New Name To Build Value for Shareholders

ORLANDO-The long-term strategy behind the name change of Commercial Net Lease Realty Inc. to National Retail Properties Inc. is simply to continue growing the REIT’s portfolio, strengthen its share price, lower its weighted average cost of capital and better clarify its industry mission, company CEO Craig Macnab tells GlobeSt.com.

“Our new identity helps quickly identify us as national players focused on retail properties,” Macnab says. “Over time, this name will help us generate top-of-mind awareness with retailers and others involved in high-quality, long-term real estate.” The 22-year-old company boasts a portfolio of 524 investment properties in 41 states with a gross leasable area of about 9.2 million sf.

The name change comes only two years after Macnab arrived on the Orlando commercial scene after leaving Atlanta where he was president and CEO of the defunct JDN Realty Corp. James M. Seneff Jr., chairman and founder of National Retail’s parent, CNL Financial Group, hired Macnab to replace him as CEO. Seneff continues to chair the parent company. Three months later, in May 2004, Macnab replaced Gary M. Ralston as president of CNLR when Ralston resigned, after 16 years with the company, to form Florida Retail Development LLC.