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National Retail Properties

NYSE:NNN
Snowflake Description

6 star dividend payer and fair value.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
NNN
NYSE
$5B
Market Cap
  1. Home
  2. US
  3. Real Estate
Company description

National Retail Properties invests primarily in high-quality retail properties subject generally to long-term, net leases. The last earnings update was 57 days ago. More info.


Add to Portfolio Compare Print
  • National Retail Properties has significant price volatility in the past 3 months.
NNN Share Price and Events
7 Day Returns
6.9%
NYSE:NNN
-7%
US REITs
-2.6%
US Market
1 Year Returns
-43.8%
NYSE:NNN
-23.9%
US REITs
-13.3%
US Market
NNN Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
National Retail Properties (NNN) 6.9% -38.2% -43.1% -43.8% -32.5% -25.7%
US REITs -7% -26.6% -27.7% -23.9% -18.6% -12%
US Market -2.6% -15.2% -22.2% -13.3% 5.7% 17.2%
1 Year Return vs Industry and Market
  • NNN underperformed the REITs industry which returned -23.9% over the past year.
  • NNN underperformed the Market in United States of America which returned -13.3% over the past year.
Price Volatility
NNN
Industry
5yr Volatility vs Market

Value

 Is National Retail Properties undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of National Retail Properties to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for National Retail Properties.

NYSE:NNN Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations
Levered Adjusted Funds From Operations Average of 7 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 6.2%
Perpetual Growth Rate 10-Year US Government Bond Rate 1.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for NYSE:NNN
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 1.7%
Equity Risk Premium S&P Global 5.4%
REITs Unlevered Beta Simply Wall St/ S&P Global 0.5
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.502 (1 + (1- 21%) (57.82%))
0.82
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.82
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 1.74% + (0.82 * 5.44%)
6.2%

Discounted Cash Flow Calculation for NYSE:NNN using 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations Model

NYSE:NNN Discount to Share Price
Calculation Result
Value per share (USD) From above. $80.06
Current discount Discount to share price of $30.21
= -1 x ($30.21 - $80.06) / $80.06
62.3%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price National Retail Properties is available for.
Intrinsic value
>50%
Share price is $30.21 vs Future cash flow value of $80.06
Current Discount Checks
For National Retail Properties to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • National Retail Properties's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • National Retail Properties's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for National Retail Properties's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are National Retail Properties's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NYSE:NNN PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-12-31) in USD $1.56
NYSE:NNN Share Price ** NYSE (2020-04-07) in USD $30.21
United States of America REITs Industry PE Ratio Median Figure of 149 Publicly-Listed REITs Companies 23.02x
United States of America Market PE Ratio Median Figure of 2,946 Publicly-Listed Companies 12.49x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of National Retail Properties.

NYSE:NNN PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NYSE:NNN Share Price ÷ EPS (both in USD)

= 30.21 ÷ 1.56

19.32x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • National Retail Properties is good value based on earnings compared to the US REITs industry average.
  • National Retail Properties is overvalued based on earnings compared to the United States of America market.
Price based on expected Growth
Does National Retail Properties's expected growth come at a high price?
Raw Data
NYSE:NNN PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 19.32x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 7 Analysts
9.4%per year
United States of America REITs Industry PEG Ratio Median Figure of 138 Publicly-Listed REITs Companies 0.72x
United States of America Market PEG Ratio Median Figure of 2,010 Publicly-Listed Companies 0.89x

*Line of best fit is calculated by linear regression .

