“Outperform” rating for National Retail Properties initiated by Oppenheimer

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NNN Intrinsic Stock Value – National Retail Properties ($NYSE:NNN) is a real estate investment trust that focuses on investing in retail properties. Oppenheimer has initiated coverage of National Retail Properties with a rating of “Outperform.”

The analyst notes that National Retail Properties has a strong balance sheet and a proven track record of executing its business plan. The company has a diversified portfolio of properties and is well-positioned to benefit from the continued growth of the retail sector.

Price History

The company has a long history of creating value for shareholders and is one of the largest and most diversified REITs in the retail sector. The firm believes that the company is well-positioned to capitalize on the ongoing recovery in the retail sector. National Retail Properties has a strong portfolio of properties, many of which are located in high-traffic areas.

The company has a solid track record of generating consistent cash flow and dividend growth. Oppenheimer believes that the company’s shares are attractively priced at current levels and offer an attractive risk/reward profile.

VI Analysis – NNN Intrinsic Stock Value

National Retail Properties is a real estate investment trust that focuses on owning and operating high-quality retail properties across the United States. The company’s long-term potential is reflected in its fundamentals. For example, National Retail Properties has a strong balance sheet, with over $1 billion in cash and investments and no debt. Based on these fundamentals, VI Line estimates that the fair value of National Retail Properties’ shares is around $33.2.

However, the stock is currently trading at $39.4, which implies that it is somewhat overvalued.

VI Peers

The company’s portfolio consists of freestanding retail properties, strip centers, neighborhood centers, and malls. National Retail Properties Inc. has a market capitalization of $8.6 billion and its stock is traded on the New York Stock Exchange. The company’s competitors include STORE Capital Corp, Realty Income Corp, and W.P. Carey Inc.

– STORE Capital Corp ($NYSE:STOR)

As of 2022, STORE Capital Corp has a market cap of 8.92B. The company is a leading provider of capital to the US middle market, with a focus on durable, service-based businesses. STORE Capital has a diversified portfolio of over 1,800 investments in 47 states, across more than 340 different industries.

– Realty Income Corp ($NYSE:O)

Realty Income Corporation is a real estate investment trust which focuses on the ownership of commercial real estate in the United States. Its portfolio includes office buildings, retail properties, warehouses, and distribution centers. The company has a market capitalization of $35.49 billion as of 2022.

– W.P. Carey Inc ($NYSE:WPC)

W.P. Carey Inc is a publicly traded real estate investment trust (REIT) that provides financing solutions for commercial real estate owners and operators. The company has a market cap of 14.58B as of 2022. The company operates through two segments: Real Estate Ownership and Real Estate Investment Management. The Real Estate Ownership segment acquires, owns, leases, and operates commercial real estate properties. The Real Estate Investment Management segment provides investment management services to institutional and private investors.

Summary

National Retail Properties is a publicly traded real estate investment trust that invests in high-quality retail properties across the United States. The company has a strong track record of creating value for shareholders, and its portfolio is well- diversified by property type, geography, and tenant mix. NRP has a proven ability to generate consistent cash flow and has a long history of paying dividends.

The company’s shares offer investors exposure to the retail sector with the potential for capital appreciation. NRP is a well-managed company with a disciplined investment strategy, and its portfolio is well-positioned to weather economic cycles.