57.27
NYSE : NNN
October 23, 2019 Minimum 20 minute delay.
Change
$(0.30) (0.53)%
Volume
371,616
Market Cap ($M)
9,881.12
Fundamentals
Financial Highlights
2019 FQ2 YTD
6/30/2019
2018 FY
12/31/2018
2017 FY
12/31/2017
2016 FY
12/31/2016
2015 FY
12/31/2015
Balance Sheet ($000)
Gross Depreciable Property 8,169,692 7,849,543 7,241,444 6,596,728 5,815,108
Net Property Investment 7,086,069 6,840,169 6,361,209 5,857,223 5,194,920
Finance Leases 7,052 8,069 9,650 11,230 14,518
Property Held for Sale: Nondepreciable 288 13,606 4,083 23,850 32,666
Construction in Progress 32,384 13,588 67,719 24,057 61,354
Mortgage Loans NA 0 0 1,250 8,661
Senior Secured Debt 12,379 12,694 13,300 13,878 23,964
Obligations Under Leases 10,237 0 0 0 0
Senior Unsecured Debt 2,903,874 2,838,701 2,566,907 2,297,811 1,951,980
Total Subordinated Debt 0 0 0 0 0
Total Debt 2,926,490 2,851,395 2,580,207 2,311,689 1,975,944
Total Liabilities 3,030,350 2,948,833 2,719,624 2,417,223 2,117,651
Equity Attributable to Parent Company 4,222,449 4,154,250 3,840,593 3,916,799 3,342,134
Noncontrolling Interests 2 355 317 129 259
Total Equity 4,222,451 4,154,605 3,840,910 3,916,928 3,342,393
Market Capitalization($M) 8,667.80 7,834.50 6,623.80 6,504 5,647.40
Implied Market Cap($M) 8,667.80 7,834.50 6,623.80 6,504 5,647.40
Total Capitalization($M) 12,226.80 11,318.80 9,836.80 9,735.80 8,198.60
Total Enterprise Value($M) 12,224.60 11,204.50 9,835.40 9,441.30 8,184.90
Total Enterprise Value Plus JV Debt($M) 12,224.60 11,204.50 9,835.40 9,441.30 8,184.90
Income Statement ($000)
Rental Revenue 327,202 620,476 582,617 529,602 478,644
Rental Net Operating Income 313,510 595,377 559,512 508,750 458,870
NOI 313,510 595,377 559,512 508,750 458,870
Gain on Sale of Real Estate 23,447 65,070 36,655 27,182 10,807
Interest Expense 59,768 115,847 109,109 96,352 90,008
Revenue 330,915 624,471 585,255 533,817 483,023
Expense 195,238 397,056 356,539 321,493 285,194
Extraordinary Items 0 0 0 0 0
Net Income 159,124 292,485 265,371 239,506 197,961
Net Income Attributable to Noncontrolling Int 423 38 398 6 125
Net Income Attributable to Parent 158,701 292,447 264,973 239,500 197,836
Net Income Avail to Common 141,288 257,572 216,662 200,182 161,696
FFO 221,203 395,337 359,179 330,544 289,193
Operating Funds from Operations, as Reported 219,872 414,590 376,991 340,643 299,171
Adjusted FFO 223,249 418,702 379,083 347,933 304,772
Modified FFO NA NA NA NA NA
Financial Analysis
ROAA(%) 4.45 4.24 4.16 4.15 3.83
ROAE(%) 7.63 7.34 7.07 6.75 6.26
Implied Capitalization Rate(%) 5.52 6.03 6.09 5.41 6.25
Dividend Payout Ratio(%) 114.94 118.18 128.28 128.99 142.50
Dividend Yield(%) 3.77 4.12 4.41 4.12 4.34
FFO Payout(%) 72.99 77.08 77.50 78.07 79.53
FFO/ Total Revenue(%) 66.85 63.31 61.37 61.92 59.87
Price/ LTM FFO(x) 20.80 19.20 18 19.40 18.60
Price/ LTM AFFO(x) 19.60 18.10 17 18.30 17.60
Price/ Last-twelve-months EPS(x) 35.10 29.40 29.70 32 33.40
Recurring EBITDA/ Interest Expense(x) 4.99 4.87 4.77 4.94 4.75
Recurring EBITDA/ Interest Expense + Pref. Div.(x) 3.88 3.76 3.54 3.53 3.41
Debt and Preferred/ TEV(%) 29.11 31.09 32.66 34.23 31.17
Total Debt/ Gross Properties(%) 35.82 36.33 35.63 35.04 33.98
Loans/ Assets(%) 0.10 0.11 0.15 0.20 0.42
Credit Lines Drawn/ Available(%) 7.02 0 13.39 0 0
Changes and Trends (%)
Same-store NOI: Change NA NA NA NA NA
Same-store Revenue: Change from Prior NA (0.10) 0.40 0.80 1.10
FFO Growth 6.49 10.07 8.66 14.30 10.84
FFO/Share Growth 1.50 5.40 5.30 6 2.90
EPS Growth, before Extraordinary (14.70) 13.80 5.10 15 (3.20)
Real Estate Investment Growth 7.28 6.72 8.87 11.40 11.81
Per Share Information ($)
Common Shares Outstanding 163,513,474 161,503,585 153,577,028 147,149,945 141,007,725
Closing Price 53.01 48.51 43.13 44.20 40.05
Basic EPS before Extra 0.87 1.65 1.45 1.39 1.21
Diluted EPS before Extra 0.87 1.65 1.45 1.38 1.20
FFO/ Share 1.37 2.53 2.40 2.28 2.15
Operating FFO per Share, as Reported 1.36 2.65 2.52 2.35 2.22
AFFO per Share 1.38 2.68 2.54 2.41 2.27
Modified FFO per Share NA NA NA NA NA
Common Dividends Declared per Share 1 1.95 1.86 1.78 1.71
NAV per Share, as Reported NA NA NA NA NA
Debt Maturity Schedule ($000)
Debt Maturing: Current FY 0 0 0 249,907 5,890
Debt Maturing: Next FY 0 0 0 0 253,448
Debt Maturing: FY2 0 0 0 0 0
Debt Maturing: FY3 386,362 322,903 298,209 0 0
Debt Maturing: FY4 361,292 361,474 442,900 297,764 0
Debt Maturing: Thereafter 2,187,712 2,187,245 1,855,443 1,778,799 1,729,817
Principal Payments Schedule ($000)
Debt Due this Fiscal Year 329 652 623 250,503 7,344
Debt Due during Next Fiscal Year 682 682 652 623 253,158
Debt Due during Second Fiscal Year 716 716 682 652 623
Debt Due during Third Fiscal Year 387,112 323,653 298,925 682 653
Debt Due during Fourth Fiscal Year 358,881 358,748 443,650 298,480 681
Debt Due Thereafter 2,187,712 2,187,246 1,852,112 1,775,639 1,726,696
Adjustments to Debt Principal Schedule (19,179) (20,301) (16,437) (14,890) (13,211)
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