NYSE:NNN PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 19.32x ÷ 9.4%

2.05x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • National Retail Properties is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on National Retail Properties's assets?
Raw Data
NYSE:NNN PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-12-31) in USD $23.22
NYSE:NNN Share Price * NYSE (2020-04-07) in USD $30.21
United States of America REITs Industry PB Ratio Median Figure of 185 Publicly-Listed REITs Companies 1.18x
United States of America Market PB Ratio Median Figure of 5,158 Publicly-Listed Companies 1.22x
NYSE:NNN PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NYSE:NNN Share Price ÷ Book Value per Share (both in USD)

= 30.21 ÷ 23.22

1.3x

* Primary Listing of National Retail Properties.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • National Retail Properties is overvalued based on assets compared to the US REITs industry average.
X
Value checks
We assess National Retail Properties's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the REITs industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the REITs industry average (and greater than 0)? (1 check)
  5. National Retail Properties has a total score of 3/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is National Retail Properties expected to perform in the next 1 to 3 years based on estimates from 7 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
9.4%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is National Retail Properties expected to grow at an attractive rate?
  • National Retail Properties's earnings growth is expected to exceed the low risk savings rate of 1.7%.
Growth vs Market Checks
  • National Retail Properties's earnings growth is positive but not above the United States of America market average.
  • National Retail Properties's revenue growth is positive but not above the United States of America market average.
Annual Growth Rates Comparison
Raw Data
NYSE:NNN Future Growth Rates Data Sources
Data Point Source Value (per year)
NYSE:NNN Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 7 Analysts 9.4%
NYSE:NNN Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 7 Analysts 5.5%
United States of America REITs Industry Earnings Growth Rate Market Cap Weighted Average 3.1%
United States of America REITs Industry Revenue Growth Rate Market Cap Weighted Average 4.7%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 13.4%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
NYSE:NNN Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 7 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NYSE:NNN Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2024-12-31
2023-12-31
2022-12-31 793 338 3
2021-12-31 747 317 7
2020-12-31 705 291 6
2020-04-08
NYSE:NNN Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-12-31 670 502 258
2019-09-30 656 505 227
2019-06-30 643 479 242
2019-03-31 634 485 234
2018-12-31 623 472 258
2018-09-30 614 457 293
2018-06-30 606 435 272
2018-03-31 596 434 260
2017-12-31 585 422 217
2017-09-30 576 431 207
2017-06-30 563 443 196
2017-03-31 548 430 190

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • National Retail Properties's earnings are expected to grow by 9.4% yearly, however this is not considered high growth (20% yearly).
  • National Retail Properties's revenue is expected to grow by 5.5% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NYSE:NNN Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 7 Analyst Estimates (S&P Global) See Below

All data from National Retail Properties Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:NNN Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2024-12-31
2023-12-31
2022-12-31 1.89 1.96 1.81 2.00
2021-12-31 1.75 1.84 1.63 4.00
2020-12-31 1.62 1.73 1.43 4.00
2020-04-08
NYSE:NNN Past Financials Data
Date (Data in USD Millions) EPS *
2019-12-31 1.56
2019-09-30 1.40
2019-06-30 1.52
2019-03-31 1.49
2018-12-31 1.65
2018-09-30 1.91
2018-06-30 1.79
2018-03-31 1.72
2017-12-31 1.45
2017-09-30 1.40
2017-06-30 1.34
2017-03-31 1.30

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • National Retail Properties is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess National Retail Properties's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
National Retail Properties has a total score of 1/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has National Retail Properties performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare National Retail Properties's growth in the last year to its industry (REITs).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • National Retail Properties's year on year earnings growth rate has been positive over the past 5 years.
  • National Retail Properties's 1-year earnings growth is less than its 5-year average (0% vs 10.9%)
  • National Retail Properties's earnings growth has not exceeded the US REITs industry average in the past year (0% vs 4.3%).
Earnings and Revenue History
National Retail Properties's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from National Retail Properties Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:NNN Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-12-31 670.49 257.58 37.65
2019-09-30 656.09 227.08 35.79
2019-06-30 642.81 242.44 35.61
2019-03-31 633.54 234.35 35.07
2018-12-31 622.66 257.57 34.25
2018-09-30 613.93 293.18 34.69
2018-06-30 606.31 272.28 33.50
2018-03-31 596.34 259.72 33.58
2017-12-31 584.93 216.66 33.81
2017-09-30 575.89 207.07 34.50
2017-06-30 562.72 196.40 36.26
2017-03-31 548.10 190.00 36.18
2016-12-31 533.65 200.18 36.51
2016-09-30 518.83 179.75 36.76
2016-06-30 507.43 184.17 36.29
2016-03-31 493.71 178.41 35.38
2015-12-31 482.92 161.70 34.74
2015-09-30 471.85 172.96 32.79
2015-06-30 458.56 165.54 32.19
2015-03-31 446.97 164.88 32.42
2014-12-31 434.88 154.27 32.52
2014-09-30 423.52 142.72 30.69
2014-06-30 414.44 137.12 30.18
2014-03-31 405.13 131.87 31.54
2013-12-31 393.53 125.70 31.10
2013-09-30 378.00 121.78 34.12
2013-06-30 361.86 124.64 35.23

