009 and 2008, respectively, pursuant to nnn’s deferred director fee plan																																																											152,000
minority interests																																																												183,000	125,000	-155,000	2,665,000	165,000	734,000	275,000	-31,000	76,000	-1,569,000	839,000	3,276,000	-5,727,000	1,607,000	-1,272,000	-462,000
gain on disposition of equity investment
proceeds from the disposition of equity investment
investment in unconsolidated affiliates																																																																409,000
payment of series a preferred stock dividends																																																																				-1,370,000	-1,002,000	-1,002,000	-1,002,000	-1,002,000	-1,002,000	-1,002,000	-1,002,000	-1,002,000	-1,002,000	-1,002,000	-1,002,000	-1,003,000
payment of series b convertible preferred stock dividends																																																																				0	0	0	-419,000	-419,000	-418,000	-419,000	-419,000	-419,000	-418,000
minority interest distributions																																																												-68,000	-304,000	-3,834,000	-1,277,000	-10,000				-2,225,000	-281,000	-264,000	-3,047,000
minority interest contributions																																																												0	0	28,000	13,000	25,000	90,000			0	1,000
net cash provided (used in) by financing activities
issued 225,517, 211,118 and 79,500 shares of restricted and unrestricted common stock in 2008, 2007 and 2006, respectively, pursuant to nnn’s performance incentive plan
converted 10,000 shares of series b convertible preferred stock to 1,293,996 shares of common stock in 2006
issued 12,766, 7,750 and 14,062 shares of common stock in 2008, 2007 and 2006, respectively to directors pursuant to nnn’s performance incentive plan
issued 26,879, 16,346 and 33,379 shares of common stock in 2008, 2007 and 2006, respectively pursuant to nnn’s deferred director fee plan
surrender of 2,520 and 8,600 shares of restricted common stock in 2008 and 2007, respectively																																																												0
dividends on unvested restricted stock shares
note and mortgage notes receivable accepted in connection with real estate transactions
assignment of mortgage payable in connection with the disposition of real estate
interest rate hedge
impairment – commercial mortgage residual interests valuation adjustment																																																													0	0	758,000
decrease in current tax liability																																																													-442,000
mortgage and notes payments received																																																													23,673,000	32,256,000	2,350,000					1,476,000	2,648,000	28,826,000	6,125,000	2,462,000	5,094,000	4,937,000	4,353,000	13,962,000	1,421,000	4,047,000	3,871,000	607,000			459,000			537,000	741,000
issued 225,517 and 211,118 shares of restricted and unrestricted common stock in 2008 and 2007, respectively, pursuant to nnn’s performance incentive plan
issued 9,316 and 5,750 shares of common stock in 2008 and 2007, respectively, to directors pursuant to nnn’s performance incentive plan
issued 15,829 and 12,438 shares of common stock in 2008 and 2007, respectively, pursuant to nnn’s deferred director fee plan
additions to real estate, investment portfolio: accounted for using the operating method																																																														-91,235,000	-165,538,000
issued 225,467 and 211,118 shares of restricted and unrestricted common stock in 2008 and 2007, respectively, pursuant to nnn’s performance incentive plan																																																														0	3,795,000
issued 6,500 and 3,750 shares of common stock in 2008 and 2007, respectively to directors pursuant to nnn’s performance incentive plan
issued 8,973 and 8,616 shares of common stock in 2008 and 2007, respectively pursuant to nnn’s deferred director fee plan
surrender of 7,800 shares of restricted common stock in 2007
proceeds from notes payable - convertible																																																															234,035,000
repayment of note payable - secured																																																															-12,000,000
issued 4,500 and 1,874 shares of common stock in 2008 and 2007, respectively to directors pursuant to nnn’s performance incentive plan																																																															97,000
issued 4,032 and 4,282 shares of common stock in 2008 and 2007, respectively pursuant to nnn’s deferred director fee plan																																																															72,000
surrender of 7,100 shares of restricted common stock in 2007																																																																			147,000
extraordinary gain
business combination, net of cash acquired																																																																												0	0	0	1,068,000
acquisition of 1.3 percent interest in services																																																																								0	0
issued 206,718, 79,500 and 223,468 shares of restricted and unrestricted common stock in 2007, 2006 and 2005, respectively, pursuant to nnn’s performance incentive plan
issued 7,750 and 14,062 shares of common stock in 2007 and 2006, respectively to directors pursuant to nnn’s performance incentive plan
