Market Summary
USD37.76-0.40
Market Closedas of 21 Sep 2023, 09:48 am-1.05%
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Price Action
52 Week Range
37.5548.21
(Low)(High)
Last 7 days
0.5%
Last 30 days
-1.0%
Last 90 days
-8.4%
Trailing 12 Months
-10.3%
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Net sales
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Latest Insider Trading transactions for NNN
Filter Transactions| Datesorted ascending | Name | Buy/Sell | $ Value | Avg. Price | # Shares | Title |
|---|---|---|---|---|---|---|
2023-08-14 | Adamo Jonathan | acquired | 396,600 | 39.66 | 10,000 | evp, portfolio operations |
2023-07-31 | Witherspoon Kamau Omari | acquired | 52,540 | 42.82 | 1,227 | - |
2023-07-31 | FICK DAVID M | acquired | 64,058 | 42.82 | 1,496 | - |
2023-07-31 | COSLER STEVEN D | acquired | 78,788 | 42.82 | 1,840 | - |
2023-07-31 | Gulacsy Elizabeth | acquired | 41,663 | 42.82 | 973 | - |
2023-07-31 | Beall Pamela K.M. | acquired | 36,268 | 42.82 | 847 | - |
2023-07-31 | FRITSCH EDWARD J | acquired | 36,268 | 42.82 | 847 | - |
2023-07-31 | HOLDEN BETSY D | acquired | 45,432 | 42.82 | 1,061 | - |
2023-04-28 | FRITSCH EDWARD J | acquired | 33,146 | 42.88 | 773 | - |
2023-04-28 | Witherspoon Kamau Omari | acquired | 48,197 | 42.88 | 1,124 | - |
Which funds bought or sold NNN recently?
View All Details| Datesorted ascending | Fund Name | Type | % Chg | $ Change | $ Held | % Portfolio |
|---|---|---|---|---|---|---|
2023-09-12 | Farther Finance Advisors, LLC | added | 5.11 | 663 | 36,115 | 0.01% |
2023-09-08 | TUCKER ASSET MANAGEMENT LLC | sold off | -100 | -1,987 | - | -% |
2023-08-24 | Alberta Investment Management Corp | new | - | 1,225,850 | 1,225,850 | 0.01% |
2023-08-23 | Stonebridge Capital Advisors LLC | new | - | 3,380 | 3,380 | -% |
2023-08-23 | WOLVERINE TRADING, LLC | added | 18.9 | 70,260 | 467,260 | -% |
2023-08-22 | VIRGINIA RETIREMENT SYSTEMS ET AL | added | 384 | 11,733,500 | 14,912,300 | 0.14% |
2023-08-21 | BOKF, NA | unchanged | - | -2,448 | 77,022 | -% |
2023-08-21 | CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | reduced | -6.36 | -963,537 | 9,461,380 | 0.01% |
2023-08-21 | OSAIC HOLDINGS, INC. | added | 9.47 | 615,083 | 10,610,100 | 0.02% |
2023-08-21 | TEACHERS RETIREMENT SYSTEM OF THE STATE OF KENTUCKY | added | 10.28 | 86,000 | 1,340,000 | 0.01% |
Latest Funds Activity
Calls
Puts
Net Call Options
No. of Funds
NNN Alerts
Schedule 13G FIlings of National Retail Properties
| Date Filed | Name of Filer | Percent of Class | No. of Shares | Form Type | |
|---|---|---|---|---|---|
| Feb 09, 2023 | fmr llc | - | 0 | SC 13G/A | |
| Feb 09, 2023 | vanguard group inc | 14.98% | 26,777,900 | SC 13G/A | |
| Jan 23, 2023 | blackrock inc. | 11.3% | 20,125,181 | SC 13G/A | |
| Feb 11, 2022 | state street corp | 10.44% | 18,330,427 | SC 13G/A | |
| Feb 10, 2022 | vanguard group inc | 14.71% | 25,837,049 | SC 13G/A | |
| Feb 09, 2022 | fmr llc | - | 0 | SC 13G/A | |
