National Retail Properties
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National Retail Properties is a real estate investment trust which owns, builds and manages single-tenant long-term leased properties nationwide. Its properties are leased to stores such as Best Buy and OfficeMax, and to restaurants such as Wendy's, Denny's and Pizza Hut.
The ticker symbol for this REIT is NNN, on the New York Stock Exchange. It used to be known as Commercial Net Lease Realty, but changed its name in 2006. They chose the sticker symbol of "NNN" because that's realty industry shorthand for a triple net lease, or what's called simply a net lease where the tenant pays almost all the costs staying in a property. This is what they focus on.
It has increased its dividends every year for the past 18 years. Yet the dividends they pay are 74% of their funds from operations. It originally focused on properties in the southern part of the United States.
National Retail Properties owns 931 properties in 44 states -- a total of about 11 million square feet. That's 197 total different tenants. They bought more than $150 million dollars worth of properties in the first quarter of 2008, so it sounds as though they're taking advantage of the bad real estate market in the U.S., to get good properties on the cheap.
They also underwrite mezzanine real estate loans. These are second loans are property, making them subordinate to the first loans. Of course, this carries some risk of default, but because of that has high returns. They also make joint ventures with developers for ground up projects they think will be profitable.
National Retail Properties also issues some preferred stock, and they have a dividend reinvestment plan.
Next: What is the Corporate Office Properties Trust -- office properties
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