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National Retail Properties

DB:CZ2
Snowflake Description

Established dividend payer with proven track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
CZ2
DB
$9B
Market Cap
  1. Home
  2. DE
  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 33 days ago. More info.


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CZ2 Share Price and Events
7 Day Returns
2.1%
DB:CZ2
1.6%
Europe REITs
1.8%
DE Market
1 Year Returns
52.3%
DB:CZ2
-0.6%
Europe REITs
-8.9%
DE Market
CZ2 Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
National Retail Properties (CZ2) 2.1% 2.2% 5.4% 52.3% 16.2% -
Europe REITs 1.6% 3.2% 6.9% -0.6% 1.7% 11.5%
DE Market 1.8% 3.9% 6.1% -8.9% 9.3% 11.7%
1 Year Return vs Industry and Market
  • CZ2 outperformed the REITs industry which returned -0.6% over the past year.
  • CZ2 outperformed the Market in Germany which returned -8.9% over the past year.
Price Volatility
CZ2
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    Our intrinsic value calculation method has changed recently, learn more here.

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

DB:CZ2 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 6 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 5%
Perpetual Growth Rate 10-Year DE Government Bond Rate 0.2%

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 DB:CZ2
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate 0.2%
Equity Risk Premium S&P Global 6%
REITs Unlevered Beta Simply Wall St/ S&P Global 0.54
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.537 (1 + (1- 21%) (33.25%))
0.784
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.8
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.23% + (0.8 * 5.96%)
5%

Discounted Cash Flow Calculation for DB:CZ2 using 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations Model

The calculations below outline how an intrinsic value for National Retail Properties is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

National Retail Properties is a Real Estate Investment Trust (REIT), we use funds from operations (FFO) or adjusted funds from operations (AFFO) instead of levered free cash flow for REITs. This excludes depreciation and borrowing. Ideally analysts estimates of AFFO are used, where these aren't available we use FFO.

DB:CZ2 DCF 1st Stage: Next 10 year cash flow forecast
Adjusted Funds From Operations (AFFO) (USD, Millions) Source Present Value
Discounted (@ 5%)
2019 455.51 Analyst x7 433.83
2020 489.06 Analyst x7 443.63
2021 539.12 Analyst x1 465.76
2022 570.73 Est @ 5.86% 469.61
2023 594.54 Est @ 4.17% 465.93
2024 612.32 Est @ 2.99% 457.02
2025 625.55 Est @ 2.16% 444.68
2026 635.44 Est @ 1.58% 430.22
2027 642.90 Est @ 1.18% 414.56
2028 648.63 Est @ 0.89% 398.36
Present value of next 10 years cash flows $4,423.61
DB:CZ2 DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= $648.63 × (1 + 0.23%) ÷ (5% – 0.23%)
$13,634.88
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $13,634.88 ÷ (1 + 5%)10
$8,373.82
DB:CZ2 Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $4,423.61 + $8,373.82
$12,797.43
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $12,797.43 / 161.62
$70.67
DB:CZ2 Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in DB:CZ2 represents 0.88786x of NYSE:NNN
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.88786x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (USD) x Listing Adjustment Factor
= $ 79.60 x 0.88786
€70.67
Value per share (EUR) From above. €70.67
Current discount Discount to share price of €47.11
= -1 x (€47.11 - €70.67) / €70.67
33.3%

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
33%
Share price is €47.11 vs Future cash flow value of €70.67
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, but not 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
DB:CZ2 PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in USD $1.65
NYSE:NNN Share Price ** NYSE (2019-03-15) in USD $53.06
Europe REITs Industry PE Ratio Median Figure of 125 Publicly-Listed REITs Companies 12.39x
Germany Market PE Ratio Median Figure of 423 Publicly-Listed Companies 19.52x

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

** Primary Listing of National Retail Properties.

DB:CZ2 PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

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

= 53.06 ÷ 1.65

32.08x

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

  • National Retail Properties is overvalued based on earnings compared to the Europe REITs industry average.
  • National Retail Properties is overvalued based on earnings compared to the Germany market.
Price based on expected Growth
Does National Retail Properties's expected growth come at a high price?
Raw Data
DB:CZ2 PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 32.08x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 6 Analysts
7.4%per year
Europe REITs Industry PEG Ratio Median Figure of 64 Publicly-Listed REITs Companies 0.18x
Germany Market PEG Ratio Median Figure of 275 Publicly-Listed Companies 1.42x

*Line of best fit is calculated by linear regression .

