PART I Item 1. Business The Company Real Estate Assets Competition Employees Other Information  1 NNN’s executive offices are located at 450 S. Orange Avenue, Suite 900, Orlando, Florida 32801, and its telephone number is  (407) 265-7348. NNN has an Internet website at www.nnnreit.com where NNN’s filings with the Securities and Exchange  Commission (the “Commission”) can be downloaded free of charge. As of January 31, 2014, NNN employed 62 full-time associates including executive and administrative personnel. NNN generally competes with numerous other REITs, commercial developers, real estate limited partnerships and other  investors including but not limited to insurance companies, pension funds and financial institutions that own, manage, finance  or develop retail and net leased properties. NNN acquires, owns, invests in and develops properties that are leased primarily to retail tenants under long-term net leases  and are primarily held for investment (“Properties” or “Property Portfolio”). As of December 31, 2013, NNN owned 1,860  Properties with an aggregate gross leasable area of 20,402,000 square feet, located in 47 states. Approximately 98 percent of  the Properties in NNN’s Property Portfolio were leased as of December 31, 2013. NNN, a Maryland corporation, is a fully integrated real estate investment trust (“REIT”) formed in 1984. NNN's assets include:  real estate assets, mortgages and notes receivable, and commercial mortgage residual interests. Given these uncertainties, readers are cautioned not to place undue reliance on such statements, which speak only as of the  date of this Annual Report on Form 10-K or any document incorporated herein by reference. NNN undertakes no obligation to  publicly release any revisions to these forward-looking statements that may be made to reflect events or circumstances after the  date of this Annual Report on Form 10-K. Statements contained in this annual report on Form 10-K, including the documents that are incorporated by reference, that are  not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and  Section 21E of the Securities Exchange Act of 1934 (the “Exchange Act”). Also, when NNN uses any of the words “anticipate,”  “assume,” “believe,” “estimate,” “expect,” “intend,” or similar expressions, NNN is making forward-looking statements.  Although management believes that the expectations reflected in such forward-looking statements are based upon present  expectations and reasonable assumptions, NNN’s actual results could differ materially from those set forth in the forward- looking statements. Certain factors that could cause actual results or events to differ materially from those NNN anticipates or  projects are described in “Item 1A. Risk Factors” of this Annual Report on Form 10-K. Unless the context otherwise requires, references in this Annual Report on Form 10-K to the terms “registrant” or “NNN” or  the “Company” refer to National Retail Properties, Inc. and all of its consolidated subsidiaries. NNN has elected to treat  certain subsidiaries as taxable real estate investment trust subsidiaries. These subsidiaries and their majority owned and  controlled subsidiaries are collectively referred to as the “TRS.”