National Retail Properties (NNN) will raise its quarterly dividend by 1.0 percent to 52 cents per share in 2020. This follows a 3.0 percent dividend hike to $0.515 per share in 2019. Because of this new increase the retail REIT has now increased its dividend for 31 consecutive years.
The next dividend is payable August 14, 2020 to common shareholders of record on July 31, 2020. A new annual rate of $2.08 per share yields 5.8% at a stock price of $36.
In the company's press release dated July 15, 2020, annoucing this dividend hike, Jay Whitehurst, Chief Executive Officer, commented: "National Retail Properties is pleased to make 2020 our 31st consecutive year with an annual dividend increase. This impressive streak is a powerful indicator of the value of our consistent, long-term strategy and business model."
National Retail Properties (NNN) is a fully integrated real estate investment trust (“REIT”) formed in 1984. NNN acquires, owns, invests in and develops properties that are leased primarily to retail tenants under long-term net leases and are primarily held for investment. NNN’s strategy is to invest primarily in retail real estate that is typically well located within each local market for its tenants’ retail lines of trade. As of March 31, 2020, the company owned 3,125 properties in 48 states with a gross leasable area of approximately 32.5 million square feet and with a weighted average remaining lease term of 11.1 years.