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National Retail Properties

Market Cap

US$8.6b

Last Updated

2021/04/16 22:33 UTC

Data Sources

Company Financials +

Executive Summary

National Retail Properties invests primarily in high-quality retail properties subject generally to long-term, net leases. More Details


Snowflake Analysis

6 star dividend payer and fair value.


Similar Companies

Share Price & News

How has National Retail Properties's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: NNN is less volatile than 75% of US stocks over the past 3 months, typically moving +/- 3% a week.

Volatility Over Time: NNN's weekly volatility (3%) has been stable over the past year.


Market Performance


7 Day Return

1.1%

NNN

2.4%

US REITs

1.3%

US Market


1 Year Return

46.7%

NNN

26.1%

US REITs

53.9%

US Market

Return vs Industry: NNN exceeded the US REITs industry which returned 29.9% over the past year.

Return vs Market: NNN underperformed the US Market which returned 57.5% over the past year.


Shareholder returns

NNNIndustryMarket
7 Day1.1%2.4%1.3%
30 Day3.1%3.9%3.3%
90 Day16.5%13.5%8.9%
1 Year55.7%46.7%31.4%26.1%56.6%53.9%
3 Year40.4%21.9%46.4%28.7%64.4%53.6%
5 Year30.3%4.0%53.4%22.5%120.4%95.7%

Long-Term Price Volatility Vs. Market

How volatile is National Retail Properties's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is National Retail Properties undervalued compared to its fair value and its price relative to the market?

36.4%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: NNN ($46.01) is trading below our estimate of fair value ($72.17)

Significantly Below Fair Value: NNN is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: NNN is good value based on its PE Ratio (37.7x) compared to the US REITs industry average (47.3x).

PE vs Market: NNN is poor value based on its PE Ratio (37.7x) compared to the US market (22.3x).


Price to Earnings Growth Ratio

PEG Ratio: NNN is poor value based on its PEG Ratio (2.4x)


Price to Book Ratio

PB vs Industry: NNN is overvalued based on its PB Ratio (2x) compared to the US REITs industry average (1.8x).


Future Growth

How is National Retail Properties forecast to perform in the next 1 to 3 years based on estimates from 5 analysts?

15.6%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: NNN's forecast earnings growth (15.6% per year) is above the savings rate (2%).

Earnings vs Market: NNN's earnings (15.6% per year) are forecast to grow slower than the US market (18.4% per year).

High Growth Earnings: NNN's earnings are forecast to grow, but not significantly.

Revenue vs Market: NNN's revenue (4.5% per year) is forecast to grow slower than the US market (9.4% per year).

High Growth Revenue: NNN's revenue (4.5% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: NNN's Return on Equity is forecast to be low in 3 years time (8.5%).


Past Performance

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

5.7%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: NNN has high quality earnings.

Growing Profit Margin: NNN's current net profit margins (31.8%) are lower than last year (38.4%).


Past Earnings Growth Analysis

Earnings Trend: NNN's earnings have grown by 5.7% per year over the past 5 years.

Accelerating Growth: NNN's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: NNN had negative earnings growth (-18.4%) over the past year, making it difficult to compare to the REITs industry average (-4.4%).


Return on Equity

High ROE: NNN's Return on Equity (5.3%) is considered low.


Financial Health

How is National Retail Properties's financial position?


Financial Position Analysis

Short Term Liabilities: NNN's short term assets ($335.2M) exceed its short term liabilities ($20.8M).

Long Term Liabilities: NNN's short term assets ($335.2M) do not cover its long term liabilities ($3.3B).


Debt to Equity History and Analysis

Debt Level: NNN's debt to equity ratio (74.6%) is considered high.

Reducing Debt: NNN's debt to equity ratio has increased from 59.1% to 74.6% over the past 5 years.

Debt Coverage: NNN's debt is not well covered by operating cash flow (14%).

Interest Coverage: NNN's interest payments on its debt are well covered by EBIT (3.1x coverage).


Balance Sheet


Dividend

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

4.55%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: NNN's dividend (4.52%) is higher than the bottom 25% of dividend payers in the US market (1.24%).

High Dividend: NNN's dividend (4.52%) is in the top 25% of dividend payers in the US market (3.48%)


Stability and Growth of Payments

Stable Dividend: NNN's dividends per share have been stable in the past 10 years.

Growing Dividend: NNN's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: At its current payout ratio (83.8%), NNN's payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: NNN's dividends in 3 years are forecast to be covered by earnings (76.6% payout ratio).


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

4.5yrs

Average management tenure


CEO

Jay Whitehurst (63 yo)

4yrs

Tenure

US$5,594,166

Compensation

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 has been the President of National Retail Properti...


CEO Compensation Analysis

Compensation vs Market: Jay's total compensation ($USD5.59M) is about average for companies of similar size in the US market ($USD6.51M).

Compensation vs Earnings: Jay's compensation has been consistent with company performance over the past year.


Leadership Team

Experienced Management: NNN's management team is considered experienced (4.5 years average tenure).


Board Members

Experienced Board: NNN's board of directors are considered experienced (4.7 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: NNN insiders have only sold shares in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 2.1%.


Top Shareholders

Company Information

National Retail Properties, Inc.'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: National Retail Properties, Inc.
  • Ticker: NNN
  • Exchange: NYSE
  • Founded: 1984
  • Industry: Retail REITs
  • Sector: Real Estate
  • Market Cap: US$8.570b
  • Shares outstanding: 175.58m
  • Website: https://www.nnnreit.com

Number of Employees


Location

  • National Retail Properties, Inc.
  • 450 South Orange Avenue
  • Suite 900
  • Orlando
  • Florida
  • 32801
  • United States

Listings


Biography

National Retail Properties invests primarily in high-quality retail properties subject generally to long-term, net leases. As of September 30, 2020, the company owned 3,114 properties in 48 states with a g...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2021/04/16 22:33
End of Day Share Price2021/04/16 00:00
Earnings2020/12/31
Annual Earnings2020/12/31


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.