National Retail Properties (NNN) raises dividend 1% to $2.08 annual rate.

National Retail Properties, Inc. (NNN) declared a third quarter dividend today of $0.52/share, representing an approximate 1% increase over the prior dividend payment of $0.515/share.  As noted by CEO Jay Whitehurst: "National Retail Properties is pleased to make 2020 our 31st consecutive year with an annual dividend increase."  The third quarter dividend is payable August 14, 2020 to shareholders of record on July 31, 2020.

The 1% mid-year dividend increase will reduce NNN's overall 2020 dividend growth rate to approximately 2% over 2019, well below the company's recent 4.5% average annual growth rate over the prior three years.  However, due to COVID-19 impacts on rent collection (NNN previously reported a 52% collection rate for April 2020 rent payments), the company's cash flow for 2020 is likely to be reduced over prior years resulting in tighter dividend coverage.

Established in 1990, National Retail Properties is an equity REIT specializing in the acquisition and ownership of retail properties leased to large retail chains.  The company had a total market capitalization of approximately $9.1 billion as of March 31, 2020 and is a member of the S&P 400 MidCap index.


07/15/2020