issued 16,346 and 33,379 shares of common stock in 2007 and 2006, respectively pursuant to nnn’s deferred director fee plan
surrender of 8,600 and 30,135 shares of restricted common stock in 2007 and 2005, respectively
issued 1,636,532 shares of common stock in connection with the acquisition of national properties corporation (“nape”) in 2005
accretion income on mortgage residual interests																																																																	-1,126,000	-1,144,000	-1,244,000
impairment – mortgage residual interests valuation adjustment																																																																				0
additions to real estate, investment portfolio, accounted for using the operating method																																																																					-116,527,000	-99,210,000	-35,649,000		-46,190,000	-20,110,000	-45,828,000
investment in direct financing leases
mortgage and note payments received																																																																	5,465,000	1,495,000	2,846,000
cash received from mortgage residual interests																																																																	2,153,000	3,489,000	3,333,000
repayment of notes payable - secured																																																																	0
payment of series c redeemable preferred stock dividends																																																																	-1,697,000	-1,696,000	-1,696,000
issued 206,718 and 79,500 shares of restricted and unrestricted common stock in 2007 and 2006, respectively, pursuant to nnn’s performance incentive plan
converted 10,000 shares of series b convertible preferred stock to 1,293,996 shares of common stock																																																																				0	0
issued 12,438 and 30,979 shares of common stock in 2007 and 2006, respectively, pursuant to nnn’s deferred director fee plan
issued 5,750 and 10,318 shares of common stock in 2007 and 2006, respectively, to directors pursuant to nnn’s performance incentive plan
surrender of 8,600 shares of restricted common stock in 2007
note and mortgages receivable accepted in connection with real estate transactions
disposition of real estate held for sale and transfer of related mortgage payable																																																																												0
transfer of six real estate properties from inventory portfolio to investment portfolio
amortization of deferred interest rate hedge gains																																																																		-90,000	-90,000	-87,000	-88,000	-84,000	-86,000
issued 206,718 and 79,500 shares of restricted and unrestricted common stock in 2007 and 2006, respectively, pursuant to the company’s performance incentive plan
issued 8,616 and 28,589 shares of common stock in 2007 and 2006, respectively, pursuant to the company’s deferred director fee plan
issued 3,750 and 6,566 shares of common stock in 2007 and 2006, respectively, to directors pursuant to the company’s performance incentive plan
issued 206,718 shares of restricted and unrestricted common stock in 2007 pursuant to the company’s 2000 performance incentive plan																																																																			4,214,000
issued 4,282 and 26,175 shares of common stock in 2007 and 2006, respectively, pursuant to the company’s deferred director fee plan																																																																			91,000
transition costs
decrease in mortgage residual interests																																																																				2,375,000	3,613,000	4,943,000	5,954,000	3,211,000	5,214,000
increase in mortgages and other receivables from unconsolidated affiliates																																																																												-26,100,000	-18,200,000	-38,800,000	-32,500,000	-45,128,000
payments received on mortgages and other receivables from unconsolidated affiliates																																																																												53,100,000	20,500,000						24,350,000
proceeds from mortgages payable																																																																																				0	0
proceeds from forward starting interest rate swap																																																																												0	0
proceeds from financing lease obligation																																																																												0
issued 79,500, 223,468 and 205,579 shares of restricted and unrestricted common stock in 2006, 2005 and 2004, respectively, pursuant to the company’s 2000 performance incentive plan, including grants in connection with transition costs
issued 14,062 shares of common stock in 2006 to directors pursuant to the company’s 2000 performance incentive plan
issued 33,379 shares of common stock in 2006 pursuant to the company’s deferred director fee plan
surrender of 30,135 and 29,926 shares of restricted common stock in 2005 and 2004, respectively
dividends or unvested restricted stock shares
acquisition of real estate held for investment and assumption of related mortgage payable																																																																												405,000	0
issued 953,551 shares of common stock in exchange for a partnership interest
issued 1,636,532 shares of common stock in connection with the acquisition of national properties corporation																																																																								-1,000	0