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • National Retail Properties has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • National Retail Properties used its assets more efficiently than the US REITs industry average last year based on Return on Assets.
  • National Retail Properties has improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess National Retail Properties's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
National Retail Properties has a total score of 3/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is National Retail Properties's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up National Retail Properties's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • National Retail Properties is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • National Retail Properties's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of National Retail Properties's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from National Retail Properties Company Filings, last reported 3 months ago.

NYSE:NNN Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-12-31 4,331.68 2,993.88 1.11
2019-09-30 4,626.50 2,853.90 353.69
2019-06-30 4,222.45 2,916.25 2.21
2019-03-31 4,152.89 2,852.21 80.52
2018-12-31 4,154.61 2,851.40 114.27
2018-09-30 4,077.22 3,148.16 607.67
2018-06-30 3,989.11 2,628.09 1.89
2018-03-31 3,864.51 2,636.94 4.00
2017-12-31 3,840.91 2,580.21 1.36
2017-09-30 3,765.76 2,708.86 254.26
2017-06-30 3,688.69 2,528.80 4.45
2017-03-31 3,674.93 2,312.49 34.42
2016-12-31 3,916.93 2,311.69 294.54
2016-09-30 3,579.08 2,155.18 5.92
2016-06-30 3,547.50 2,117.68 2.37
2016-03-31 3,434.16 1,969.79 8.20
2015-12-31 3,342.39 1,975.94 13.66
2015-09-30 3,165.19 2,022.61 2.62
2015-06-30 3,146.15 1,867.96 2.45
2015-03-31 3,123.83 1,782.81 4.46
2014-12-31 3,083.09 1,729.89 10.60
2014-09-30 2,883.33 1,860.86 4.90
2014-06-30 2,824.45 1,722.98 85.36
2014-03-31 2,783.48 1,618.54 5.93
2013-12-31 2,778.29 1,570.06 1.49
2013-09-30 2,787.93 1,523.65 6.53
2013-06-30 2,797.57 1,746.58 236.92
  • National Retail Properties's level of debt (69.1%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (56.1% vs 69.1% today).
  • Debt is not well covered by operating cash flow (16.8%, less than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 3.3x coverage).
X
Financial health checks
We assess National Retail Properties's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. National Retail Properties has a total score of 2/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is National Retail Properties's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
6.82%
Current annual income from National Retail Properties dividends. Estimated to be 7.1% next year.
If you bought $2,000 of National Retail Properties shares you are expected to receive $136 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • National Retail Properties's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (2.01%).
  • National Retail Properties's dividend is above the markets top 25% of dividend payers in United States of America (5.66%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
NYSE:NNN Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 7 Analyst Estimates (S&P Global) See Below
United States of America REITs Industry Average Dividend Yield Market Cap Weighted Average of 172 Stocks 5.1%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 1935 Stocks 3%
United States of America Minimum Threshold Dividend Yield 10th Percentile 1.1%
United States of America Bottom 25% Dividend Yield 25th Percentile 2%
United States of America Top 25% Dividend Yield 75th Percentile 5.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

