Profile: National Retail Properties, Inc. (NNN)

National Retail Properties, Inc. (NNN) is an integrated real estate investment trust (REIT). NNN’s operations are divided into two primary business segments: investment assets, including real estate assets, mortgages and notes receivable (including structured finance investments) on the consolidated balance sheets and commercial mortgage residual interests (collectively, Investment Assets), and inventory real estate assets (Inventory Assets). Its consolidated subsidiaries include taxable REIT subsidiaries, and their majority-owned and controlled subsidiaries (TRS).

The Company acquires, owns, invests in, manages and develops properties that are leased primarily to retail tenants under long-term net leases (Investment Properties or Investment Portfolio). As of December 31, 2008, NNN owned 1,005 Investment Properties, with an aggregate gross leasable area of 11,251,000 square feet, located in 44 states. The Inventory Assets are operated through the TRS. The TRS, directly and indirectly, through investment interests, acquires and develops real estate primarily for the purpose of selling the real estate. As of December 31, 2008, the TRS owned 32 Inventory Properties. The TRS develops Inventory Properties (Development Properties or Development Portfolio), as well as acquires existing Inventory Properties (Exchange Properties or Exchange Portfolio). As of December 31, 2008, the TRS owned 19 Development Properties (11 completed, one under construction and seven land parcels) and 13 Exchange Properties.

In September 2007, NNN entered into a joint venture, NNN Retail Properties Fund I LLC (the NNN Crow JV), with an affiliate of Crow Holdings Realty Partners IV, L.P. NNN Crow JV owns real estate assets leased to convenience store operators from unrelated third parties.