| Jan 27, 2022 | blackrock inc. | 11.5% | 20,113,625 | SC 13G/A | |
| Jan 25, 2022 | blackrock inc. | 11.5% | 20,113,625 | SC 13G/A | |
| Mar 24, 2021 | pggm investments | 4.73% | 8 | SC 13G | |
| Feb 11, 2021 | state street corp | 10.17% | 17,660,187 | SC 13G |
Recent SEC filings of National Retail Properties
View All Filings| Date Filed | Form Type | Document | |
|---|---|---|---|
| Aug 15, 2023 | 8-K | Current Report | |
| Aug 14, 2023 | 3 | Insider Trading | |
| Aug 14, 2023 | 3/A | Insider Trading | |
| Aug 14, 2023 | 4 | Insider Trading | |
| Aug 09, 2023 | 424B5 | Prospectus Filed | |
| Aug 08, 2023 | 424B5 | Prospectus Filed | |
| Aug 08, 2023 | FWP | Prospectus Filed | |
| Aug 03, 2023 | 424B5 | Prospectus Filed | |
| Aug 03, 2023 | 8-K | Current Report | |
| Aug 02, 2023 | 10-Q | Quarterly Report |
NNN Fair Value
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Peers (Alternatives to National Retail Properties)
View All Peers In Detail| Name | Mkt Capsorted ascending | Revenue | Price %, 1M | Returns, 1Y | P/E | P/S | Rev 1-Yr | Inc 1-Yr |
|---|---|---|---|---|---|---|---|---|
| LARGE-CAP | ||||||||
PSA | 48.1B | 4.4B | -0.64% | -17.74% | 11.24 | 10.95 | 14.80% | 87.79% |
DLR | 38.3B | 5.1B | 5.88% | 19.36% | 89.57 | 7.47 | 13.73% | -68.04% |
EQR | 23.7B | 2.0B | -0.94% | -9.83% | 28.39 | 11.73 | -22.97% | -33.54% |
ARE | 20.0B | 2.7B | -1.78% | -21.80% | 26.64 | 7.46 | 15.16% | 88.51% |
KIM | 11.4B | 1.8B | -1.65% | -8.89% | 28.27 | 6.5 | 6.75% | -42.80% |
| MID-CAP | ||||||||
FRT | 8.0B | 1.1B | 1.83% | 2.50% | 20.52 | 7.18 | 8.31% | 38.10% |
KRG | 4.9B | 820.5M | 3.48% | 19.66% | 174.46 | 5.97 | 29.95% | 125.56% |
VNO | 4.8B | 1.8B | 19.66% | -1.21% | -12.91 | 2.63 | 5.60% | -286.96% |
MAC | 2.6B | 866.2M | 4.87% | 36.72% | -29.3 | 2.95 | 0.51% | -335.26% |
| SMALL-CAP | ||||||||
SLG | 2.7B | 882.0M | 26.74% | -0.07% | -6.14 | 3.08 | 11.76% | -239.94% |
SKT | 2.4B | 426.3M | -1.04% | 52.78% | 25.4 | 5.64 | 1.38% | 137.97% |
PGRE | 1.1B | 732.3M | 9.89% | -25.11% | -13.31 | 1.55 | -0.03% | -4012.90% |
AIV | 1.0B | 339.3M | -9.41% | -15.44% | -5.79 | 3.02 | 88.48% | -168.70% |
National Retail Properties News
Returns for NNN
Cumulative Returns on NNN
6.5%
10-Year Cumulative Returns
0.1%
7-Year Cumulative Returns
1.0%
5-Year Cumulative Returns
4.9%
3-Year Cumulative Returns
Risks for NNN
What is the probability of a big loss on NNN?
21.5%
Probability that National Retail Properties stock will be more than 20% underwater in next one year
19.6%
Probability that National Retail Properties stock will be more than 30% underwater in next one year.
19.6%
Probability that National Retail Properties stock will be more than 40% underwater in next one year.
*Calculated based on probability distribution of losses observed in actual data in the last 5 years.
How does NNN drawdown profile look like?
Y-axis is the maximum loss one would have experienced if National Retail Properties was unfortunately bought at previous high price.
