NNN REIT(NNN)

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NNN REIT(NNN) - 2020 Q1 - Quarterly Report
2020-05-04 12:37
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the quarterly period ended March 31, 2020 OR (State or other jurisdiction of incorporation or organization) Maryland 56-1431377 (I.R.S. Employer Identification No.) ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. 450 South Orange Avenue, Suite 900 Orlando, Florida 32801 (Address of principa ...
NNN REIT(NNN) - 2019 Q4 - Earnings Call Transcript
2020-02-11 21:03
National Retail Properties, Inc. (NYSE:NNN) Q4 2019 Earnings Conference Call February 11, 2020 10:30 AM ET Company Participants Jay Whitehurst ??? President and Chief Executive Officer Kevin Habicht ??? Executive Vice President and Chief Financial Officer Conference Call Participants Christy McElroy ??? Citi Brian Hawthorne ??? RBC Capital Rob Stevenson ??? Janney Spenser Allaway ??? Green Street Advisors Todd Stender ??? Wells Fargo John Massocca ??? Ladenburg Collin Mings ??? Raymond James Vikram Malhotra ...
NNN REIT(NNN) - 2019 Q3 - Earnings Call Transcript
2019-10-31 21:05
National Retail Properties (NYSE:NNN) Q3 2019 Earnings Conference Call October 31, 2019 10:30 AM ET CompanyParticipants Jay Whitehurst - CEO Kevin Habicht - CFO Conference Call Participants Katy McConnell - Citibank Vikram Malhotra - Morgan Stanley Brian Hawthorne - RBC Capital Markets Spenser Allaway - Green Street Advisors John Massocca - Ladenburg Thalmann Operator Good day, ladies and gentlemen and welcome to the National Retail Properties' Third Quarter 2019 Earnings Call. After today's presentation, t ...
NNN REIT(NNN) - 2019 Q3 - Quarterly Report
2019-10-31 12:45
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the quarterly period ended September 30, 2019 OR ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the transition period from to Commission file number 001-11290 NATIONAL RETAIL PROPERTIES, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorpo ...
NNN REIT(NNN) - 2019 Q2 - Earnings Call Transcript
2019-08-01 19:10
National Retail Properties (NYSE:NNN) Q2 2019 Earnings Conference Call August 1, 2019 10:30 AM ET Company Participants Jay Whitehurst - Chief Executive Officer Kevin Habicht - Chief Financial Officer Conference Call Participants Katy McConnell - Citi Brian Hawthorne - RBC Capital Markets Spenser Allaway ??? Green Street Advisors Collin Mings - Raymond James Todd Stender - Wells Fargo John Massocca - Ladenburg Thalmann Chris Lucas - Capital One Securities Operator Good day, ladies and gentlemen, and welcome ...
NNN REIT(NNN) - 2019 Q2 - Quarterly Report
2019-08-01 12:46
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the quarterly period ended June 30, 2019 OR ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the transition period from to Commission file number 001-11290 NATIONAL RETAIL PROPERTIES, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporatio ...
NNN REIT(NNN) - 2019 Q1 - Earnings Call Transcript
2019-05-01 19:13
Financial Data and Key Metrics Changes - The first quarter of 2019 reported core FFO results of $0.67 per share, flat compared to the prior year, with 2019 core FFO guidance unchanged at $2.71 to $2.76 per share, implying 3.2% growth to the midpoint [13][15] - The AFFO dividend payout ratio for the quarter was 72.8%, slightly up from 72.4% for the full year 2018 [15] - Occupancy rate remained stable at 98.2%, consistent with the long-term average [4][15] Business Line Data and Key Metrics Changes - The company invested $117 million in 33 new single-tenant retail properties with an initial cash yield of slightly over 7% and an average lease term of over 16 years [6] - Disposed of 17 properties generating over $19 million in proceeds at an average cap rate of 5.9% [6][39] Market Data and Key Metrics Changes - The balance sheet remained strong with no outstanding amounts on the $900 million bank line and $80 million in cash [19] - Net debt to gross book assets was 34.7%, with net debt to EBITDA at 4.8 times, unchanged from year-end 2018 [20] Company Strategy and Development Direction - The company maintains a long-term focus characterized by consistent per share growth on a multi-year basis [9] - The acquisition strategy emphasizes building relationships with retailers and focusing on high-quality, long-term leased properties [47][54] - The company is cautious about international opportunities, preferring to focus on the U.S. market where ample opportunities exist [55] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding tenant disruptions, indicating that the portfolio is expected to remain healthy [34] - The company is actively working on resolving vacancies and has in-house leasing expertise to manage properties effectively [36] - The management believes 2019 will be another solid year of growth in operating results despite challenges in the retail environment [21] Other Important Information - The new lease accounting rules have a modest impact on the company, primarily affecting the presentation of revenues [23][29] - The company has not issued any common equity during the first quarter under its ATM program, relying instead on equity from the dividend reinvestment program [82][84] Q&A Session Summary Question: Update on tenant closures and occupancy disruption expectations - Management feels the portfolio will remain healthy, with ongoing rent payments from tenants in bankruptcy situations [32][34] Question: Cap rate on dispositions - The cap rate on dispositions was approximately 5.9% [39] Question: Composition of acquisitions - The acquisitions were broadly diversified across various relationship tenants, with no significant movement in top tenants [40] Question: Trends in straight-line rents - Management indicated some lumpiness in straight-line rents, expecting it to trend close to zero [42][44] Question: New concepts for investment - The focus remains on building relationships with existing retailers rather than pursuing new concepts aggressively [47] Question: Yield on acquisitions and pricing environment - The cash yield on leases was 7%, with cap rates remaining low for high-quality assets [53] Question: Occupancy changes year-over-year - The decrease in occupancy is attributed to general retail environment challenges, with ongoing efforts to manage vacancies [70][72] Question: Rental rates and market comparisons - The company maintains that its portfolio generally sits close to market rent, with high renewal rates [78]
NNN REIT(NNN) - 2019 Q1 - Quarterly Report
2019-05-01 12:39
x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the quarterly period ended March 31, 2019 OR ¨TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the transition period from to UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 10-Q Commission file number 001-11290 NATIONAL RETAIL PROPERTIES, INC. (Exact name of registrant as specified in its charter) Maryland (State or other jurisdiction of in ...
NNN REIT(NNN) - 2018 Q4 - Earnings Call Transcript
2019-02-12 20:16
National Retail Properties, Inc. (NYSE:NNN) Q4 2018 Earnings Conference Call February 12, 2019 10:30 AM ET Company Participants Jay Whitehurst - Chief Executive Officer Kevin Habicht - Chief Financial Officer Conference Call Participants Kevin Egan - Morgan Stanley Brian Hawthorne - RBC Capital Katy McConnell - Citi Collin Mings - Raymond James Barry Oxford - D.A. Davidson Todd Stender - Wells Fargo John Massocca - Ladenburg Thalmann Spenser Allaway - Green Street Advisors Chris Lucas - Capital One Operator ...