NYSE:NNN Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2024-12-31 2.51 1.00
2023-12-31 2.36 1.00
2022-12-31 2.21 4.00
2021-12-31 2.12 10.00
2020-12-31 2.08 9.00
2020-04-08
NYSE:NNN Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2020-01-15 2.060 4.646
2019-10-15 2.060 3.748
2019-07-15 2.060 3.758
2019-04-15 2.000 3.746
2019-01-15 2.000 3.801
2018-10-15 2.000 4.140
2018-07-16 2.000 4.453
2018-04-16 1.900 4.630
2018-01-16 1.900 4.921
2017-10-16 1.900 4.544
2017-07-14 1.900 4.596
2017-04-13 1.820 4.602
2017-01-17 1.820 4.127
2016-10-14 1.820 4.161
2016-07-15 1.820 3.613
2016-04-15 1.740 3.692
2016-01-15 1.740 3.920
2015-10-15 1.740 4.522
2015-07-15 1.740 4.790
2015-04-15 1.680 4.473
2015-01-15 1.680 4.069
2014-10-15 1.680 4.333
2014-07-15 1.680 4.631
2014-04-15 1.620 4.540
2014-01-15 1.620 4.800
2013-10-15 1.620 5.040
2013-07-15 1.620 4.949
2013-04-15 1.580 4.249
2013-01-15 1.580 4.609
2012-10-15 1.580 5.046
2012-07-16 1.580 5.190
2012-04-16 1.540 5.638
2012-01-13 1.540 5.732
2011-10-14 1.540 5.861
2011-07-15 1.540 5.995
2011-01-14 1.520 6.029
2010-10-15 1.520 5.744
2010-07-15 1.520 6.233
2010-04-15 1.500 6.703
2010-01-15 1.500 6.892
2009-10-15 1.500 7.343
2009-07-15 1.500 7.384
2009-04-15 1.500 8.801

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been stable in the past 10 years.
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of National Retail Properties's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.2x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be thoroughly covered by earnings (258.4x coverage).
X
Income/ dividend checks
We assess National Retail Properties's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.1%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can National Retail Properties afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. National Retail Properties has a total score of 6/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of National Retail Properties's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Jay Whitehurst
COMPENSATION $6,307,897
AGE 62
TENURE AS CEO 3 years
CEO Bio

Mr. Julian E. Whitehurst, also known as Jay, has been the Chief Executive Officer of National Retail Properties, Inc. since April 28, 2017. Mr. Whitehurst serves as Chief Operating Officer of National Retail Properties, LP. Mr. Whitehurst has been the President of National Retail Properties, Inc. since May 2006 and served as its Chief Operating Officer since June 14, 2004 until April 28, 2017. Mr. Whitehurst is responsible for all aspects of operations for the REIT, including acquisitions, dispositions, development, asset management, underwriting, human resources and legal. He is a co-owner at Denise and Julian E Whitehurst Trust. He served as Executive Vice President, General Counsel and Secretary at National Retail Properties from February 1, 2003 to May 2006. Previously, Mr. Whitehurst served as an Executive Vice President and General Counsel of Commercial Net Lease Realty Inc., since February 1, 2003. Prior to joining National Retail Properties, he was a shareholder at the law firm of Lowndes, Drosdick, Doster, Kantor & Reed, P.A., where he practiced business and real estate law for over 20 years. He specialized in the representation of institutional investors in general business and real estate acquisition, disposition, finance and development. Prior to this in February 2003, Mr. Whitehurst was on retainer to Commercial Net Lease Realty Inc., as its General Counsel and Lead Real Estate Attorney from the law firm of Lowndes Drosdick Doster Kantor & Reed P.A. He has been Independent Director of InvenTrust Properties Corp. since March 23, 2016. Mr. Whitehurst has been a Directors of Services since 2001. He has been a Director of National Retail Properties, Inc. since February 15, 2017. He is a Member of the International Council of Shopping Centers and the National Association of Real Estate Investment Trusts and the Association of Corporate Counsel. Mr. Whitehurst is av-rated by Martindale-Hubbell and is Board Certified as a Specialist in Real Estate Law by The Florida Bar. Mr. Whitehurst received a J.D from Duke University School of Law in 1982 and a B.A., summa cum laude, Phi Beta Kappa from The Ohio University in 1979.

