| NNN Reit, Inc. | |
| Former Name: | National Retail Properties, Inc. |
| Type: | Public company |
| Industry: | Real estate investment trust |
| Founded: | (as Golden Corral Realty Corp.) |
| Hq Location: | Orlando, Florida, U.S. |
| Products: | Freestanding retail properties |
| Revenue: | (2019) |
| Net Income: | US$0.299 billion (2019) |
| Assets: | US$8.500 billion (2019) |
| Equity: | US$4.332 billion (2019) |
| Num Employees: | 70 (2020) |
| Footnotes: | [1] |
NNN Reit, Inc. is a real estate investment trust that invests primarily in high-quality properties that are subject to long-term NNN leases. It is organized in Maryland with its principal office in Orlando, Florida.[1]
As of December 31, 2019, the company owned 3,118 properties containing 32.5 million square feet, 17.6% of the company's revenue was from properties in Texas, and 8.8% of the company's revenue was from properties in Florida.
The company was formed in 1984 as Golden Corral Realty Corp. as a way for the owners of the Golden Corral restaurant chain to allow employees to invest in the company.[2] [3]
In 1993, the company split from Golden Corral, and changed its name to Commercial Net Lease Realty.[2] The company also moved its listing to the New York Stock Exchange.[4]
On January 1, 1998, the company merged with its former external adviser, CNL Realty Advisor Inc., and became a self-advised, self-managed REIT.[5]
In February 2004, Craig Macnab was named chief executive officer of the company.[6] In May 2004, he was also named president.[7]
In 2005, the company acquired National Properties Corporation for $61 million.[8]
In May 2006, the company changed its name to National Retail Properties, Inc.[9]
In 2015, the company acquired 19 Frisch's restaurants in the Cincinnati, Ohio area for $47 million in a leaseback transaction.[10]
In April 2017, Craig Macnab retired and Jay Whitehurst became CEO & President of the company.[11] [12]