Fundamentals

36.38
NYSE : NNN
August 12, 2020 Minimum 20 minute delay.
Change
$(0.25) (0.69)%
Volume
234,441
Market Cap ($M)
6,356.77
Financial Highlights
2020 FQ2 YTD
6/30/2020
2019 FY
12/31/2019
2018 FY
12/31/2018
2017 FY
12/31/2017
2016 FY
12/31/2016
Balance Sheet ($000)
Gross Depreciable Property 8,415,008 8,401,406 7,849,543 7,241,444 6,596,728
Net Property Investment 7,182,901 7,253,129 6,840,169 6,361,209 5,857,223
Finance Leases 4,121 4,204 8,069 9,650 11,230
Property Held for Sale: Nondepreciable 3,615 7,010 13,606 4,083 23,850
Construction in Progress 38,517 44,368 13,588 67,719 24,057
Mortgage Loans 2,822 NA 0 0 1,250
Senior Secured Debt 11,731 12,059 12,694 13,300 13,878
Obligations Under Leases 12,013 9,804 0 0 0
Senior Unsecured Debt 3,207,545 2,976,298 2,838,701 2,566,907 2,297,811
Total Subordinated Debt 0 0 0 0 0
Total Debt 3,231,289 2,998,161 2,851,395 2,580,207 2,311,689
Total Liabilities 3,322,128 3,103,185 2,948,833 2,719,624 2,417,223
Equity Attributable to Parent Company 4,310,795 4,331,675 4,154,250 3,840,593 3,916,799
Noncontrolling Interests 5 7 355 317 129
Total Equity 4,310,800 4,331,682 4,154,605 3,840,910 3,916,928
Market Capitalization($M) 6,152.50 9,206.20 7,834.50 6,623.80 6,504
Implied Market Cap($M) 6,152.50 9,206.20 7,834.50 6,623.80 6,504
Total Capitalization($M) 9,728.80 12,549.40 11,318.80 9,836.80 9,735.80
Total Enterprise Value($M) 9,504.20 12,548.30 11,204.50 9,835.40 9,441.30
Total Enterprise Value Plus JV Debt($M) 9,504.20 12,548.30 11,204.50 9,835.40 9,441.30
Income Statement ($000)
Rental Revenue 337,700 668,211 620,476 582,617 529,602
Rental Net Operating Income 323,741 640,555 595,377 559,512 508,750
NOI 323,741 640,555 595,377 559,512 508,750
Gain on Sale of Real Estate 13,489 32,463 65,070 36,655 27,182
Interest Expense 65,423 120,023 115,847 109,109 96,352
Revenue 339,035 673,599 624,471 585,255 533,817
Expense 241,083 406,454 397,056 356,539 321,493
Extraordinary Items 0 0 0 0 0
Net Income 111,441 299,608 292,485 265,371 239,506
Net Income Attributable to Noncontrolling Int (2) 428 38 398 6
Net Income Attributable to Parent 111,443 299,180 292,447 264,973 239,500
Net Income Avail to Common 102,137 257,582 257,572 216,662 200,182
FFO 214,247 446,661 395,337 359,179 330,544
Operating Funds from Operations, as Reported 230,926 455,186 414,590 376,991 340,643
Adjusted FFO 204,990 462,325 418,702 379,083 347,933
Modified FFO NA NA NA NA NA
Financial Analysis
ROAA(%) 2.94 4.09 4.24 4.16 4.15
ROAE(%) 5.17 6.95 7.34 7.07 6.75
Implied Capitalization Rate(%) 5.87 5.27 6.03 6.09 5.41
Dividend Payout Ratio(%) 171.67 130.13 118.18 128.28 128.99
Dividend Yield(%) 5.81 3.84 4.12 4.41 4.12
FFO Payout(%) 82.40 74.91 77.08 77.50 78.07
FFO/ Total Revenue(%) 63.19 66.31 63.31 61.37 61.92
Price/ LTM FFO(x) 13.65 19.79 19.17 17.97 19.39
Price/ LTM AFFO(x) 13.54 19.15 18.10 16.98 18.34
Price/ Last-twelve-months EPS(x) 27.72 34.37 29.40 29.74 32.03
Recurring EBITDA/ Interest Expense(x) 4.67 5.07 4.87 4.77 4.94
Recurring EBITDA/ Interest Expense + Pref. Div.(x) 4.11 4.02 3.76 3.54 3.53
Debt and Preferred/ TEV(%) 37.63 26.64 31.09 32.66 34.23
Total Debt/ Gross Properties(%) 38.40 35.69 36.33 35.63 35.04
Loans/ Assets(%) 0.09 0.06 0.11 0.15 0.20
Credit Lines Drawn/ Available(%) 0 14.84 0 13.39 0
Changes and Trends (%)
Same-store NOI: Change NA NA NA NA NA
Same-store Revenue: Change from Prior NA 0.10 (0.10) 0.40 0.80
FFO Growth (3.14) 12.98 10.07 8.66 14.30
FFO/Share Growth (8.80) 7.10 5.40 5.30 6
EPS Growth, before Extraordinary (31) (5.50) 13.80 5.10 15
Real Estate Investment Growth (2.10) 6.30 6.72 8.87 11.40
Per Share Information ($)
Common Shares Outstanding 173,407,606 171,694,209 161,503,585 153,577,028 147,149,945
Closing Price 35.48 53.62 48.51 43.13 44.20
Basic EPS before Extra 0.60 1.56 1.65 1.45 1.39
Diluted EPS before Extra 0.60 1.56 1.65 1.45 1.38
FFO/ Share 1.25 2.71 2.53 2.40 2.28
Operating FFO per Share, as Reported 1.35 2.76 2.65 2.52 2.35
AFFO per Share 1.20 2.80 2.68 2.54 2.41
Modified FFO per Share NA NA NA NA NA
Common Dividends Declared per Share 1.03 2.03 1.95 1.86 1.78
NAV per Share, as Reported NA NA NA NA NA
Debt Maturity Schedule ($000)
Debt Maturing: Current FY 0 0 0 0 249,907
Debt Maturing: Next FY 0 0 0 0 0
Debt Maturing: FY2 0 457,026 0 0 0
Debt Maturing: FY3 360,918 361,108 322,903 298,209 0
Debt Maturing: FY4 349,689 349,653 361,474 442,900 297,764
Debt Maturing: Thereafter 2,531,713 1,838,540 2,187,245 1,855,443 1,778,799
Principal Payments Schedule ($000)
Debt Due this Fiscal Year 345 682 652 623 250,503
Debt Due during Next Fiscal Year 716 716 682 652 623
Debt Due during Second Fiscal Year 750 457,776 716 682 652
Debt Due during Third Fiscal Year 359,155 359,017 323,653 298,925 682
Debt Due during Fourth Fiscal Year 349,689 349,653 358,748 443,650 298,480
Debt Due Thereafter 2,531,713 1,838,540 2,187,246 1,852,112 1,775,639
Adjustments to Debt Principal Schedule (23,092) (18,027) (20,301) (16,437) (14,890)
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National Retail Properties