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National Retail Properties, Inc. (NNN)

- NYSE
  • Tue, Aug. 11, 12:59 PM
    • The Fed may be determined to hike rates, but deflationary signals are everywhere, with Beijing the latest government to acknowledge such with its devaluation overnight.
    • Crude oil has taken out a new six-year low, tumbling another 4% to $43.15 per barrel, and copper's 3% decline has brought it to a fresh six-year low. The grains are all down by 2% or more, but gold is marginally higher.
    • The major U.S. averages are down more than 1%, and Europe fell 1.5% today.
    • The 10-year Treasury yield is lower by a full ten basis points to 2.13%.
    • Leading the heavily discounted mREIT sector higher are Annaly Capital (NLY +1.1%), American Capital Agency (AGNC +1.3%), CYS Investments (CYS +1.2%), New York Mortgage (NYMT +1.6%), Hatteras Financial (HTS +1.3%), Capstead (CMO +1%), Anworth (ANH +1.4%), Dynex Capital (DX +2.6%), and AG Mortgage (MITT +1.6%).
    • ETFs: MORL, REM, MORT, LMBS
    • In equity REITs: National Retail (NNN +1.2%), Equity Residential (EQR +1.5%), AvalonBay (AVB +1.2%), General Growth (GGP +1.9%), Kimco (KIM +1.4%), Whitestone REIT (WSR +2.9%), Washington Real Estate (WRE +1.2%), Hospitality Properties (HPT +2.3%), Chamber Street (CSG +1.1%).
    • ETFs: IYR, VNQ, DRN, URE, RQI, SCHH, ICF, SRS, RWR, RNP, JRS, KBWY, RFI, NRO, DRV, RIT, REK, RIF, FRI, FTY, PSR, DRA, FREL, WREI, IARAX
    | Tue, Aug. 11, 12:59 PM | 21 Comments
  • Thu, Aug. 6, 12:27 PM
    • The 10-year Treasury yield is down five basis points to 2.22% today, but investors continue to bail out of their income favorites.
    • The IYR is lower by 1.2%, slightly worse than the market averages.
    • National Retail Properties (NNN -1.5%), Omega Healthcare (OHI -2.2%), Starwood Property (STWD -1.4%), Equity Residential (EQR -1.1%), Government Properties (GOV -2%), Hospitality Properties (HPT -3%), Ashford Hospitality (AHT -4.7%), Liberty Property (LPT -2.2%).
    • ETFs: IYR, VNQ, DRN, URE, RQI, SCHH, ICF, SRS, RWR, RNP, JRS, KBWY, RFI, NRO, DRV, RIT, REK, RIF, FRI, FTY, PSR, DRA, FREL, WREI, IARAX
    | Thu, Aug. 6, 12:27 PM | 28 Comments
  • Thu, Jul. 30, 9:15 AM
    • Q2 adjusted FFO of $75.2M or $0.56 per share vs. $62.7M and $0.51 one year ago.
    • Portfolio occupancy of 98.8%, flat from last quarter and up 20 bps from start of year.
    • Invested $147.8M in 37 properties in Q2 at an initial cash yield of 7.1%.
    • Full-year FFO guidance is boosted by $0.02 to $2.16-$2.19. AFFO is expected at $2.21-$2.24.
    • Conference call at 10 ET
    • Previously: National Retail Properties beats by $0.01, misses on revenue (July 30)
    • NNN flat premarket
    | Thu, Jul. 30, 9:15 AM | Comment!
  • Thu, Jul. 30, 8:35 AM
    • National Retail Properties (NYSE:NNN): Q2 AFFO of $0.56 beats by $0.01.
    • Revenue of $117.21M (+11.0% Y/Y) misses by $0.36M.
    • Press Release
    | Thu, Jul. 30, 8:35 AM | Comment!
  • Thu, Jul. 23, 9:51 AM
    • National Retail Properties (NNN -0.1%) and Store Capital Group (STOR +0.8%) are upgraded to Overweight from Equal Weight at Morgan Stanley. NNN is lower by 5.4% and STOR by 1.4% YTD.
    • The team throws in the towel on Spirit Realty (SRC -2.1%), downgrading to Equal Weight from Overweight after a 14.4% YTD decline.