Drawdowns
Financials for National Retail Properties
Income Statement (Last 12 Months)(In Millions)
| Income Statement (Last 12 Months) | (In Millions) | |||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Description | (%) Q/Q | 2023Q2 | 2023Q1 | 2022Q4 | 2022Q3 | 2022Q2 | 2022Q1 | 2021Q4 | 2021Q3 | 2021Q2 | 2021Q1 | 2020Q4 | 2020Q3 | 2020Q2 | 2020Q1 | 2019Q4 | 2019Q3 | 2019Q2 | 2019Q1 | 2018Q4 | 2018Q3 | 2018Q2 |
| Revenue | 1.5% | 799 | 787 | 773 | 762 | 749 | 737 | 726 | 702 | 681 | 665 | 661 | 671 | 681 | 682 | 671 | 658 | 645 | 635 | 624 | 614 | 607 |
| Operating Expenses | -0.9% | 310 | 313 | 308 | 309 | 309 | 305 | 300 | 295 | 292 | 302 | 302 | 306 | 310 | 293 | 286 | 289 | 275 | 267 | 263 | 251 | 252 |
| S&GA Expenses | 2.3% | 44.00 | 43.00 | 42.00 | 41.00 | 42.00 | 44.00 | 45.00 | 44.00 | 42.00 | 40.00 | 38.00 | 39.00 | 38.00 | 38.00 | 38.00 | 36.00 | 36.00 | 35.00 | 34.00 | 35.00 | 34.00 |
| EBITDA | - | - | - | - | - | - | - | 572 | 563 | 560 | 556 | 555 | 552 | 549 | 544 | 538 | 538 | 530 | 524 | - | - | - |
| EBITDA Margin | - | - | - | - | - | - | - | 0.79* | 0.80* | 0.82* | 0.84* | 0.84* | 0.82* | 0.81* | 0.80* | 0.80* | 0.81* | 0.82* | 0.82* | - | - | - |
| Interest Expenses | 2.2% | 154 | 150 | 148 | 147 | 144 | 140 | 138 | 133 | 132 | 130 | 129 | 128 | 126 | 124 | 120 | 125 | 122 | 119 | 116 | 108 | 109 |
| EBT Margin | - | - | - | - | - | - | - | 0.31* | 0.33* | 0.34* | 0.34* | 0.35* | 0.34* | 0.34* | 0.33* | 0.34* | 0.35* | 0.35* | 0.36* | - | - | - |
| Net Income | 7.1% | 368 | 343 | 335 | 322 | 316 | 315 | 290 | 274 | 247 | 220 | 229 | 241 | 252 | 284 | 299 | 262 | 277 | 269 | 292 | 328 | 307 |
| Net Income Margin | -100.0% | - | 0.44* | 0.43* | 0.42* | 0.42* | 0.43* | 0.40* | 0.39* | 0.36* | 0.33* | 0.35* | 0.36* | 0.37* | 0.42* | 0.44* | - | - | - | - | - | - |
| Free Cashflow | -100.0% | - | 595 | 578 | 581 | 563 | 572 | 568 | 555 | 543 | 483 | 450 | 452 | 454 | 486 | 502 | - | - | - | - | - | - |
Balance Sheet(In Millions)
| Balance Sheet | (In Millions) | |||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Description | (%) Q/Q | 2023Q2 | 2023Q1 | 2022Q4 | 2022Q3 | 2022Q2 | 2022Q1 | 2021Q4 | 2021Q3 | 2021Q2 | 2021Q1 | 2020Q4 | 2020Q3 | 2020Q2 | 2020Q1 | 2019Q4 | 2019Q3 | 2019Q2 | 2019Q1 | 2018Q4 | 2018Q3 | 2018Q2 |
| Assets | 1.3% | 8,346 | 8,238 | 8,146 | 7,952 | 7,804 | 7,772 | 7,751 | 8,133 | 7,676 | 7,712 | 7,638 | 7,635 | 7,633 | 7,647 | 7,435 | 7,628 | 7,253 | 7,137 | 7,103 | 7,359 | 6,745 |
| Cash Equivalents | -29.6% | 2.00 | 3.00 | 3.00 | 3.00 | 3.00 | 54.00 | 171 | 544 | 250 | 311 | 267 | 295 | 225 | 217 | 1.00 | 354 | 2.00 | 81.00 | 114 | 608 | 2.00 |
| Liabilities | 2.3% | 4,196 | 4,103 | 4,023 | 3,945 | 3,889 | 3,874 | 3,849 | 3,873 | 3,405 | 3,424 | 3,319 | 3,347 | 3,322 | 3,346 | 3,103 | 3,001 | 3,030 | 2,984 | 2,949 | 3,282 | 2,756 |
