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National Retail Properties CEO Jay Whitehurst Interviewed by Advisor Access

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Advisor Access
·3 min read
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Focus on the Long Term Builds Resilience in the Short Term

SAN FRANCISCO, April 13, 2021 (GLOBE NEWSWIRE) -- Despite the challenges imposed on the retail and real estate markets by the COVID-19 pandemic, National Retail Properties (NYSE: NNN) not only maintained its solid footing, but also continued its outstanding run of delivering annual dividend increases to its investors. The company’s balance sheet remains solid, as does its focus on maintaining a portfolio of well-located properties and strong tenants.

  • 3,143 properties in 48 states

  • Retail properties leased to 400 tenants in 37 lines of trade

  • Increased annual dividends for 31 consecutive years

  • Total enterprise value over $10.6 billion

  • Average annual total return of 12% over 25 years

Click HERE to view the NNN Investor Fact Sheet

Advisor Access spoke with Jay Whitehurst, chief executive officer and president of National Retail Properties.

Advisor Access: National Retail Properties occupies a specific niche in the REIT space. Tell us about the market you operate in, and how your business is tailored to that market.

Jay Whitehurst: Focusing on single-tenant, net-leased retail has been the core of our investing strategy for more than 30 years. We own a 98.5%-occupied portfolio of more than 3,100 properties in 48 states leased to more than 400 tenants in 37 lines of trade. Our typical initial lease term is 15–20 years, and our average remaining lease term is 10.7 years. These are well-located properties with strong retail real estate characteristics, as evidenced by our 20-year occupancy average of 98%.

AA: 2020 was a challenging year, but your company managed, yet again, to post solid financial results, including its 31st consecutive annual dividend increase. Can you outline those results, and describe what enables you to maintain this level of performance?

JW: Our disciplined, long-term focus has been key to our success. We maintain a strong, flexible balance sheet and have built a portfolio of well-located retail properties leased to strong regional and national tenants.

When the pandemic first struck, we took a collaborative approach…

AA: Has the company made any significant changes in management or property holdings over the past year?

JW: We enhanced our executive leadership team with the appointment of Steve Horn, a 17-year veteran of the company, as chief operating officer…

AA: The COVID-19 pandemic has remodeled the purchasing habits of consumers in the retail space, at least in the short term. How have those changes affected NNN, and how has the company responded?

JW: We lease our properties to large corporations—our top 25 tenants average more than 1,000 stores each in their chains…

AA: What changes do you anticipate as the country moves out of pandemic mode, both for the REIT retail space in general and for NNN in particular?

JW: We don’t anticipate many changes, if any, at NNN…

AA: In closing, is there anything else you'd like investors to know about NNN?

JW: I’d just like to reiterate that, by staying true to our long-term strategy, we built a business that has withstood a once-in-a-hundred-year pandemic with minimal long-term impact. We remain well positioned, with strong occupancy, deep tenant relationships, and a well-capitalized balance sheet, all of which makes us feel good about the year ahead.

AA: Thank you, Jay.

Read the complete answers to these questions and more in the full interview with National Retail Properties HERE.

About Advisor Access: Advisor-Access LLC brings compelling investment ideas to investors in the form of in-depth interviews with company management and the latest fact sheets and corporate presentations.

DISCLOSURE: National Retail Properties. has paid Advisor Access a fee to distribute this email. Jay Whitehurst had final approval of the content and is wholly responsible for the validity of the statements and opinions.

CONTACT: CONTACT INFORMATION Contact: Advisor Access Rick Baggelaar Rick@advisor-access.com