extraordinary gain, net of income tax expense
business combinations, net of cash acquired																																																																									0
issued 79,500 and 103,400 shares of restricted common stock in 2006 and 2005, respectively, pursuant to the company’s 2000 performance incentive plan
issued 30,979 shares of common stock in 2006 pursuant to the company’s deferred director fee plan
issued 10,318 shares of common stock in 2006 to directors pursuant to the company’s 2000 performance incentive plan
note and mortgage notes accepted in connection with real estate transactions																																																																											1,015,000
mortgage note received in connection with real estate disposition																																																																									400,000
disposition of real estate and transfer of related mortgage payable																																																																									0	0	406,000
surrender 28,535 shares of restricted common stock in 2005
impairment – mortgage residual interests																																																																						842,000	1,820,000
issued 79,500 and 102,900 shares of restricted common stock in 2006 and 2005, respectively, pursuant to the company’s 2000 performance incentive plan
issued 28,589 shares of common stock in 2006 pursuant to the company’s deferred director fee plan
issued 6,566 shares of common stock in 2006 to directors pursuant to the company’s 2000 performance incentive plan
surrender 5,850 shares of restricted common stock in 2005
issued 92,900 shares of restricted common stock in 2005 pursuant to the company’s 2000 performance incentive plan																																																																											1,753,000
issued 26,175 shares of restricted common stock in 2006 pursuant to the company’s deferred director fee plan																																																																							46,000
surrender 5,850 shares of restricted common stock
impairment—real estate
impairment—mortgage residual interests
equity in earnings of unconsolidated affiliates, net of deferred intercompany profits																																																																								82,000	-1,481,000	1,344,000	-1,154,000	-1,110,000	-1,343,000						-827,000	-3,070,000	464,000	-709,000	-599,000	-1,039,000	429,000	1,046,000	1,502,000
consideration due to the dissenting shareholders in connection with the merger of captec net lease realty, inc. (“captec”) in december 2001
proceeds from issuance of series b convertible preferred stock
supplemental disclosure of cash flow information—interest paid, net of amount capitalized
issued 223,468, 205,579 and 76,407 shares of restricted and unrestricted common stock in 2005, 2004 and 2003, respectively, pursuant to the company’s 2000 performance incentive plan, including grants in connection with transition costs
common and preferred stock dividends for non-dissenting, unexchanged shares held by the company in connection with the merger of captec																																																																																-2,000			3,000
cash consideration for non-dissenting, unexchanged shares held by the company in connection with the merger of captec
surrender of 30,135 shares of restricted common stock
adjustment to reconcile net earnings to net cash from operating activities:
impairments																																																																									422,000
amortization of deferred interest rate hedge gain																																																																									-163,000	0	-80,000		-79,000	-143,000	-157,000	-153,000			-146,000	-142,000	-141,000	-137,000	-135,000				-126,000
extraordinary gain, net of taxes																																																																									0
gain on dispositions of real estate, inventory portfolio																																																																									-11,580,000	-2,969,000	-2,531,000
increase in work in progress																																																																														-435,000	-611,000
supplemental disclosure of cash flow information – interest paid, net of amount capitalized																																																																									8,884,000	9,688,000	7,645,000
issued 103,400 and 185,211 shares of restricted common stock in 2005 and 2004, respectively, pursuant to the company’s 2000 performance incentive plan
surrender of 28,535 shares of restricted common stock
note and mortgage notes assumed in connection with real estate transactions																																																																									0
issued 953,551 shares of common stock in 2004 in exchange for partnership interest
decrease in work in progress																																																																										708,000	111,000
issued 102,900 and 185,211 shares of restricted common stock in 2005 and 2004, respectively, pursuant to the company’s 2000 performance incentive plan
surrender of 5,850 shares of restricted common stock																																																																										0	93,000
common and preferred stock dividends for non-dissenting, unexchanged shares held by the company in connection with the merger of captec net lease realty, inc.