    • In the office REIT space, Select Income REIT (SIR -1.6%) is cut to Underweight from Equal Weight after a 14% decline this year.
    | Thu, Jul. 23, 9:51 AM | 2 Comments
  • Fri, Jul. 17, 2:38 PM
    • Total returns for retail REITs year-to-date through mid-July of negative 2.61% are about 100 basis points lower than the FTSE NAREIT All-Equity REIT average. Digging further into the retail sector, regional malls - Simon Property (NYSE:SPG), General Growth (NYSE:GGP) and Macerich (NYSE:MAC), for example - have done the best with a negative return of just 1.92%. Shopping centers - Kimco (NYSE:KIM), Retail Opportunity (NASDAQ:ROIC), Federal Realty Investment (NYSE:FRT), for example - have a negative return of 2.94%.
    • Free-standing retail REITs - think Realty Income (NYSE:O), National Retail Properties (NYSE:NNN), Spirit Realty (NYSE:SRC) - have fared worst with a negative 4.83% total return. Trepp's Susan Persin notes the returns of these stocks are bond-like thanks to the long-term nature of their leases, and thus most sensitive to higher rates.
    • Not helping was a lame retail sales report for June, and on top of that the National Retail Federation's forecast for back-to-school spending to fall 9.3% this year.
    | Fri, Jul. 17, 2:38 PM | 15 Comments
  • Wed, Jul. 15, 8:35 AM
    • National Retail Properties (NYSE:NNN) declares $0.435/share quarterly dividend, 3.6% increase from prior dividend of $0.42.
    • Forward yield 4.76%
    • Payable Aug. 14; for shareholders of record July 31; ex-div July 29.
    | Wed, Jul. 15, 8:35 AM | 1 Comment
  • Mon, Jun. 22, 3:31 PM
    • The major averages are having a solid day, with nearly all S&P sectors lit up green, but the REITs - eyeing a ten basis point pop higher in the 10-year Treasury yield - are lower across the board. Boosting rates is good news on Greek debt negotiations and a 4% rally in European stocks.
    • The IYR is down 0.6%, bringing its  loss YTD to 3%, about 600 basis points worse than the S&P 500.
    • National Retail Properties (NNN -1.5%), Omega Healthcare (OHI -1.2%), Healthcare Trust of America (HTA -1.6%), Gramercy Property Trust (GPT -1.9%), W.P. Carey (WPC -1.4%), Simon Property (SPG -1%), Retail Properties of America (RPAI -1%), Public Storage (PSA -1%), Equity Commonwealth (EQC -1.6%), Strategic Hotels (BEE -1.4%), STAG Industrial (STAG -1.4%), Education Realty Trust (EDR -1.5%).
    • ETFs: IYR, VNQ, DRN, URE, RQI, SCHH, ICF, SRS, RWR, RNP, JRS, KBWY, RFI, NRO, DRV, RIT, REK, RIF, FRI, FTY, PSR, DRA, FREL, WREI, IARAX
    | Mon, Jun. 22, 3:31 PM | 16 Comments
  • Wed, Jun. 10, 2:58 PM
    • "The [net lease] space itself is embryonic," says STORE Capital (STOR +0.8%) CEO Christopher Volk, and he expects acquisition volumes to be higher in 2016 than this year.
    • National Retail Properties (NNN) chief Craig Macnab notes estimates say the net lease retail sector is valued at more than $1T. "In a trillion dollar market, there's plenty of opportunity." Macnab says occupancy rates across NNN's portfolio are nearly 99%, with the convenience retail sector making up the largest component of the portfolio.
    • Newly-listed Global Net Lease (GNL +0.3%) - welcome back Nick Schorsch - CEO Scott Bowman says the European net lease sector presents a "once-in-a-lifetime buying opportunity," with about $9T of available net lease inventory on the Continent.
    • Source: NAREIT's Reit.com
    | Wed, Jun. 10, 2:58 PM | 2 Comments
  • Wed, May 6, 9:33 PM
    • "Well run net lease companies are growth companies," says Gramercy Property Trust (NYSE:GPT) CEO Gordan DuGan on today's earnings call (transcript). Aiming to put to rest the idea that rising interest rates mean companies like Gramercy are sells, DuGan says smart managers with access to capital and with the ability to make accretive purchases can grow EPS through a variety of rate environments.
    • Presentation slides (see slides 7 and 8)
    • Current Gramercy management took over in July 2012 when the 10-year yield was about 1.5%, says DuGan, so essentially has already been running the company through a Treasury bear market ... and has managed to do pretty well. Others like Realty Income (NYSE:O), National Retail Properties (NYSE:NNN), and STAG Industrial (NYSE:STAG) have also grown the stock price (and the dividend) over this time frame.
