If named reference is a reference to one or more regions, this will return null.

Target Platforms: Windows 8.1, Windows 8.1, Windows 8, Windows 7, Windows Vista SP1 or later, Windows XP SP3, Windows Server 2008 (Server Core not supported), Windows Server 2008 R2 (Server Core supported with SP1 or later), Windows Server 2003 SP2

Reference

NamedReference Class
NamedReference Members
IsSimpleReferenceFormula Property