45.91
NYSE : NNN
February 24, 2017 Minimum 20 minute delay.
Change
$0.54 1.19%
Volume
751,521
Market Cap ($M)
6,759.57
Fundamentals
Financial Highlights
2016 FY
12/31/2016
2015 FY
12/31/2015
2014 FY
12/31/2014
2013 FY
12/31/2013
2012 FY
12/31/2012
Balance Sheet ($000)
Gross Depreciable Property 6,596,728 5,815,108 5,200,475 4,609,159 4,018,824
Net Property Investment 5,857,223 5,194,920 4,688,772 4,192,682 3,685,586
Finance Leases 11,230 14,518 16,974 18,342 23,217
Property Held for Sale: Nondepreciable 23,850 32,666 5,395 15,344 41,773
Construction in Progress 24,057 61,354 28,908 60,682 84,231
Mortgage Loans 1,250 8,661 10,974 16,942 26,912
Senior Secured Debt 13,878 23,964 26,182 9,475 10,602
Obligations under Capital Leases 0 0 0 0 0
Senior Unsecured Debt 2,297,811 1,951,980 1,703,709 1,560,584 1,576,362
Total Subordinated Debt 0 0 0 0 0
Total Debt 2,311,689 1,975,944 1,729,891 1,560,844 1,579,148
Total Liabilities 2,417,223 2,117,651 1,832,459 1,667,023 1,682,625
Equity Attributable to Parent Company 3,916,799 3,342,134 3,082,515 2,777,045 2,296,285
Noncontrolling Interests 129 259 577 1,240 1,300
Total Equity 3,916,928 3,342,393 3,083,092 2,778,285 2,297,585
Market Capitalization($M) 6,504 5,647.40 5,197.20 3,700 3,480.50
Implied Market Cap($M) 6,504 5,647.40 5,197.20 3,700 3,480.50
Total Capitalization($M) 9,735.80 8,198.60 7,502.70 5,837.10 5,348.50
Total Enterprise Value($M) 9,441.30 8,184.90 7,492.10 5,835.60 5,346.40
Total Enterprise Value Plus JV Debt($M) 9,441.30 8,184.90 7,492.10 5,835.60 5,346.40
Income Statement ($000)
Rental Revenue 529,602 478,644 428,992 386,615 324,232
Rental Net Operating Income 508,750 458,870 410,057 368,515 307,163
NOI 508,750 458,870 410,057 368,515 307,628
Gain on Sale of Real Estate 27,182 10,807 11,587 173 2,341
Interest Expense 96,352 90,008 85,510 85,283 82,502
Revenue 533,817 483,023 435,234 393,820 354,725
Expense 321,493 285,194 255,532 238,362 235,659
Extraordinary Items 0 0 124 5,072 13,444
Net Income 239,506 197,961 191,170 160,085 141,937
Net Income Attributable to Noncontrolling Int 6 125 569 (60) (78)
Net Income Attributable to Parent 239,500 197,836 190,601 160,145 142,015
Net Income Avail to Common 200,182 161,696 154,394 131,504 120,748
FFO 330,544 289,193 260,902 228,622 193,563
Operating Funds from Operations, as Reported 340,643 299,171 259,366 230,965 189,759
Adjusted FFO 347,933 304,772 263,968 238,917 200,839
Modified FFO NA NA NA NA NA
Financial Analysis
ROAA(%) 4.15 3.83 4.09 3.70 3.80
ROAE(%) 6.75 6.26 6.69 6.06 6.40
Implied Capitalization Rate(%) 5.41 6.25 6.36 6.53 6.92
Dividend Payout Ratio(%) 128.99 142.50 133.06 145.45 140.54
Dividend Yield(%) 4.12 4.34 4.27 5.34 5.06
FFO Payout(%) 78.07 79.53 78.95 83.77 88.14
FFO/ Total Revenue(%) 61.92 59.87 59.95 58.05 54.57
Price/ LTM FFO(x) 19.40 18.60 18.80 15.90 17.60
Price/ LTM AFFO(x) 18.30 17.60 18.60 15.20 17
Price/ Last-twelve-months EPS(x) 32 33.40 31.80 27.60 28.10
Recurring EBITDA/ Interest Expense(x) 4.94 4.75 4.47 4.02 3.48
Recurring EBITDA/ Interest Expense + Pref. Div.(x) 3.53 3.41 3.16 3.03 2.87
Debt and Preferred/ TEV(%) 34.23 31.17 30.76 36.60 34.91
Total Debt/ Gross Properties(%) 35.04 33.98 33.26 33.86 39.29
Loans/ Assets(%) 0.20 0.42 0.57 0.79 1.26
Credit Lines Drawn/ Available(%) 0 0 0 9.28 34.84
Changes and Trends (%)
Same-store NOI: Change NA NA NA NA NA
Same-store Revenue: Change from Prior 0.80 1.10 NA NA NA
FFO Growth 14.30 10.84 14.12 18.11 38.42
FFO/Share Growth 6 2.90 9.40 7.90 12.70
EPS Growth, before Extraordinary 15 (3.20) 17 7.10 4.20
Real Estate Investment Growth 11.40 11.81 10.39 11.45 16.15
Per Share Information ($)
Common Shares Outstanding 147,149,945 141,007,725 132,010,104 121,991,677 111,554,997
Closing Price 44.20 40.05 39.37 30.33 31.20
Basic EPS before Extra 1.39 1.21 1.24 1.07 1
Diluted EPS before Extra 1.38 1.20 1.24 1.06 0.99
FFO/ Share 2.28 2.15 2.09 1.91 1.77
Operating FFO per Share, as Reported 2.35 2.22 2.08 1.93 1.74
AFFO per Share 2.41 2.27 2.12 1.99 1.84
Modified FFO per Share NA NA NA NA NA
Common Dividends Declared per Share 1.78 1.71 1.65 1.60 1.56
NAV per Share, as Reported NA NA NA NA NA
Debt Maturity Schedule ($000)
Debt Maturing: Current FY 249,907 5,890 149,952 149,587 0
Debt Maturing: Next FY 0 253,448 6,402 149,610 150,014
Debt Maturing: FY2 0 0 254,192 53,192 149,859
Debt Maturing: FY3 0 0 0 251,380 181,361
Debt Maturing: FY4 297,764 0 339 0 252,398
Debt Maturing: Thereafter 1,778,799 1,729,817 1,330,169 963,547 853,332
Principal Payments Schedule ($000)
Debt Due this Fiscal Year 250,503 7,344 151,822 151,133 1,127
Debt Due during Next Fiscal Year 623 253,158 7,514 151,111 151,077
Debt Due during Second Fiscal Year 652 623 253,134 53,242 151,066
Debt Due during Third Fiscal Year 682 653 710 249,743 181,042
Debt Due during Fourth Fiscal Year 298,480 681 688 86 249,652
Debt Due Thereafter 1,775,639 1,726,696 1,327,186 964,744 853,000
Adjustments to Debt Principal Schedule (14,890) (13,211) (11,163) (9,215) (7,816)
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