First Quarter 2019 Operating Results Announced by National Retail Properties, Inc.
Orlando, Florida, May 1, 2019 – National Retail Properties, Inc. (NYSE: NNN), a real estate investment trust, today announced its operating results for the quarter ended March 31, 2019. Highlights include:
Operating Results:
- Revenues and net earnings, FFO, Core FFO and AFFO available to common stockholders and diluted per share amounts:
Quarter Ended |
|||||||
March 31, | |||||||
2019 |
2018 |
||||||
(in thousands, except per share data) |
|||||||
Revenues | $ |
163,712 |
$ |
152,836 |
|||
Net earnings available to common stockholders | $ |
71,441 |
$ |
94,698 |
|||
Net earnings per common share | $ |
0.44 |
$ |
0.62 |
|||
FFO available to common stockholders | $ |
110,345 |
$ |
102,769 |
|||
FFO per common share | $ |
0.68 |
$ |
0.67 |
|||
Core FFO available to common stockholders | $ |
109,014 |
$ |
103,030 |
|||
Core FFO per common share | $ |
0.67 |
$ |
0.67 |
|||
AFFO available to common stockholders | $ |
110,631 |
$ |
102,880 |
|||
AFFO per common share | $ |
0.68 |
$ |
0.67 |
First Quarter 2019 Highlights:
- FFO and AFFO per common share increased 1.5% over prior year results
- Portfolio occupancy was 98.2% at March 31, 2019 as compared to 98.2% on December 31, 2018 and 99.2% on March 31, 2018
- Invested $117.0 million in property investments, including the acquisition of 33 properties with an aggregate 434,000 square feet of gross leasable area at an initial cash yield of 7.0%
- Sold 17 properties for $19.4 million producing $10.4 million of gains on sales
- Raised $5.3 million net proceeds from the issuance of 101,180 common shares
Jay Whitehurst, Chief Executive Officer, commented: “2019 is off to a steady, consistent start for National Retail Properties, with occupancy remaining above our long-term average and our new acquisitions being driven by our relationship tenants at strong initial cash yields, with future rent growth, and with long-term triple net leases. Coupled with our low leveraged, flexible balance sheet, we remain well positioned to continue our consistent per share growth on a multi-year basis.”
National Retail Properties invests primarily in high-quality retail properties subject generally to long-term, net leases. As of March 31, 2019, the company owned 2,984 properties in 48 states with a gross leasable area of approximately 30.7 million square feet and with a weighted average remaining lease term of 11.4 years. For more information on the company, visit www.nnnreit.com.
Management will hold a conference call on May 1, 2019, at 10:30 a.m. ET to review these results. The call can be accessed on the National Retail Properties web site live at http://www.nnnreit.com. For those unable to listen to the live broadcast, a replay will be available on the company’s web site. In addition, a summary of any earnings guidance given on the call will be posted to the company’s web site.