国民零售物业NationalRetailProperties-201505_Investor Update.pdf

Single Tenant Retail Property REIT with 25 Consecutive Years of Dividend Increases Investor Update May 2015 NNN’s Unique Long Term Strategy Consistent Predictable Earnings Growth with Low Volatility Strong Investment Grade Balance Sheet Elite Level Long-Term Total Returns 4 Summary – Attributes, Advantages Risk Mitigation  High quality portfolio produces consistent results  High occupancy through cycle  Strong lease renewal rates with very little capital expenditure (not buying-up rent)  Long term, net leases adds stability to operating results  Quality comes from sustainable rents (market rent is barometer)  Balance sheet conservatism  In place long before 2008-09 (no dilutive equity issuances needed)  Below average leverage and strong liquidity to weather all environments  Unencumbered portfolio  No reliance on short term debt to drive per share results  Fixed rate debt focused to mitigate rising rate risks  Existing scale provides  High diversification (2,000+ properties)  Top exposure to every single-tenant retail acquisition prospect in sector  Low cost of capital relative to competitors  Indicators of competitive advantage  Equity multiple, credit spreads, dividend yield, etc.  Institutional ownership  Track record of annual dividend increases (25 years) 5 Summary – Attributes, Advantages Risk Mitigation  Proven, tenured management te