Craig Macnab, CEO & Chairman of National Retail Properties, Inc. (NNN), says that his company has a differentiated acquisition strategy, and in the last three years has purchased approximately $2 billion of net-lease retail properties, with $630 million of that acquired in 2013.
“At this time of the year for the last couple of years, we have generally said our goal is to purchase $300 million of carefully underwritten retail properties, and right now we’re well on track to accomplish that goal,” Macnab said.
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Macnab says National Retail Properties purchases the vast majority of its properties directly from retailers as opposed to purchasing through the brokerage channel. This strategy, he says, has two primary advantages.
“We tend to get higher yields and returns than purchasing in the broker channel, which is very competitive. Secondly, and perhaps more importantly, our tenants — which are the retailers — sell us properties that they feel comfortable they can pay rent on for the 15 to 20 years of our lease. As a result, there is self-selection, and our portfolio’s high level of occupancy reflects that,” Macnab said.
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