issued 953,551 shares of common stock in exchange for partnership interest
adjustment to reconcile net earnings to net cash from operating activities
impairment																																																																											1,990,000
acquisition of 1.3% interest in services																																																																											-829,000
provision for loss on impairment of real estate																																																																																				0
minority interest																																																																												168,000	1,624,000	32,000	4,000
gain on disposition of real estate, held for investment
income taxes
additions to real estate, held for sale																																																																												-15,296,000	-19,334,000
proceeds from disposition of real estate, held for sale																																																																												31,288,000	39,991,000
gain on disposition of real estate, held for sale																																																																												-8,472,000	-9,807,000
proceeds from the disposition of real estate, held for investment																																																																												12,965,000	5,671,000
additions to real estate, held for investment:
issued 205,579, 76,407 and 64,000 shares of restricted common stock in 2004, 2003 and 2002, respectively, in pursuant to the company’s 2000 performance incentive plan, including grants in connection with transition costs
liability for the consideration due to the dissenting stockholders in connection with the merger of captec
issued 953,551 shares of common stock in 2004 in exchange for a partnership interest																																																																												-1,000	0	0	17,450,000
note receivable issued in connection with sale of entity
gain on disposition of real estate held for investment																																																																															-426,000
transition expense																																																																													52,000
additions to real estate held for investment accounted for using the operating method																																																																													-32,359,000
proceeds from issuance of series b preferred stock																																																																																0
supplemental disclosure of cash flow information — interest paid, net of amount capitalized
issued 204,711 and 76,407 shares of restricted common stock in 2004 and 2003, in pursuant to the company’s 2000 performance incentive plan, including grants in connection with transaction costs
mortgage note accepted in connection with the sale of real estate
note accepted in connection with the termination of a lease
loss on disposition of real estate held for investment
deferred taxes																																																																														-255,000	445,000
issued 185,211 and 76,407 shares of restricted common stock in 2004 and 2003, in connection with the company’s 2000 performance incentive plan
issued 23,633 shares of common stock on june 30, 2003 related to the exercise of stock options; payment was received in july 2003
adjustments to reconcile net earnings to net cash from
operating activities:
equity in earnings of unconsolidated affiliates, net of deferred
intercompany profits																																																																															-1,335,000
change in operating assets and liabilities, net of assets acquired and
liabilities assumed in business combinations:
additions to real estate held for sale																																																																															-13,406,000
proceeds from disposition of real estate held for sale																																																																															12,252,000
gain on disposition of real estate held for sale																																																																															-3,380,000
decrease in real estate leased to others using the direct financing
method																																																																															649,000
proceeds from the disposition of real estate held for investment																																																																															1,824,000
additions to real estate held for investment accounted for using the
operating method																																																																															-15,820,000
payments received on mortgages and other receivables from unconsolidated
affiliates																																																																															24,800,000
see accompanying notes to condensed consolidated financial statements. 4
commercial net lease realty, inc. and subsidiaries condensed consolidated statements of cash flow- continued
payment of series b preferred stock dividends																																																																															-419,000	-418,000
supplemental disclosure of cash flow information - interest paid, net of amount
capitalized																																																																															6,430,000
issued 70,407 shares of restricted common stock in 2003, in connection with
the company's 2000 performance incentive plan
common and preferred stock dividends for non-dissenting, unexchanged shares
held by the company in connection with the merger of captec																																																																															4,000
acquisition of real estate held for investment and assumption of related
mortgage payable																																																																															6,952,000
see accompanying notes to condensed consolidated financial statements. 5
adjustments to reconcile net earnings to net cash from operating
activities:
expenses incurred in acquiring advisor from related party																																																																																								10,429,000	1,462,000	357,000	334,000
changes in assets and liabilities net of the effects of the acquisition
of captec net lease realty, inc. ("captec") in december 2001:
additions to real estate accounted for using the direct financing method																																																																																				0	0	0	-3,201,000
contributions to unconsolidated affiliates																																																																																0				-7,500,000	0
captec acquisition, net of cash received
