National Retail Hikes Dividend - Analyst Blog
July 18 2011 - 10:07AM
Zacks
National Retail Properties,
Inc. (NNN) recently hiked its quarterly cash dividend from
38 cents to 38.5 cents per share.
This translates into a 1.32%
increase from the prior dividend.
The increased dividend will be paid
on August 15, 2011 to stockholders of record on July 29, 2011. This
takes the annual dividend yield as of July 15, 2011, to 6.0%.
National Retail has a track record of paying increased dividends for 21
consecutive years.
At the end of first quarter 2011,
National Retail's cash balance stood at $2.5 million. We
believe the company has enough cash and cash equivalents to provide
optimum shareholder value.
During the first quarter 2011, FFO
(fund from operations) of $31.4 million or 38 cents per share
compared with $25.3 million or 31 cents per share in the
year-earlier quarter. Funds from operations, a widely used metric
to gauge the performance of REITs, is obtained after adding
depreciation and amortization and other non-cash expenses to net
income.
The property portfolio of the
company and the balance sheet remain in a very good
condition coupled with property acquisitions, which have encouraged
National Retail to increase its FFO guidance. The company revised
its 2011 FFO guidance to $1.49 - $1.53 per share.
National Retail invests primarily
in high-quality properties subject to long-term net leases. As of
March 31, 2011, the company owned 1,223 Investment properties in 46
states with a gross leasable area of approximately 13.3 million
square feet.
National Retail currently retains a
Zacks #3 Rank, which translates into a short-term Hold rating. We
are also maintaining our long-term Neutral recommendation on the
stock. One of its competitors, Developers Diversified
Realty Corp. (DDR) currently retains a Zacks #3 Rank.
DEV DIVERFD RLT (DDR): Free Stock Analysis Report
NATL RETAIL PPT (NNN): Free Stock Analysis Report
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