NYSE:NNN

Stock Analysis Report

National Retail Properties

Executive Summary

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

Snowflake

Fundamentals

Established dividend payer with acceptable track record.


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


Market Performance


7 Day Return

1.2%

NYSE:NNN

1.4%

US REITs

2.1%

US Market


1 Year Return

20.6%

NYSE:NNN

10.4%

US REITs

-0.04%

US Market

NNN outperformed the REITs industry which returned 10.4% over the past year.

NNN outperformed the Market in United States of America which returned -0% over the past year.


Share holder returns

NNNIndustryMarket
7 Day1.2%1.4%2.1%
30 Day6.8%3.6%-3.2%
90 Day3.4%3.7%2.8%
1 Year25.4%20.6%15.4%10.4%2.2%-0.04%
3 Year25.7%10.5%25.8%9.4%41.5%32.3%
5 Year85.0%49.6%60.2%26.1%55.0%37.8%

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 based on future cash flows and its price relative to the stock market?

23%

Discount to future cash flow value


Intrinsic Value Based on Future Cash Flows

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 Based on Earnings

National Retail Properties is overvalued 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

National Retail Properties is poor value based on expected growth next year.


Price Based on Value of Assets

National Retail Properties is overvalued based on assets compared to the US REITs industry average.


Next Steps

Future Growth

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

6.4%

Forecasted annual earnings growth


Earnings and Revenue Growth Estimates


Future Annual Growth Analysis

National Retail Properties's revenue is expected to grow by 5.8% yearly, however this is not considered high growth (20% yearly).

National Retail Properties's earnings are expected to grow by 6.4% yearly, however this is not considered high growth (20% yearly).

National Retail Properties's revenue growth is positive but not above the United States of America market average.

National Retail Properties's earnings growth is positive but not above the United States of America market average.

National Retail Properties's earnings growth is expected to exceed the low risk savings rate of 2.7%.


Earnings per Share Growth Estimates


Future Return on Equity

National Retail Properties is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).


Next Steps

Past Performance

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

13.0%

Historical annual earnings growth


Earnings and Revenue History


Past Earnings Growth Analysis

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 negative, it can't be compared to the 5-year average.

National Retail Properties's 1-year earnings growth is negative, it can't be compared to the US REITs industry average.


Return on Equity

National Retail Properties has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).


Return on Assets

National Retail Properties used its assets more efficiently than the US REITs industry average last year based on Return on Assets.


Return on Capital Employed

National Retail Properties has improved its use of capital last year versus 3 years ago (Return on Capital Employed).


Next Steps

Financial Health

How is National Retail Properties's financial position?


Financial Position Analysis

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.


Debt to Equity History and Analysis

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 (61% vs 69.1% today).

Debt is not well covered by operating cash flow (16.4%, less than 20% of total debt).

Interest payments on debt are well covered by earnings (EBIT is 3.4x coverage).


Balance Sheet

High level of physical assets or inventory.

Debt is not covered by short term assets, assets are 0x debt.


Next Steps

Dividend

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

3.77%

Expected Dividend Yield


Dividend Yield and Payments Analysis

National Retail Properties's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.49%).

National Retail Properties's dividend is below the markets top 25% of dividend payers in United States of America (3.82%).

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

Dividends paid are covered by earnings (1.1x coverage).


Future Payout to Shareholders

Dividends after 3 years are expected to be thoroughly covered by earnings (232.6x coverage).


Next Steps

Management

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

7.4yrs

Average management tenure


CEO

Jay Whitehurst (62yo)

2.3yrs

Tenure

US$4,902,894

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 serves as Chief Operating Officer of National Reta ...


CEO Compensation Analysis

Jay's remuneration is about average for companies of similar size in United States of America.

Jay's compensation has been consistent with company performance over the past year, both up more than 20%.


Management Age and Tenure

7.4yrs

Average Tenure

52yo

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.


Board Age and Tenure

3.0yrs

Average Tenure

62yo

Average Age

The tenure for the National Retail Properties board of directors is about average.


Insider Trading

National Retail Properties individual insiders have only sold shares in the past 3 months.


