W.P. Carey, NNN Report Great Q2 Results Utilizing 2 Very Different Strategies

By Bill Stoller:

The single-tenant triple-net lease REIT business model has proven to be both a dependable source of dividends for investors, as well as a scalable platform for growth. On Aug. 5, 2014 both $4.4 billion National Retail Properties (NYSE: NNN) and $6.6 billion W.P. Carey (NYSE: WPC) reported excellent results for the quarter ended June 30, 2014.

Both of these REITs are part of a peer group which includes $9.65 billion Realty Income (NYSE: O), $11.8 billion American Realty Capital Properties (NASDAQ: ARCP), and $4.55 billion Spirit Realty Capital (NYSE: SRC). Here is a quick sector overview, year to date:

Quick compare and contrast
NNN and W.P. Carey are executing business models that are at opposite ends of the triple-net lease spectrum. National Retail Properties is leasing to the gym, car wash, or quick service restaurant down the street; while W.P. Carey could be underwriting a sophisticated build-to-suit manufacturing facility, large

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