STEPHEN A. ("STEVE") HORN, JR. APPOINTED TO BOARD OF DIRECTORS OF NATIONAL RETAIL PROPERTIES, INC.

Rhea-AI Summary

National Retail Properties, Inc. (NYSE: NNN) announced the appointment of Stephen A. Horn, Jr. to its Board of Directors. As the current Executive Vice President and COO, Horn will transition to the roles of Chief Executive Officer and President effective April 29, 2022. Chairman Steven D. Cosler expressed confidence in Horn's strategic insights and knowledge of the net lease market, anticipating his contribution to long-term shareholder value. As of December 31, 2021, NNN owns 3,223 properties across 48 states, with a gross leasable area of 32.8 million square feet and a weighted average remaining lease term of 10.6 years.

Positive

• Stephen Horn's deep knowledge of the single tenant net lease market is expected to enhance strategic decision-making.
• The transition in leadership aims to continue producing consistent, long-term value for shareholders.

Negative

• Concerns may arise regarding the continuity of leadership experience with the upcoming transition.

ORLANDO, Fla., Feb. 17, 2022 /PRNewswire/ -- National Retail Properties, Inc. (NYSE: NNN), a real estate investment trust, today announced that Stephen A. "Steve" Horn, Jr. was appointed to the Board of Directors (the "Board").  Mr. Horn, currently Executive Vice President and Chief Operating Officer, will assume the roles of Chief Executive Officer and President as of April 29, 2022.

"We are pleased to add Steve Horn to our Board as he prepares to step into the role of CEO.  Steve's deep knowledge of the single tenant net lease competitive landscape, coupled with his strategic insights will bring great value to our Board as we continue to produce consistent, long-term value for shareholders," said Steven D. Cosler, Chairman.

National Retail Properties invests primarily in high-quality retail properties subject generally to long-term, net leases. As of December 31, 2021, the company owned 3,223 properties in 48 states with a gross leasable area of approximately 32.8 million square feet and with a weighted average remaining lease term of 10.6 years. For more information on the company, visit www.nnnreit.com.

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SOURCE National Retail Properties, Inc.

FAQ

What is the reason for Stephen Horn's appointment as CEO of NNN?

Stephen Horn is appointed as CEO to leverage his extensive knowledge of the net lease market and provide strategic insights for the company.

When will Stephen Horn assume the role of CEO at National Retail Properties?

Stephen Horn will officially become CEO and President on April 29, 2022.

How many properties does National Retail Properties own as of December 31, 2021?

As of December 31, 2021, National Retail Properties owns 3,223 properties.

What is the gross leasable area of properties owned by NNN?

The gross leasable area of properties owned by NNN is approximately 32.8 million square feet.

What is the weighted average remaining lease term for NNN's properties?

The weighted average remaining lease term for NNN's properties is 10.6 years.