National Retail Properties Collects Roughly 95.7 Pct Of Rent

National Retail Properties, Inc. reported on Friday (Feb. 12) as part of its financial results that it had collected roughly 95.7 percent of the rent originally due for the quarter that ended Dec. 31, 2020 as of Jan. 31, 2021, according to an announcement.

The company reported as part of its highlights for the quarter ending Dec. 31, 2020 that it sold 13 properties with $12 million in net proceeds, making $2.6 million of gains on sales of a 7.2 percent cap rate. It also landed $60.1 million in net proceeds from the issuance of 1,501,322 of common shares.

As for its overall results, National Retail Properties reported 33 cents in net earnings per common share on revenues of $163.28 million for the quarter that ended Dec. 31, 2020.

“National Retail Properties posted solid fourth-quarter results, with continued high occupancy, strong rent collections and renewed acquisition volume, all bolstered by a fortress-like balance sheet. The value of our consistent, long-term focus was never more apparent than in 2020, as our team of experienced associates addressed the challenges and opportunities of the COVID-19 pandemic and related economic turmoil,” CEO Jay Whitehurst said in the announcement.

National Retail Properties said in the announcement that it mainly invests in “high-quality retail properties subject generally to long-term, net leases.” The company owned more than 3,140 properties in 48 states with roughly 32.5 million square feet in gross leasable area and a weighted average remaining lease term of 10.7 years as of Dec. 31, 2020.

“The majority of our properties are located in suburban markets, largely in the southern half of the United States, which have been somewhat less impacted by the pandemic than urban city centers. We’re pleased to see that many of our tenants’ businesses are bouncing back more quickly than we had initially anticipated,” Whitehurst said in an earnings call.

National Retail Properties Inc. previously said in 2020 that 84 percent of July rent had been paid in an Aug. 3 filing with the SEC.