SAN FRANCISCO, April 16, 2019 (GLOBE NEWSWIRE) -- National Retail Properties Inc. (NNN) continues to deliver for shareholders, adhering to a business strategy that has enabled the company to provide annual dividend increases for 29 consecutive years.
- Nearly 3,000 single-tenant retail properties across the continental United States
- Invested $715.6 million in 265 properties in 2018
- An occupancy average of 98% over twenty-plus years
- One of only three equity REITs and 86 publicly traded companies in America to have increased annual dividends for 29 or more consecutive years
Advisor Access spoke with president and CEO Jay Whitehurst about the company’s strategies and strengths.
Advisor Access: Your tradition of annual dividend increases continued in 2018—it is now at 29 consecutive years—and you currently hold the third longest annual dividend increase track record in the REIT industry. How have you sustained this growth?
Jay Whitehurst: Our business model is designed to produce consistent, repetitive results on a multiyear basis. We maintain a conservative balance sheet strategy, with low leverage and an attractive cost of capital, which enables us to access the capital markets at advantageous long-term fixed rates. We have an occupancy average of 98% over twenty-plus years…
AA: NNN has experienced very low turnover in management and the company’s senior management has a wealth of experience. Will change at the board level have any effect on the company’s direction?
JW: Our senior management team averages an eighteen-year tenure with the company, and half of our associates overall have been with the company more than ten years.…
AA: NNN invested over $715 million in new properties in 2018. Are there any standout acquisitions?
JW: Our 2018 acquisition total involved 265 properties at an initial cash yield of 6.8%, with an 18.5-year lease term average. More than 80% of the dollars invested in 2018 acquisitions were with a pool of more than thirty relationship tenants in sixteen different lines of trade…
AA: Do you expect headwinds or tailwinds for the retail REIT market in 2019?
JW: Every year we assume we will lose some rent due to struggling retailers. The impacts of these events are factored into our guidance…
Read the complete answers to these and more questions in the full interview with National Retail Properties, HERE.
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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.