Comments Off on Record Annual Results and Increased 2016 Guidance Announced by National Retail Properties, Inc.

Orlando, Florida, February 11, 2016 – National Retail Properties, Inc. (NYSE: NNN), a real estate investment trust, today announced operating results for the quarter and year ended December 31, 2015.  Highlights include:

 

Operating Results:

  • Revenues and net earnings, FFO, Recurring FFO and AFFO available to common stockholders and diluted per share amounts:
Quarter Ended Year Ended
December 31, December 31,
2015 2014 2015 2014
(in thousands, except per share data)
Revenues $ 126,377 $ 115,315 $ 482,914 $ 434,847
Net earnings available to common stockholders $ 33,612 $ 44,898 $ 162,402 $ 155,167
Net earnings per common share $ 0.24 $ 0.35 $ 1.20 $ 1.24
FFO available to common stockholders $ 67,319 $ 72,202 $ 289,193 $ 260,902
FFO per common share $ 0.49 $ 0.56 $ 2.15 $ 2.09
Recurring FFO available to common stockholders $ 76,661 $ 70,410 $ 299,171 $ 259,366
Recurring FFO per common share $ 0.56 $ 0.55 $ 2.22 $ 2.08
AFFO available to common stockholders $ 77,953 $ 71,895 $ 304,772 $ 263,968
AFFO per common share $ 0.57 $ 0.56 $ 2.27 $ 2.12

 

  • Portfolio occupancy was 99.1% at December 31, 2015 and September 30, 2015, as compared to 98.6% at December 31, 2012015 Highlights:
    • Increased annual Recurring FFO per common share 6.7%
    • Increased annual AFFO per common share 7.1%
    • Dividend yield of 4.3% at December 31, 2015
    • Dividends per common share increased to $1.71 marking the 26th consecutive year of annual dividend increases – making the company one of only four equity REITs and one of only 99 public companies with 26 or more consecutive annual dividend increases
    • Maintained high occupancy levels above 98.5% for the entire year with a weighted average remaining lease term of 11.4 years
    • Invested $726.3 million in 221 properties with an aggregate gross leasable area of approximately 2,706,000 square feet at an initial cash yield of 7.2%
    • Sold 19 properties for $39.1 million, producing $10.4 million of gains on sale, net of income tax and noncontrolling interest at a cap rate of 5.9%
    • Raised $723.6 million of new long-term capital at attractive pricing
    • Raised $328.2 million in net proceeds from the issuance of 8,770,117 common shares
    • Raised $395.4 million in net proceeds from the issuance of 4.00% senior unsecured notes due 2025
    • Paid off $150 million principal amount of 6.15% senior unsecured notes due 2015
    • Full $650 million availability on bank credit facility at December 31, 2015
    • 2% of properties are not encumbered with secured mortgage debt
    • Total shareholder return of 6.4% for 2015 exceeds peers, industry averages and general equity averages
    • Total average annual shareholder return of 14.8% over the past 25 years exceeds peers, industry averages and general equity averages

You can read the full press release here.

You can see our 2015 Annual Supplemental Data here.

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