consideration paid to the dissenting shareholders in connection
with the merger of captec
payment of stock issuance costs
supplemental disclosure of cash flow information - interest paid, net of amount capitalized																																																																																8,325,000			5,790,000	7,372,000	6,098,000	6,221,000	6,428,000
supplemental disclosure of non-cash investing and financing activities: issued 1,999,974 shares of preferred stock and 4,349,918 shares of common stock in 2001 in connection with the merger of captec
issued 973,920 shares of common stock in 2001 in connection with the acquisition of the company's advisor
issued 76,407, 64,000 and 239,000 shares of restricted common stock in 2003, 2002 and 2001, respectively, in connection with the company's 2000 performance incentive plan
real estate and other assets contributed to unconsolidated affiliate in exchange for additional equity
loss on disposition of real estate
consideration paid to the dissenting shareholders in connection with the merger of captec net lease realty, inc. ("captec") in december 2001
commercial net lease realty, inc. and subsidiaries condensed consolidated statements of cash flows — continued
issued 76,407 and 64,000 shares of common stock in 2003 and 2002,
respectively, in connection with the company's 2000 performance incentive plan
liability for the consideration due to the dissenting shareholders in connection with the merger of captec
mortgage note accepted in connection with sale the of real estate
note accepted in connection with termination of a lease
net earnings available to common stockholders
as reported:
less total stock-based employee compensation
expense determined under the fair value
based method
pro forma net earnings available to common
stockholders
earnings available to common stockholders per
common share as reported:
basic
diluted
pro forma earnings available to common
stockholders per common share:
increase in mortgages and other receivable from unconsolidated affiliates																																																																																			-28,112,000	-31,041,000	-19,212,000	-39,236,000	-31,080,000				-21,209,000
see accompanying notes to condensed consolidated financial statements. 3
commercial net lease realty, inc. and subsidiaries condensed consolidated statements of cash flows - continued
payment of preferred stock dividends																																																																																			-1,003,000	-1,002,000	-1,018,000	-1,002,000	-985,000
cumulative effect of change in accounting principle
changes in assets and liabilities net of the effects of the acquisition of captec net lease realty, inc. in 2001:
decrease in leasehold interests
proceeds from the sale of real estate
captec net lease realty, inc. acquisition, net of cash received
repurchase of common stock
issued 1,999,974 shares of preferred stock and 4,349,918 shares of common stock in 2001 in connection with the merger of captec net lease realty, inc.
issued 973,920 and 150,158 shares of common stock in 2001 and 2000, respectively, in connection with the acquisition of the company’s advisor
issued 64,000 and 239,000 shares of common stock in 2002 and 2001, respectively, in connection with the company’s 2000 performance incentive plan
preferred stock dividends for non-dissenting, unexchanged shares held by the company in connection with the merger of captec
common stock dividends for non-dissenting, unexchanged shares held by the company in connection with the merger of captec
mortgage notes accepted in connection with the disposition of real estate
real estate and other assets contributed to unconsolidated affiliate in exchange for additional paid in capital
payments received on mortgages and notes receivable
payments received from unconsolidated affiliates																																																																																					23,254,000	60,511,000	36,579,000	51,361,000	13,975,000	10,949,000	6,221,000
contribution to unconsolidated affiliates
see accompanying notes to consolidated financial statements. - 36 -
commercial net lease realty, inc. and subsidiaries consolidated statements of cash flows, continued
proceeds from termination of interest rate hedge
payment of dividends																																																																																											-9,594,000
issued 1,999,974 shares of preferred stock and 4,349,918 shares of common stock in 2001 in connection with the merger
issued 973,920, 150,158 and 798,109 shares of common stock in 2001, 2000 and 1999, respectively, in connection with the acquisition of the company’s advisor
issued 239,000 shares of common stock in 2001 in connection with the company’s 2000 performance incentive plan
mortgage notes accepted as payment for mortgage receivable from unconsolidated affiliate
mortgage note issued in connection with the acquisition of real estate
real estate and other assets contributed to unconsolidated affiliate in exchange for:
non-voting common stock
additional paid in capital
mortgage receivable
see accompanying notes to condensed consolidated financial statements. - 37 -
decrease in mortgages and accrued interest receivable																																																																																											180,000
decrease in accounts payable and accrued expenses
contribution to unconsolidated affiliate
increase in mortgages receivable
mortgage payments received																																																																																									2,364,000	62,000	780,000
nine months ended september 30,
supplemental schedule of non-cash investing and financing activities:
issued 174,793 and 105,399 shares of common stock in 2001 and 2000, respectively, in connection with the acquisition of the company's advisor
issued 239,000 shares of common stock in 2001 in connection with the company's 2000 performance incentive plan
increase in accounts payable and accrued expenses																																																																																										679,000	86,000
six months ended june 30,
issued 63,282 and 77,470 shares of common stock in 2001 and 2000, respectively, in connection with the acquisition of the company's advisor
quarter ended march 31,
issued 32,542 and 50,711 shares of common stock in 2001 and 2000, respectively, in connection with the acquisition of the company's advisor																																																																																											334,000

National Retail Properties, Inc(NYSE:NNN)

National Retail Properties, Inc
(NYSE:NNN)