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National Retail Properties Management Discusses Q2 2012 Results - Earnings Call Transcript

In the second quarter, we acquired 27 properties investing $115 million at a very attractive initial yield of 8.50%. Our team is continuing to identify off-market transactions, as well as likely marketed net leased retail properties for us to acquire. First 6 months of the year have been productive for NNN as we've now invested $313 million in carefully underwritten net lease properties.

We continue to have attractive deal flow, allowing us to be selective and disciplined and we have a couple of attractive opportunities that we are working on that we expect to acquire in the months ahead. Consistent with last quarter's guidance, we are projecting a slightly slower second half of the year that we've experienced thus far this year as we are choosing not to chase some of the highly marketed deals that are currently being offered for sale.

Our fully diversified portfolio continues to be very well leased, with occupancy continuing to improve and we are now 98.2% leased. Nationally, there has been little new retail development and our generally small well-located retail properties are attracting solid tenant interest and are being leased up by our in-house team. Our high portfolio occupancy is an effective scorecard on how we have done with our real estate analysis on the front end when we acquire properties.

We have a terrific underwriting group that primarily focuses on real estate fundamentals when we make our initial acquisitions. Credit is obviously important to us as well, but our track record shows that if we focus on key real estate metrics such as location, acquiring properties with market grids and evaluating alternative uses for the space, good things happen for our shareholders over time.

Kevin will be providing more details about our noncash impairment but let me quickly say that like you, I am frustrated with this accounting charge, especially as we fully expect to recover the economic value that is being impaired over the years ahead.

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