CEO Compensation
  • Jay's compensation has increased by more than 20% in the past year whilst earnings fell less than 20%.
  • Jay's remuneration is about average for companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the National Retail Properties management team in years:

9.8
Average Tenure
52
Average Age
  • The average tenure for the National Retail Properties management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Jay Whitehurst

TITLE
CEO, President & Director
COMPENSATION
$6M
AGE
62
TENURE
3 yrs

Kevin Habicht

TITLE
CFO, Executive VP
COMPENSATION
$4M
AGE
60
TENURE
26.3 yrs

Paul Bayer

TITLE
Executive VP & Chief Investment Officer
COMPENSATION
$3M
AGE
57
TENURE
9.8 yrs

Chris Tessitore

TITLE
Executive VP
COMPENSATION
$3M
AGE
51
TENURE
14.2 yrs

Steve Horn

TITLE
Executive VP & Chief Acquisitions Officer
COMPENSATION
$2M
AGE
47

Mary Morrison

TITLE
Senior Vice President of Financial Reporting & Operations

Michelle Miller

TITLE
Chief Accounting Officer & Executive VP
AGE
50
TENURE
4.1 yrs

Chris Barry

TITLE
Vice President of Corporate Communications & Investor Relations
AGE
52

Margo Moeder

TITLE
Vice President of Human Resources

Matt Williams

TITLE
Senior Vice President of Underwriting
Board of Directors Tenure

Average tenure and age of the National Retail Properties board of directors in years:

3.7
Average Tenure
62
Average Age
  • The tenure for the National Retail Properties board of directors is about average.
Board of Directors

Don DeFosset

TITLE
Independent Chairman of the Board
COMPENSATION
$269K
AGE
70
TENURE
1.3 yrs

Jay Whitehurst

TITLE
CEO, President & Director
COMPENSATION
$6M
AGE
62
TENURE
3.2 yrs

Kevin Habicht

TITLE
CFO, Executive VP
COMPENSATION
$4M
AGE
60
TENURE
19.8 yrs

David Fick

TITLE
Independent Director
COMPENSATION
$233K
AGE
62
TENURE
9.4 yrs

Ed Fritsch

TITLE
Independent Director
COMPENSATION
$225K
AGE
60
TENURE
8.2 yrs

Steve Cosler

TITLE
Independent Director
COMPENSATION
$230K
AGE
63
TENURE
3.7 yrs

Sam Susser

TITLE
Independent Director
COMPENSATION
$214K
AGE
56
TENURE
4.4 yrs

Pam Beall

TITLE
Independent Director
COMPENSATION
$216K
AGE
63
TENURE
3.7 yrs

Betsy Holden

TITLE
Independent Director
COMPENSATION
$218K
AGE
63
TENURE
1.2 yrs
Who owns this company?
Recent Insider Trading
  • National Retail Properties individual insiders have only sold shares in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
18. Mar 20 Sell David Fick Individual 16. Mar 20 16. Mar 20 -4,423 $42.00 $-185,766
16. Mar 20 Sell Kevin Habicht Individual 12. Mar 20 12. Mar 20 -19,673 $42.98 $-845,608
12. Mar 20 Sell Julian Whitehurst Individual 11. Mar 20 11. Mar 20 -16,103 $48.87 $-786,921
12. Mar 20 Sell Paul Bayer Individual 12. Mar 20 12. Mar 20 -11,835 $43.00 $-508,905
27. Feb 20 Sell Paul Bayer Individual 26. Feb 20 26. Feb 20 -5,734 $57.68 $-330,734
25. Feb 20 Sell Michelle Miller Individual 21. Feb 20 21. Feb 20 -5,000 $58.16 $-290,810
25. Feb 20 Sell Christopher Tessitore Individual 24. Feb 20 24. Feb 20 -19,597 $58.75 $-1,151,226
18. Feb 20 Sell Stephen Horn Individual 14. Feb 20 14. Feb 20 -18,000 $56.27 $-1,012,860
19. Dec 19 Sell Kevin Habicht Individual 19. Dec 19 19. Dec 19 -10,711 $52.11 $-558,103
26. Aug 19 Sell Michelle Miller Individual 22. Aug 19 22. Aug 19 -1,700 $55.44 $-94,241
14. Jun 19 Sell Michelle Miller Individual 13. Jun 19 13. Jun 19 -1,500 $54.91 $-82,362
09. May 19 Sell Paul Bayer Individual 08. May 19 08. May 19 -37,899 $52.44 $-1,987,424
X
Management checks
We assess National Retail Properties's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. National Retail Properties has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Have Insiders Sold National Retail Properties, Inc. (NYSE:NNN) Shares Recently?

