0001193125-16-730049.txt : 20161004 0001193125-16-730049.hdr.sgml : 20161004 20161004100503 ACCESSION NUMBER: 0001193125-16-730049 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20161004 ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20161004 DATE AS OF CHANGE: 20161004 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NATIONAL RETAIL PROPERTIES, INC. CENTRAL INDEX KEY: 0000751364 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 561431377 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-11290 FILM NUMBER: 161917398 BUSINESS ADDRESS: STREET 1: 450 S ORANGE AVE STREET 2: SUITE 900 CITY: ORLANDO STATE: FL ZIP: 32801 BUSINESS PHONE: 407-666-7348 MAIL ADDRESS: STREET 1: 450 SOUTH ORANGE AVE STREET 2: SUITE 900 CITY: ORLANDO STATE: FL ZIP: 32801 FORMER COMPANY: FORMER CONFORMED NAME: COMMERCIAL NET LEASE REALTY INC DATE OF NAME CHANGE: 19930510 FORMER COMPANY: FORMER CONFORMED NAME: CNL REALTY INVESTORS INC /DE/ DATE OF NAME CHANGE: 19930429 FORMER COMPANY: FORMER CONFORMED NAME: CNL REALTY INVESTORS INC DATE OF NAME CHANGE: 19920831 8-K 1 d196698d8k.htm 8-K 8-K

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 4, 2016

 

 

NATIONAL RETAIL PROPERTIES, INC.

(Exact name of registrant as specified in its charter)

 

 

 

Maryland   001-11290   56-1431377

(State or other jurisdiction

of incorporation)

  

(Commission

File Number)

  

(IRS Employer

Identification No.)

450 South Orange Avenue

Suite 900

Orlando, Florida

   32801
(Address of principal executive offices)   (Zip Code)

Registrant’s telephone number, including area code (407) 265-7348

Not applicable

(Former name or former address, if changed since last report.)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 

Item 8.01 Other Events.

 

(a) Recent Developments

On October 4, 2016, National Retail Properties, Inc. commenced an underwritten public offering of depositary shares, each representing a 1/100th interest in a share of its Series F Cumulative Redeemable Preferred Stock, par value $0.01 per share. The prospectus supplement filed with the Securities and Exchange Commission in connection with the offering contained the following disclosure:

“Impairment Charge. In September 2016, we received notice from the loan servicers of four of the seven securitization trusts in which we hold a residual interest (the “Residuals”) that the servicers were exercising their “clean-up call” option under the applicable securitization agreements pursuant to which the servicers will effectively purchase all of the four securitization trusts’ assets, thereby terminating future cash distributions payable to us as the holder of the residual interests under these securitization trusts. The valuation of our investment in the Residuals presented on our balance sheet is based on the present value of projected future cash flows, which was approximately $10.6 million as of June 30, 2016, or less than 0.2% of our total assets. As a result of this event and in accordance with accounting requirements under U.S. generally accepted accounting principles, we anticipate that we will record a non-cash impairment charge in the range of $6 million to $7 million on our Residuals in the third quarter of 2016. The anticipated non-cash impairment charge will have no impact on our core funds from operations (“Core FFO”) or our adjusted funds from operations (“AFFO”).”

The exhibit listed in the following index relates to the Registration Statement on Form S-3 (No. 333-202237) of the registrant and is filed herewith for incorporation by reference into such Registration Statement.

This Current Report on Form 8-K shall not constitute an offer to sell or the solicitation of an offer to buy securities, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.

 

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

 

12.1    Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

NATIONAL RETAIL PROPERTIES, INC.
By:  

/s/ Kevin B. Habicht

Name:   Kevin B. Habicht
Title:   Executive Vice President,
  Chief Financial Officer,
  Assistant Secretary and Treasurer

Dated: October 4, 2016

EX-12.1 2 d196698dex121.htm EX-12.1 EX-12.1

NATIONAL RETAIL PROPERTIES, INC. AND SUBSIDIARIES

EXHIBIT 12

COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

(dollars in thousands)

 

    For the Six
Months Ended
June 30, 2016		     2015     2014     2013     2012     2011  

Pretax income from continuing operations before income from equity investees

   $ 122,641      $ 208,386      $ 191,289      $ 155,631      $ 117,333      $ 91,389   

Add:

            

Fixed charges (excluding capitalized interest)

     47,572        89,973        85,514        85,912        83,937        80,357   

Distributed income from equity investees

     —          —          —          —          8,239        593   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Pretax earnings from operations, as adjusted

   $ 170,213      $ 298,359      $ 276,803      $ 241,543      $ 209,509      $ 172,339   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fixed Charges:

            

Interest on indebtedness

   $ 44,079      $ 84,080      $ 80,370      $ 79,175      $ 76,153      $ 70,022   

Capitalized interest

     827        2,383        1,628        1,369        1,540        1,213   

Amortization of net discount relating to indebtedness

     593        1,100        1,238        3,188        4,975        6,191   

Amortization of interest rate hedges

     1,402        1,902        1,129        438        231        9   

Amortization of deferred charges

     1,498        2,891        2,777        3,111        2,578        4,135   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fixed charges

   $ 48,399      $ 92,356      $ 87,142      $ 87,281      $ 85,477      $ 81,570   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ratio of net earnings to fixed charges

     3.52        3.23        3.18        2.77        2.45        2.11   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fixed charges

   $ 48,399      $ 92,356      $ 87,142      $ 87,281      $ 85,477      $ 81,570   

Preferred stock dividends

     17,717        35,434        35,434        27,923        17,428        6,785   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Combined fixed charges and preferred stock dividends

   $ 66,116      $ 127,790      $ 122,576      $ 115,204      $ 102,905      $ 88,355   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ratio of earnings to combined fixed charges and preferred stock dividends

     2.57        2.33        2.26        2.10        2.04        1.95