Comments Off on Second Quarter 2019 Operating Results Announced by National Retail Properties, Inc.

Orlando, Florida, August 1, 2019 – National Retail Properties, Inc. (NYSE: NNN), a real estate investment trust, today announced its operating results for the quarter and six months ended June 30, 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

Six Months Ended

June 30,

June 30,

2019 2018 2019

2018

(in thousands, except per share data)

Revenues

$

164,792

$ 155,518 $ 328,504 $

308,353

Net earnings available to common stockholders $

70,097

$ 61,992 $ 141,537 $

156,690

Net earnings per common share $

0.43

$ 0.40 $ 0.87 $ 1.02
FFO available to common stockholders $

110,859

$ 104,944 $ 221,203 $

207,713

FFO per common share $

0.68

$ 0.68 $ 1.37 $

1.35

Core FFO available to common stockholders $

110,859

$ 105,204 $ 219,872 $

208,234

Core FFO per common share $

0.68

$ 0.68 $ 1.36 $

1.35

AFFO available to common stockholders $

112,619

$ 105,303 $ 223,249 $

208,182

AFFO per common share $

0.69

$ 0.68 $ 1.38 $

1.35

Second Quarter 2019 Highlights:

  • AFFO per common share increased 1.5% over prior year results
  • Portfolio occupancy was 98.8% at June 30, 2019 as compared to 98.2% on March 31, 2019 and 98.2% on December 31, 2018
  • Invested $275.8 million in property investments, including the acquisition of 71 properties with an aggregate 1,678,000 square feet of gross leasable area at an initial cash yield of 6.9%
  • Sold 13 properties for $42.0 million producing $12.6 million of gains on sales, net of noncontrolling interest
  • Raised $82.0 million net proceeds from the issuance of 1,531,684 common shares

First Half of 2019 Highlights:

  • FFO per share increased 1.5% over prior year results
  • Core FFO per share increased 0.7% over prior year results
  • AFFO per common share increased 2.2% over prior year results
  • Invested $392.8 million in property investments, including the acquisition of 104 properties with an aggregate 2,112,000 square feet of gross leasable area at an initial cash yield of 6.9%
  • Sold 30 properties for $61.4 million producing $23.0 million of gains on sales, net of noncontrolling interest
  • Raised $87.2 million in net proceeds from issuance of 1,632,864 common shares

Jay Whitehurst, Chief Executive Officer, commented: “National Retail Properties posted steady, consistent results in the second quarter of 2019, highlighted by a solid quarter of acquisitions and a meaningful uptick in our occupancy rate. In July, we increased our common stock dividend by three percent to 51.5 cents per quarter, while maintaining our very conservative dividend payout ratio. 2019 will mark our 30th consecutive year of increased annual dividends, a feat matched by only two other REITs and by less than 90 public companies in the United States.”

National Retail Properties invests primarily in high-quality retail properties subject generally to long-term, net leases.  As of June 30, 2019, the company owned 3,043 properties in 48 states with a gross leasable area of approximately 32.1 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 August 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.

Click here for the full press release including financial tables.

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