View our latest analysis for National Retail Properties The Last 12 Months Of Insider Transactions At National Retail Properties In the last twelve months, the biggest single sale by an insider was when the Executive VP & Chief Investment Officer, Paul Bayer, sold US$2.0m worth of shares at a price of US$52.44 per share. … Insiders in National Retail Properties didn't buy any shares in the last year. … NYSE:NNN Recent Insider Trading, August 29th 2019 Insider Ownership of National Retail Properties Looking at the total insider shareholdings in a company can help to inform your view of whether they are well aligned with common shareholders.

Simply Wall St -

Are Insiders Selling National Retail Properties, Inc. (NYSE:NNN) Stock?

NYSE:NNN Recent Insider Trading, August 15th 2019 National Retail Properties Insiders Are Selling The Stock The last quarter saw substantial insider selling of National Retail Properties shares. … Insider Ownership of National Retail Properties Looking at the total insider shareholdings in a company can help to inform your view of whether they are well aligned with common shareholders. … An insider sold National Retail Properties shares recently, but they didn't buy any.

Simply Wall St -

National Retail Properties, Inc. (NYSE:NNN) Stock Goes Ex-Dividend In Just 4 Days

Businesses with strong growth prospects usually make the best dividend payers, because it's easier to grow dividends when earnings per share are improving. … With that in mind, we're encouraged by the steady growth at National Retail Properties, with earnings per share up 6.9% on average over the last five years. … Decent historical earnings per share growth suggests National Retail Properties has been effectively growing value for shareholders.

Simply Wall St -

If You Had Bought National Retail Properties (NYSE:NNN) Stock Five Years Ago, You Could Pocket A 45% Gain Today

(NYSE:NNN) share price is up 45% in the last five years, slightly above the market return. … During five years of share price growth, National Retail Properties achieved compound earnings per share (EPS) growth of 6.3% per year. … A Different Perspective We're pleased to report that National Retail Properties shareholders have received a total shareholder return of 26% over one year.

Simply Wall St -

Should You Invest In National Retail Properties, Inc. (NYSE:NNN)?

See our latest analysis for National Retail Properties A common financial term REIT investors should know is Funds from Operations, or FFO for short, which is a REIT's main source of income from its portfolio of property, such as rent. … This tells us how long it will take NNN to pay off its debt using its income from its main business activities, and gives us an insight into NNN’s ability to service its borrowings. … Take a look at our free research report of analyst consensus for NNN’s outlook.

Simply Wall St -

Should You Buy National Retail Properties, Inc. (NYSE:NNN) For Its Dividend?

