LOCATION DISTRIBUTION BY REGION National Retail Properties owns a fully diversified portfolio of 1,860 retail properties that on  average cost $2.6 million each. Our properties are located in 47 states and are leased to more  than 350 national and regional tenants operating in 38 different retail industry classifications.  We have modest re-leasing risk over the next several years, with only 4.7% of our current  base rent expiring over the next three years. Our average remaining lease term is 12 years.  These two metrics support the low risk nature of our very stable retail real estate investments. In the last couple of years, our portfolio has benefited from the strong performance of several  of our tenants which has, in many cases, led to significant credit enhancements. For example,  through corporate M&A activity we now have 7-Eleven, Energy Transfer Partners, Lowe’s  and Advance Auto Parts as meaningful tenants. We are also delighted that tenants such  as AMC Theatres, Bloomin’ Brands, Natural Grocers and The Container Store completed  successful initial public offerings. ROCKY  MOUNTAIN  | 5.7% WEST  | 5.3% NORTHEAST  | 15.4% MIDWEST  | 22.9% SOUTHEAST  | 27.0% SOUTH  | 23.7% STATES WITH NNN PROPERTIES A DIVERSE NATIONAL PORTFOLIO 8 OUR  DIVERSIFIED PORTFOLIO