| Shareholder's Equity | 0.4% | 4,150 | 4,135 | 4,124 | 4,007 | 3,916 | 3,898 | 3,902 | 4,260 | 4,271 | 4,288 | 4,319 | 4,287 | 4,311 | 4,301 | 4,332 | 4,627 | 4,222 | 4,153 | 4,155 | 4,077 | 3,989 |
| Retained Earnings | -0.1% | -804 | -803 | -793 | -786 | -777 | -759 | -747 | -720 | -705 | -683 | -644 | -611 | -573 | -526 | -499 | -469 | -443 | -432 | -424 | -372 | -368 |
| Additional Paid-In Capital | 0.3% | 4,964 | 4,948 | 4,928 | 4,805 | 4,705 | 4,670 | 4,663 | 4,649 | 4,645 | 4,640 | 4,634 | 4,569 | 4,555 | 4,499 | 4,495 | 4,480 | 4,042 | 3,958 | 3,950 | 3,824 | 3,734 |
| Shares Outstanding | 0.2% | 182 | 182 | 181 | 179 | 175 | 175 | - | - | 174,611 | 174,589 | - | 172,681 | - | - | 172 | 165 | 162 | 161 | 162 | 157 | 154 |
| Minority Interest | - | - | - | - | - | - | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Cashflow (Last 12 Months)(In Millions)
| Cashflow (Last 12 Months) | (In Millions) | |||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Description | (%) Q/Q | 2023Q2 | 2023Q1 | 2022Q4 | 2022Q3 | 2022Q2 | 2022Q1 | 2021Q4 | 2021Q3 | 2021Q2 | 2021Q1 | 2020Q4 | 2020Q3 | 2020Q2 | 2020Q1 | 2019Q4 | 2019Q3 | 2019Q2 | 2019Q1 | 2018Q4 | 2018Q3 | 2018Q2 |
| Cashflow From Operations | 1.3% | 602 | 595 | 578 | 581 | 563 | 572 | 568 | 555 | 543 | 483 | 450 | 452 | 454 | 486 | 502 | 505 | 479 | 485 | 472 | 457 | 435 |
| Cashflow From Investing | -0.8% | -736 | -730 | -777 | -574 | -594 | -533 | -432 | -478 | -268 | -200 | -142 | -258 | -343 | -557 | -619 | -724 | -685 | -599 | -609 | -504 | -515 |
| Cashflow From Financing | 56.1% | 136 | 87.00 | 35.00 | -545 | -214 | -295 | -232 | 173 | -249 | -188 | -41.25 | -251 | 111 | 207 | 5.00 | -34.76 | 207 | 190 | 250 | 401 | 79.00 |
| Dividend Payments | 1.8% | 394 | 387 | 381 | 375 | 371 | 369 | 367 | 365 | 362 | 359 | 356 | 354 | 348 | 341 | 334 | 325 | 319 | 311 | 303 | 296 | 288 |
NNN Income Statement
2023-06-30Condensed Consolidated Statements Of Income And Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
| Revenues: | ||||
| Rental income | $ 202,426 | $ 190,536 | $ 406,056 | $ 380,299 |
| Interest and other income from real estate transactions | 214 | 247 | 692 | 763 |
| Total revenues | 202,640 | 190,783 | 406,748 | 381,062 |
| Operating expenses: | ||||
| General and administrative | 10,740 | 9,740 | 22,991 | 20,782 |
| Real estate | 6,836 | 6,173 | 13,682 | 13,371 |
| Depreciation and amortization | 59,875 | 57,444 | 119,023 | 110,124 |
| Leasing transaction costs | 52 | 76 | 127 | 164 |
| Real estate impairments, net of recoveries | 34 | 4,618 | 2,674 | 6,250 |
| Executive retirement costs | 309 | 2,655 | 732 | 6,249 |
| Total operating expenses | 77,846 | 80,706 | 159,229 | 156,940 |
| Gain on disposition of real estate | 13,930 | 775 | 20,230 | 4,767 |
| Earnings from operations | 138,724 | 110,852 | 267,749 | 228,889 |
| Other expenses (revenues): | ||||
| Interest and other income | (74) | (52) | (107) | (87) |
