Ranking Select Net Lease REITs – Q1 2015

Here is a list of select net lease REITs ranked by various key metrics (operations, funds from operations, distributions, debt, valuation, and projections).  The stocks are rated item by item (from best #1 to worst #5), and at the end, there is a consolidated result.

These are the companies:

EPR Properties (NYSE: EPR)

National Retail Properties (NYSE: NNN)

Lexington Realty Trust (NYSE: LXP)

Spirit Realty Capital’s (NYSE: SRC)

STAG Industrial (NYSE: STAG)

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Ranking Item by Item (Rates from 1 – best to 5 – worst)
Metrics NNN STAG EPR SRC LXP Metric Criteria
Operations
Q1 Revenue growth (YoY) 3 1 4 2 5 The higher the better
Q1 NOI growth (YoY) 2 1 3 4 5 The higher the better
Q1 Occupancy 1 4 5 2 3 The higher the better
Funds From Operations
Q1 FFO per share growth (YoY) 2 3 5 4 1 The higher the better
Q1 Company FFO per share growth (YoY) 2 4 1 3 5 The higher the better
Q1 AFFO per share growth (YoY) 1 4 3 2 5 The higher the better
Distributions
Q1 Dividend payout ratio 2 4 5 3 1 The lower the better
Q1 Dividend per share growth (YoY) 3 1 2 5 4 The higher the better
Debt
Q1 Total debt to total capitalization value 1 2 3 4 4 The lower the better
Valuation
Q1 Implied cap rate 5 3 4 2 1 The higher the better
Q1 Dividend yield 5 3 2 4 1 The higher the better
Projections
Dividend per share growth (2015 vs 2014) 3 1 1 5 4 The higher the better
Company FFO/AFFO per share growth (2015 vs 2014) 2 4 1 3 5 The higher the better
Total Sum 32 35 39 43 44 The lower the better
Final Ranking   1 2 3 4 5

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      Results:
  1. National Retail Properties (NYSE: NNN)
  2. STAG Industrial (NYSE: STAG)
  3. EPR Properties (NYSE: EPR)
  4. Spirit Realty Capital’s (NYSE: SRC)
  5. Lexington Realty Trust (NYSE: LXP)

Written by Heli Brecailo

Disclaimer: This newsletter is not engaged in rendering tax, accounting, or other professional advice through this publication. No statement in this issue is to be construed as a recommendation to buy or sell any security or other investment. Please do your own due diligence before making any investment decision. Some information presented in this publication has been obtained from third-party sources considered to be reliable. Sources are not required to make representations as to the accuracy of the information, however, and consequently the publisher cannot guarantee accuracy.

Disclosure: The author has no positions in any shares mentioned, and no plans to initiate any positions within the next 72 hours.​