    • Previously: Gramercy Property Trust digests major Q1 purchase (May 6)
    • ETFs: IYR, VNQ, DRN, URE, SCHH, ICF, SRS, RWR, KBWY, DRV, REK, FRI, FTY, PSR, FREL, WREI, IARAX
    | Wed, May 6, 9:33 PM | 6 Comments
  • Tue, May 5, 8:52 AM
    • Q1 adjusted FFO of $72.15M or $0.55 per share vs. $62.7M and $0.51 one year ago.
    • Portfolio occupancy of 98.8% up 60 bps from a year ago.
    • Investments during quarter of $155.2M include the purchase of 56 properties totaling 782K square feet with an initial cash yield of 7.3%. Dispositions of six properties for $23.3M, producing $7.1M of gains on sales.
    • Bottom-end of full-year FFO guidance is lifted by a penny to $2.14-$2.17. AFFO of $2.20-$2.23.
    • Conference call at 10:30 ET
    • Previously: National Retail Properties beats by $0.01, beats on revenue (May 5)
    • NNN flat premarket
    | Tue, May 5, 8:52 AM | Comment!
  • Tue, May 5, 8:36 AM
    • National Retail Properties (NYSE:NNN): Q1 AFFO of $0.55 beats by $0.01.
    • Revenue of $116.19M (+11.7% Y/Y) beats by $0.68M.
    • Press Release
    | Tue, May 5, 8:36 AM | Comment!
  • Mon, May 4, 5:30 PM
  • Wed, Apr. 15, 8:54 AM
    • National Retail Properties (NYSE:NNN) declares $0.42/share quarterly dividend, in line with previous.
    • Forward yield 4.1%
    • Payable May 15; for shareholders of record April 30; ex-div April 28.
    | Wed, Apr. 15, 8:54 AM | Comment!
  • Tue, Mar. 24, 10:21 AM
    • Started at Outperform are Agree Realty (ADC +0.4%), DDR (DDR -0.7%), Excel Trust (EXL +0.1%), Kite Realty (KRG), Retail Opportunity Investments (ROIC -0.3%), and Store Capital (STOR +0.9%).
    • Initiated at Neutral are Kimco (KIM -0.3%), National Retail Properties (NNN -0.3%), Ramco-Gershenshon (RPT -0.3%), Realty Income (O -0.5%), Regency Centers (REG -0.2%), and Spirit Realty (SRC -0.7%).
    | Tue, Mar. 24, 10:21 AM | Comment!
  • Wed, Mar. 18, 3:28 PM
    • The Fed earlier cuts its forecasts for GDP growth, inflation, and the pace of rate hikes. Alongside, it also lowered NAIRU - the level at which unemployment threatens accelerating inflation.
    • The 10-year Treasury yield is lower by 13 basis points to 1.92% following the news, sending the board averages to near-1.5% gains, but the strongest names are the equity REITs.
    • IYR +2.3%
    • National Retail Properties (NNN +3%), Spirit Realty (SRC +3.1%), Senior Housing Properties (SNH +2.1%), Healthcare Trust of America (HTA +2.9%), Equity Commonwealth (EQC +2.7%), Gramercy Property (GPT +3.2%), Post Properties (PPS +3.9%), Aimco (AIV +2.6%), Kimco (KIM +2.8%), DDR Corp (DDR +2.4%), Public Storage (PSA +2%), Government Properties (GOV +1.9%), First Potomac Realty (FPO +3%), Digital Realty Trust (DLR +1.5%), Sunstone Hotel (SHO +2%), Liberty Property (LPT +2.4%), American Campus (ACC +2.5%)
    • Previously: Day's biggest news: Fed sharply cuts "normal" unemployment rate (March 18)
    • Previously: FOMC drops "patient," but sends dovish signal (March 18)
    • ETFs: IYR, VNQ, DRN, URE, SRS, ICF, SCHH, RWR, KBWY, DRV, REK, FRI, FTY, PSR, WREI, FREL
    | Wed, Mar. 18, 3:28 PM | Comment!
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Company Description
National Retail Properties Inc is a fully integrated real estate investment trust. It acquires, owns, invests in and develops properties that are leased primarily to retail tenants under long-term net leases and primarily held for investment.
Sector: Financial
Country: United States