(NYSE:NNN) a good dividend stock? How would you know? Dividend paying companies with growing earnings can be highly rewarding in the long term. Unfortunately, it's common for investors to be enticed in by the seemingly attractive yield, and lose money when the company has to cut its dividend payments. In this case, National Retail Properties likely looks attractive to investors, given its 3.8% dividend yield and a payment history of over ten years. It would not be a surprise to discover that many investors buy it for the dividends. There are a few simple ways to reduce the risks of buying National Retail Properties for its dividend, and we'll go through these below. Click the interactive chart for our full dividend analysis NYSE:NNN Historical Dividend Yield, May 22nd 2019 Want to participate in a short research study? Help shape the future of investing tools and you could win a $250 gift card! Payout ratios Dividends are typically paid from company earnings. If a company pays more in dividends than it earned, then the dividend might become unsustainable - hardly an ideal situation. Comparing dividend payments to a company's net profit after tax is a simple way of reality-checking whether a dividend is sustainable. Looking at the data, we can see that 87% of National Retail Properties's profits were paid out as dividends in the last 12 months. It's paying out most of its earnings, which limits the amount that can be reinvested in the business. This may indicate limited need for further capital within the business, or highlight a commitment to paying a dividend. We also measure dividends paid against a company's levered free cash flow, to see if enough cash was generated to cover the dividend. National Retail Properties paid out 70% of its cash flow as dividends last year, which is within a reasonable range for the average corporation. It's positive to see that National Retail Properties's dividend is covered by both profits and cash flow, since this is generally a sign that the dividend is sustainable, and a lower payout ratio usually suggests a greater margin of safety before the dividend gets cut. Is National Retail Properties's Balance Sheet Risky? As National Retail Properties has a meaningful amount of debt, we need to check its balance sheet to see if the company might have debt risks. A rough way to check this is with these two simple ratios: a) net debt divided by EBITDA (earnings before interest, tax, depreciation and amortisation), and b) net interest cover. Net debt to EBITDA is a measure of a company's total debt. Net interest cover measures the ability to meet interest payments on debt. Essentially we check that a) a company does not have too much debt, and b) that it can afford to pay the interest. … Conclusion To summarise, shareholders should always check that National Retail Properties's dividends are affordable, that its dividend payments are relatively stable, and that it has decent prospects for growing its earnings and dividend. … National Retail Properties's is paying out more than half its income as dividends, but at least the dividend is covered both by reported earnings and cashflow.

Simply Wall St -

These Factors Make National Retail Properties, Inc. (NYSE:NNN) An Interesting Investment

(NYSE:NNN) is a company with exceptional fundamental characteristics. … Upon building up an investment case for a stock, we should look at various aspects. … In the case of NNN, it

Simply Wall St -

Taking A Look At National Retail Properties, Inc.'s (NYSE:NNN) ROE

National Retail Properties has a ROE of 7.0%, based on the last twelve months. … One way to conceptualize this, is that for each $1 of shareholders' equity it has, the company made $0.070 in profit. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

Should National Retail Properties Be Disappointed With Their 51% Profit?

(NYSE:NNN) share price is up 51% in the last 5 years, clearly besting than the market return of around 40% (ignoring dividends). … One flawed but reasonable way to assess how sentiment around a company has changed is to compare the earnings per share (EPS) with the share price. … Over half a decade, National Retail Properties managed to grow its earnings per share at 9.2% a year.

Simply Wall St -

One Metric To Rule Them All: National Retail Properties, Inc. (NYSE:NNN)

National Retail Properties, Inc. … real estate investment trust (REIT) based in Orlando, United States. … REITs are basically a portfolio of income-producing real estate investments, which are owned and operated by management of that trust company.

Simply Wall St -

Company Info

Description

National Retail Properties invests primarily in high-quality retail properties subject generally to long-term, net leases. As of December 31, 2019, the company owned 3,118 properties in 48 states with a gross leasable area of approximately 32.5 million square feet and with a weighted average remaining lease term of 11.2 years.

Details
Name: National Retail Properties, Inc.
NNN
Exchange: NYSE
Founded: 1984
$5,195,000,387
171,962,939
Website: http://www.nnnreit.com
Address: National Retail Properties, Inc.
450 South Orange Avenue,
Suite 900,
Orlando,
Florida, 32801,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NYSE NNN Common Stock New York Stock Exchange US USD 09. Oct 1984
DB CZ2 Common Stock Deutsche Boerse AG DE EUR 09. Oct 1984
NYSE NNN.PRF DEP SHS PFD F New York Stock Exchange US USD 05. Oct 2016
Number of employees
Current staff
Staff numbers
70
National Retail Properties employees.
Industry
Retail REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/04/08 01:44
End of day share price update: 2020/04/07 00:00
Last estimates confirmation: 2020/04/05
Last earnings filing: 2020/02/11
Last earnings reported: 2019/12/31
Last annual earnings reported: 2019/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.