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National Retail Properties

NNN is a registered REIT with an operating portfolio of U.S. commercial real estate focused on single-tenant retail properties with long term, triple net lease structures. At 3Q18, NNN's portfolio was comprised of 2,847 properties and had an occupancy rate of 98.7%. NNN's portfolio had a wtd. avg. remaining lease term of 11.4 years as of 3Q18. NNN's top tenant was 7-Eleven at 3Q18 (5.5% of ABR), followed by Mister Car Wash (4.0%), LA Fitness (4.0%), Camping World (3.9%), and GPM Investments (3.7%). The top state in the portfolio is Texas (17.9% of ABR at 3Q18), followed by Florida (8.9%), Ohio (5.7%), Illinois (5.2%), and North Carolina (4.7%). The top tenant categories are convenience stores (18.5% at 3Q18), restaurants (19.6% including both limited and full service), and automotive (11.1% including both automotive service and parts providers). (26 Nov 2018)

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Focused

NNN: 3Q18 Earnings Quick Cuts

Worth Watching: 01 Nov 2018, 9:44 PM ET - NNN  reported (yet another) solid quarter as FFO came in line with consensus estimates amid good operating trends reflecting the triple net focus. Portfolio performance remains strong and steady, highlighted by revenue growth of 5%, LTM G&A expens ..
Focused

Retail REITs: Sears Bankruptcy as Opportunity

Worth Watching: 15 Oct 2018, 1:28 PM ET - Retail REITs: With the news that Sears is (finally?) filing for bankruptcy, we size REIT exposures to the long-struggling retailer and see the impacts as broadly manageable. From an operating performance perspective, the vast majority of REITs see ..
Focused

REIT/CRE 3Q18 Preview: What We're Watching

Sector Analysis: 12 Oct 2018, 5:57 AM ET - We lay out what we're watching as we head into 3Q18 earnings, for property types, individual credits, and with a macro component given the breadth and depth of economic touch points for U.S. real estate.

US Strategy: What to Watch for on 3Q Earning Calls

Strategy Analysis: 11 Oct 2018, 4:37 AM ET - We surveyed our analyst teams for key sector level issues they will be paying close attention to with upcoming third quarter earnings calls beyond the typical sales, margins and earnings guidance. 
Focused

IG Note: NNN Issuing 10Y, 30Y Notes

IG Note: 18 Sep 2018, 10:27 AM ET - NNN is in the market for the first time in a year, looking to place $300 mn each of 10Y and 30Y notes, the latter marking its first foray at the long end of the curve. See both tranches as a good opportunity for exposure; prefer 30Y.

Register Now: 2018 Global Financials Seminars

Announcement: 10 Sep 2018, 9:51 PM ET - Register for our upcoming fifth annual Global Financials Seminars.
Focused

REITs/CRE 2Q18: How Are Property Types Performing?

Sector Analysis: 22 Aug 2018, 5:10 AM ET - In Part 2 of our REITs/CRE 2Q18 review, we delve into the recent trends—both operating fundamentals and capital markets—across the five major property types as we take the pulse of the different underlying asset classes.

REITs/CRE 2Q18: Themes, Trends and Takeaways

Sector Analysis: 13 Aug 2018, 5:32 AM ET - In part 1 of our REITs/CRE 2Q18 review, we discuss key themes emerging from earnings, including sector relative value, overall market conditions, the continue run-up in construction costs and more.

Interplay Between US Banks & Fed's Balance Sheet

Sector Analysis: 08 Aug 2018, 5:36 AM ET - In this note, we discuss the impacts of the Fed's balance sheet unwind on banks. We expect that U.S. banks will become the "natural buyers" of U.S. Treasuries not bought by the Fed, offsetting the impact on rates.
Focused

NNN: 2Q18 Earnings Quick Cuts

Worth Watching: 01 Aug 2018, 9:54 PM ET - NNN reported a rock solid 2Q18 as FFO came in ahead of consensus estimates highlighted by revenue growth of 7%, while G&A as a percentage of revenues declined to 5.6% at 2Q18, down 50 bp YoY. As expected, occupancy declined by 70 bp sequentiall ..

CA Goes to the Polls: A Rent Control Primer

Sector Analysis: 11 Jul 2018, 9:42 PM ET - In November, Californians will vote on a ballot initiative that seeks to repeal Costa-Hawkins, a 1995-era law restricting municipalities' ability to institute rent control policies, with implications for multifamily REITs in particular.

US Banks: Update to 2018 Debt Supply Forecast

Sector Analysis: 09 Jul 2018, 5:49 AM ET - Following a review of 1H18 debt supply, we are increasing our supply forecast for the full year for the banks in our coverage universe. The majority of the increase reflects increased expectations for OpCo debt from the GSIBs.

June 2018 Company Coverage Initiated

Company Coverage Initiated: 01 Jul 2018, 9:52 PM ET - Our monthly report provides executive summaries for the fourteen companies on which we launched coverage in North America, Asia and Europe during the month of June.
Focused

NNN: Initiating Coverage at Outperform

Company Spotlight: 22 Jun 2018, 4:57 AM ET - We initiate coverage on National Retail Properties (NNN) with an Outperform recommendation based on modest spread pickup over BBB+ REIT peers and solid credit fundamentals reflecting the low volatility triple net focus.

REITweek 2018: Cool, Calm, and Collected

Sector Analysis: 08 Jun 2018, 5:22 AM ET - We attended NAREIT's REITweek 2018 convention, providing our top level thoughts on the overall sector tone and analysis on individual company presentations.

REITs/CRE 1Q18: How Are Property Types Performing?

Sector Analysis: 17 May 2018, 4:27 AM ET - In Part 2 of our REITs/CRE 1Q18 review, we delve into the recent trends--both operating fundamentals and capital markets--across the five major property types as we take the pulse of the different underlying asset classes.

REITs/CRE 1Q18: Themes, Trends and Takeaways

Sector Analysis: 14 May 2018, 4:40 AM ET - In part 1 of our REITs/CRE 1Q18 review, we discuss key themes emerging from earnings, including construction cost overruns, public/private market valuation disconnect, sector relative value, and more.

Retail REITs: TOYS Exposure aka Market Rents 'R Us

Worth Watching: 15 Mar 2018, 7:08 PM ET - Retail REITs: With Toys 'R Us (TOYS) looking like a straight liquidation rather than a restructuring, we take a quick look at exposures across the retail REIT universe (including names beyond our core coverage). Similar to past exercises with stru ..

U.S. REITs/CRE: 4Q17 Review

Sector Analysis: 04 Mar 2018, 9:41 PM ET - We review U.S. CRE and REIT trends in the wake of solid 4Q17 earnings results and a generally positive, if slowing, operating backdrop for the broader property sectors. Fundamentals continue to support our broader O/P on the sector.

REITs: 4Q17 Earnings Season Halftime Report

Earnings Note: 04 Feb 2018, 10:25 PM ET - With roughly half of the 4Q17 REIT earnings season in the bag, we summarize results for the companies that have reported thus far, highlighting the most important issuer themes and giving investors a quick 'pulse check' on the sector.

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