Recent Insider Transactions

SellUS$82,36214 Jun 19
Michelle Miller
EntityIndividual
Role
Chief Accounting Officer
Chief Accounting Officer & Executive VP
Shares1,500
Max PriceUS$54.91
SellUS$1,987,42409 May 19
Paul Bayer
EntityIndividual
Role
Chief Investment Officer
Executive VP & Chief Investment Officer
Shares37,899
Max PriceUS$52.44
SellUS$374,57429 Mar 19
Paul Bayer
EntityIndividual
Role
Chief Investment Officer
Executive VP & Chief Investment Officer
Shares6,743
Max PriceUS$55.55
SellUS$65,01425 Mar 19
Michelle Miller
EntityIndividual
Role
Chief Accounting Officer
Chief Accounting Officer & Executive VP
Shares1,200
Max PriceUS$54.18
SellUS$1,022,84408 Mar 19
Kevin Habicht
EntityIndividual
Role
Member of the Board of Directors
CFO, Executive VP
Shares19,641
Max PriceUS$52.08
SellUS$662,74006 Mar 19
Paul Bayer
EntityIndividual
Role
Chief Investment Officer
Executive VP & Chief Investment Officer
Shares12,745
Max PriceUS$52.00
SellUS$1,792,05025 Feb 19
Julian Whitehurst
EntityIndividual
Role
Chief Executive Officer
CEO, President & Director
Shares34,045
Max PriceUS$52.64
SellUS$1,200,25514 Feb 19
Christopher Tessitore
EntityIndividual
Role
Chief Legal Officer
Executive VP
Shares23,000
Max PriceUS$52.19
SellUS$182,94110 Dec 18
Kevin Habicht
EntityIndividual
Role
Member of the Board of Directors
CFO, Executive VP
Shares3,606
Max PriceUS$50.73
SellUS$17,34130 Nov 18
Michelle Miller
EntityIndividual
Role
Chief Accounting Officer
Chief Accounting Officer & Executive VP
Shares350
Max PriceUS$49.55
SellUS$223,55630 Nov 18
Paul Bayer
EntityIndividual
Role
Chief Investment Officer
Executive VP & Chief Investment Officer
Shares4,509
Max PriceUS$49.58
SellUS$243,85016 Nov 18
Paul Bayer
EntityIndividual
Role
Chief Investment Officer
Executive VP & Chief Investment Officer
Shares5,000
Max PriceUS$48.77
SellUS$307,18813 Nov 18
Stephen Horn
EntityIndividual
Role
Senior Key Executive
Executive VP & Chief Acquisitions Officer
Shares6,250
Max PriceUS$49.15
SellUS$459,90006 Sep 18
Christopher Tessitore
EntityIndividual
Role
Chief Legal Officer
Executive VP
Shares10,000
Max PriceUS$45.99
SellUS$1,203,44131 Aug 18
Julian Whitehurst
EntityIndividual
Role
Chief Executive Officer
CEO, President & Director
Shares26,130
Max PriceUS$46.06

Ownership Breakdown


Management Team

  • Kevin Habicht (60yo)

    CFO, Executive VP

    • Tenure: 19.2yrs
    • Compensation: US$2.42m
  • Jay Whitehurst (62yo)

    CEO, President & Director

    • Tenure: 2.3yrs
    • Compensation: US$4.90m
  • Chris Barry (52yo)

    Vice President of Corporate Communications & Investor Relations

    • Tenure: 0.0yrs
  • Paul Bayer (57yo)

    Executive VP & Chief Investment Officer

    • Tenure: 9.2yrs
    • Compensation: US$1.62m
  • Michelle Miller (50yo)

    Chief Accounting Officer & Executive VP

    • Tenure: 3.4yrs
  • Chris Tessitore (51yo)

    Executive VP

    • Tenure: 13.5yrs
    • Compensation: US$1.71m
  • Steve Horn (47yo)

    Executive VP & Chief Acquisitions Officer

    • Tenure: 5.6yrs
    • Compensation: US$1.68m
  • Margo Moeder

    Vice President of Human Resources

    • Tenure: 0.0yrs
  • Matt Williams

    Senior Vice President of Underwriting

    • Tenure: 0.0yrs
  • Mary Morrison

    Senior Vice President of Financial Reporting & Operations

    • Tenure: 0.0yrs

Board Members

  • Don DeFosset (70yo)

    Chairman of the Board

    • Tenure: 0.7yrs
    • Compensation: US$237.50k
  • Pam Beall (63yo)

    Director

    • Tenure: 3.0yrs
    • Compensation: US$226.50k
  • Kevin Habicht (60yo)

    CFO, Executive VP

    • Tenure: 19.2yrs
    • Compensation: US$2.42m
  • Ed Fritsch (60yo)

    Director

    • Tenure: 7.5yrs
    • Compensation: US$236.00k
  • Steve Cosler (63yo)

    Director

    • Tenure: 3.0yrs
    • Compensation: US$228.25k
  • Sam Susser (56yo)

    Director

    • Tenure: 3.8yrs
    • Compensation: US$224.75k
  • Betsy Holden (63yo)

    Director

    • Tenure: 0.5yrs
  • Jay Whitehurst (62yo)

    CEO, President & Director

    • Tenure: 2.3yrs
    • Compensation: US$4.90m
  • David Fick (62yo)

    Director

    • Tenure: 8.8yrs
    • Compensation: US$243.25k

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$9.083b
  • Shares outstanding: 163.51m
  • 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

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
NNNNYSE (New York Stock Exchange)YesCommon StockUSUSDOct 1984
CZ2DB (Deutsche Boerse AG)YesCommon StockDEEUROct 1984
NNN.PRENYSE (New York Stock Exchange)DEP SHS REP1/100USUSDMay 2013
NNN.PRFNYSE (New York Stock Exchange)DEP SHS PFD FUSUSDOct 2016

Biography

National Retail Properties invests primarily in high-quality retail properties subject generally to long-term, net leases. As of June 30, 2019, the company owned 3,043 properties in 48 states with a gross  ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/08/24 00:09
End of Day Share Price2019/08/23 00:00
Earnings2019/06/30
Annual Earnings2018/12/31


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.