DB:CZ2 PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 32.08x ÷ 7.4%

4.33x

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
DB:CZ2 PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in USD $21.81
NYSE:NNN Share Price * NYSE (2019-03-15) in USD $53.06
Europe REITs Industry PB Ratio Median Figure of 149 Publicly-Listed REITs Companies 0.97x
Germany Market PB Ratio Median Figure of 569 Publicly-Listed Companies 1.77x
DB:CZ2 PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

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

= 53.06 ÷ 21.81

2.43x

* 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 Europe 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 1/6, 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 6 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
7.4%
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 0.2%.
Growth vs Market Checks
  • National Retail Properties's earnings growth is positive but not above the Germany market average.
  • National Retail Properties's revenue growth is expected to exceed the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:CZ2 Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:CZ2 Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 6 Analysts 7.4%
DB:CZ2 Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 6 Analysts 5.9%
Europe REITs Industry Earnings Growth Rate Market Cap Weighted Average 5.8%
Europe REITs Industry Revenue Growth Rate Market Cap Weighted Average 3.1%
Germany Market Earnings Growth Rate Market Cap Weighted Average 11.8%
Germany Market Revenue Growth Rate Market Cap Weighted Average 5.1%

*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
DB:CZ2 Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 6 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:CZ2 Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-12-31 748 1
2020-12-31 702 299 5
2019-12-31 660 278 6
DB:CZ2 Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
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
2016-12-31 534 415 200
2016-09-30 519 377 180
2016-06-30 507 361 184
2016-03-31 494 346 178

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • National Retail Properties's earnings are expected to grow by 7.4% yearly, however this is not considered high growth (20% yearly).
  • National Retail Properties's revenue is expected to grow by 5.9% 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
DB:CZ2 Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 6 Analyst Estimates (S&P Global) See Below

All data from National Retail Properties Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:CZ2 Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-12-31
2020-12-31 1.72 1.97 1.51 3.00
2019-12-31 1.64 1.88 1.45 3.00
DB:CZ2 Past Financials Data
Date (Data in USD Millions) EPS *
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
2016-12-31 1.39
2016-09-30 1.27
2016-06-30 1.33
2016-03-31 1.31

*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 Europe market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Europe 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 2/6, 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 exceeds its 5-year average (18.9% vs 15.1%)
  • National Retail Properties's earnings growth has exceeded the Europe REITs industry average in the past year (18.9% vs 1.9%).
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 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:CZ2 Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
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
2013-03-31 354.40 117.73 32.85
2012-12-31 351.65 111.22 31.83
2012-09-30 344.73 105.52 31.84
2012-06-30 339.12 89.33 30.22
2012-03-31 323.31 82.91 29.76

*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 less efficiently than the Europe 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 4/6, 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 0.1x 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 2 months ago.

DB:CZ2 Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
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
2013-03-31 2,442.76 1,458.85 3.44
2012-12-31 2,297.59 1,586.96 2.08
2012-09-30 2,278.08 1,534.86 141.45
2012-06-30 2,227.41 1,374.66 2.91
2012-03-31 2,216.17 1,300.60 3.03
  • National Retail Properties's level of debt (68.6%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (56.5% vs 68.6% today).
  • Debt is not well covered by operating cash flow (16.6%, less than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 3.4x 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
3.77%
Current annual income from National Retail Properties dividends. Estimated to be 3.99% next year.
If you bought €2,000 of National Retail Properties shares you are expected to receive €75 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 Germany (1.47%).
  • National Retail Properties's dividend is below the markets top 25% of dividend payers in Germany (3.88%).
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
DB:CZ2 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 6 Analyst Estimates (S&P Global) See Below
Europe REITs Industry Average Dividend Yield Market Cap Weighted Average of 118 Stocks 4.9%
Germany Market Average Dividend Yield Market Cap Weighted Average of 333 Stocks 3.1%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.8%
Germany Bottom 25% Dividend Yield 25th Percentile 1.5%
Germany Top 25% Dividend Yield 75th Percentile 3.9%

Industry and Market average data is calculated daily.

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

DB:CZ2 Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2021-12-31 2.27 3.00
2020-12-31 2.13 8.00
2019-12-31 2.05 8.00
DB:CZ2 Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-01-15 2.000 3.846
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
2009-03-18 1.500 9.290

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 (234.7x 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 0.8%) - 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 5/6, 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 $4,796,755
AGE 61
TENURE AS CEO 1.9 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 a 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.
  • Jay's remuneration is higher than average for companies of similar size in Germany.
Management Team Tenure

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

8.8
Average Tenure
51
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
$5M
AGE
61
TENURE
1.9 yrs

Kevin Habicht

TITLE
CFO, Executive VP
COMPENSATION
$3M
AGE
59
TENURE
25.3 yrs

Paul Bayer

TITLE
Executive VP & Chief Investment Officer
COMPENSATION
$2M
AGE
56
TENURE
8.8 yrs

Chris Tessitore

TITLE
Executive VP
COMPENSATION
$2M
AGE
50
TENURE
13.1 yrs

Steve Horn

TITLE
Executive VP & Chief Acquisitions Officer
COMPENSATION
$2M
AGE
46

Michelle Miller

TITLE
Chief Accounting Officer & Executive VP
AGE
49
TENURE
3 yrs

Chris Barry

TITLE
Vice President of Corporate Communications & Investor Relations
AGE
51

Margo Moeder

TITLE
Vice President of Human Resources

Josh Lewis

TITLE
Senior Vice President of Acquisitions

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:

2.6
Average Tenure
61
Average Age
  • The average tenure for the National Retail Properties board of directors is less than 3 years, this suggests a new board.
Board of Directors

Don DeFosset

TITLE
Chairman of the Board
COMPENSATION
$196K
AGE
69
TENURE
0.3 yrs

Jay Whitehurst

TITLE
CEO, President & Director
COMPENSATION
$5M
AGE
61
TENURE
2.1 yrs

Kevin Habicht

TITLE
CFO, Executive VP
COMPENSATION
$3M
AGE
59
TENURE
18.8 yrs

David Fick

TITLE
Director
COMPENSATION
$213K
AGE
61
TENURE
8.3 yrs

Ed Fritsch

TITLE
Director
COMPENSATION
$202K
AGE
59
TENURE
7.1 yrs

Steve Cosler

TITLE
Director
COMPENSATION
$196K
AGE
62
TENURE
2.6 yrs

Sam Susser

TITLE
Director
COMPENSATION
$192K
AGE
55
TENURE
3.3 yrs

Pam Beall

TITLE
Director
COMPENSATION
$194K
AGE
62
TENURE
2.6 yrs

Betsy Holden

TITLE
Director
AGE
62
TENURE
0.1 yrs
Who owns this company?
Recent Insider Trading
  • National Retail Properties insiders have only sold shares in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
08. Mar 19 Sell Kevin Habicht Individual 07. Mar 19 07. Mar 19 -19,641 €46.39 €-911,150
06. Mar 19 Sell Paul Bayer Individual 05. Mar 19 05. Mar 19 -12,745 €46.02 €-586,525
25. Feb 19 Sell Julian Whitehurst Individual 22. Feb 19 22. Feb 19 -34,045 €46.42 €-1,580,409
14. Feb 19 Sell Christopher Tessitore Individual 14. Feb 19 14. Feb 19 -23,000 €46.28 €-1,064,506
10. Dec 18 Sell Kevin Habicht Individual 07. Dec 18 07. Dec 18 -3,606 €44.51 €-160,512
30. Nov 18 Sell Paul Bayer Individual 28. Nov 18 28. Nov 18 -4,509 €43.94 €-198,138
30. Nov 18 Sell Michelle Miller Individual 30. Nov 18 30. Nov 18 -350 €43.76 €-15,316
16. Nov 18 Sell Paul Bayer Individual 14. Nov 18 14. Nov 18 -5,000 €43.09 €-215,466
13. Nov 18 Sell Stephen Horn Individual 09. Nov 18 09. Nov 18 -6,250 €43.34 €-270,878
06. Sep 18 Sell Christopher Tessitore Individual 05. Sep 18 05. Sep 18 -10,000 €39.60 €-396,020
31. Aug 18 Sell Julian Whitehurst Individual 30. Aug 18 30. Aug 18 -26,130 €39.54 €-1,033,274
27. Aug 18 Sell Kevin Habicht Individual 23. Aug 18 23. Aug 18 -16,805 €39.51 €-664,021
06. Aug 18 Sell Michelle Miller Individual 03. Aug 18 03. Aug 18 -1,750 €39.37 €-68,901
13. Jun 18 Sell Kevin Habicht Individual 11. Jun 18 11. Jun 18 -22,287 €35.43 €-789,668
31. May 18 Sell Christopher Tessitore Individual 30. May 18 30. May 18 -16,939 €35.78 €-606,019
21. May 18 Sell Stephen Horn Individual 18. May 18 18. May 18 -8,000 €33.21 €-265,718
16. May 18 Sell Michelle Miller Individual 15. May 18 15. May 18 -750 €32.83 €-24,621
15. May 18 Sell Julian Whitehurst Individual 14. May 18 14. May 18 -25,690 €33.30 €-855,370
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

Company Info

Description

National Retail Properties invests primarily in high-quality retail properties subject generally to long-term, net leases. As of December 31, 2018, the company owned 2,969 properties in 48 states with a gross leasable area of approximately 30.5 million square feet and with a weighted average remaining lease term of 11.5 years.

Details
Name: National Retail Properties, Inc.
CZ2
Exchange: DB
Founded: 1984
$7,573,857,139
161,618,400
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.PRE DEP SHS REP1/100 New York Stock Exchange US USD 28. May 2013
NYSE NNN.PRF DEP SHS PFD F New York Stock Exchange US USD 05. Oct 2016
Number of employees
Current staff
Staff numbers
68
National Retail Properties employees.
Industry
Retail REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/03/17 21:31
End of day share price update: 2019/03/15 00:00
Last estimates confirmation: 2019/03/13
Last earnings filing: 2019/02/12
Last earnings reported: 2018/12/31
Last annual earnings reported: 2018/12/31


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.