| Interest expense | 40,094 | 36,739 | 78,985 | 73,438 |
| Total other expenses (revenues) | (40,020) | 36,687 | 78,878 | 73,351 |
| Net earnings | 98,704 | 74,165 | 188,871 | 155,538 |
| Loss attributable to noncontrolling interests | 0 | 6 | 0 | 5 |
| Net earnings attributable to common stockholders | $ 98,704 | $ 74,171 | $ 188,871 | $ 155,543 |
| Net earnings per share of common stock: | ||||
| Basic (in dollars per share) | $ 0.54 | $ 0.42 | $ 1.04 | $ 0.89 |
| Diluted (in dollars per share) | $ 0.54 | $ 0.42 | $ 1.04 | $ 0.89 |
| Weighted average number of common shares outstanding: | ||||
| Basic (in shares) | 181,092,031 | 174,956,856 | 180,969,809 | 174,867,049 |
| Diluted (in shares) | 181,627,857 | 175,107,914 | 181,544,275 | 175,021,871 |
| Other comprehensive income: | ||||
| Net earnings attributable to NNN | $ 98,704 | $ 74,171 | $ 188,871 | $ 155,543 |
| Amortization of interest rate hedges | 616 | 592 | 1,223 | 1,175 |
| Comprehensive income attributable to NNN | 99,320 | 74,763 | 190,094 | 156,718 |
| Comprehensive loss attributable to noncontrolling interests | 0 | (6) | 0 | (5) |
| Total comprehensive income | $ 99,320 | $ 74,757 | $ 190,094 | $ 156,713 |
NNN Balance Sheet
2023-06-30Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
|---|---|---|
| ASSETS | ||
| Real estate portfolio, net of accumulated depreciation and amortization | $ 8,221,192 | $ 8,020,814 |
| Cash and cash equivalents | 2,281 | 2,505 |
| Restricted cash or cash held in escrow | 2,971 | 4,273 |
| Receivables, net of allowance of $686 and $708, respectively | 2,246 | 3,612 |
| Accrued rental income, net of allowance of $3,861 and $3,836, respectively | 28,422 | 27,795 |
| Debt costs, net of accumulated amortization of $22,807 and $21,663, respectively | 4,333 | 5,352 |
| Other assets | 84,490 | 81,694 |
| Total assets | 8,345,935 | 8,146,045 |
| Liabilities: | ||
| Line of credit payable | 332,500 | 166,200 |
| Mortgages payable, including unamortized premium and net of unamortized debt costs | 0 | 9,964 |
| Notes payable, net of unamortized discount and unamortized debt costs | 3,742,012 | 3,739,890 |
| Accrued interest payable | 24,779 | 23,826 |
| Other liabilities | 96,410 | 82,663 |
| Total liabilities | 4,195,701 | 4,022,543 |
| Stockholders’ equity: | ||
| Common stock, $0.01 par value. Authorized 375,000,000 shares; 182,407,911 and 181,424,670 shares issued and outstanding, respectively | 1,825 | 1,815 |
| Capital in excess of par value | 4,963,808 | 4,928,034 |
| Accumulated deficit | (804,040) | (793,765) |
| Accumulated other comprehensive income (loss) | (11,359) | (12,582) |
| Total stockholders’ equity of NNN | 4,150,234 | 4,123,502 |
| Total liabilities and equity | $ 8,345,935 | $ 8,146,045 |
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 gross leasable area of approximately 32.4 million square feet and with a weighted average remaining lease term of 10.7 years.