Comments Off on THIRD QUARTER 2016 OPERATING RESULTS AND 2017 GUIDANCE ANNOUNCED BY NATIONAL RETAIL PROPERTIES, INC.

Orlando, Florida, November 3, 2016 – National Retail Properties, Inc. (NYSE: NNN), a real estate investment trust, today announced its operating results for the quarter and nine months ended September 30, 2016.  Highlights include:

 

Operating Results:

  • Revenues and net earnings, FFO, Core FFO and AFFO available to common stockholders and diluted per share amounts:
Quarter Ended Nine Months Ended
September 30, September 30,
2016 2015 2016 2015
(in thousands, except per share data)
Revenues $ 134,541 $ 123,143 $ 392,448 $ 356,537
Net earnings available to common stockholders $ 41,925 $ 46,339 $ 146,833 $ 128,789
Net earnings per common share 0.28 0.34 1.02 0.96
FFO available to common stockholders $ 81,226 $ 77,940 $ 241,827 $ 221,873
FFO per common share $ 0.55 $ 0.58 $ 1.68 $ 1.66
Core FFO available to common stockholders $ 87,204 $ 77,993 $ 251,926 $ 222,510
Core FFO per common share $ 0.59 $ 0.58 $ 1.75 $ 1.67
AFFO available to common stockholders $ 89,367 $ 79,516 $ 257,648 $ 226,819
AFFO per common share $ 0.61 $ 0.59 $ 1.79 $ 1.70

 

 

Third Quarter 2016 Highlights:

  • Core FFO per share increased 1.7% over prior year results
  • AFFO per share increased 3.4% over prior year results
  • Portfolio occupancy was 99.0% at September 30, 2016 as compared to 99.1% at June 30, 2016 and March 31, 2016
  • Invested $127.8 million in property investments, including the acquisition of 38 properties with an aggregate 350,000 square feet of gross leasable area at an initial cash yield of 7.1%
  • Sold seven properties for $10.6 million producing $4.5 million of gains on sales
  • Raised $56.8 million net proceeds from the issuance of 1,117,897 common shares
  • In October 2016, the company raised $334.3 million in net proceeds from the issuance of 13,800,000 depositary shares representing interests in its 5.20% Series F preferred stock
  • Core FFO per share increased 4.8% over prior year results
  • AFFO per share increased 5.3% over prior year results
  • Invested $596.5 million in 249 properties with an aggregate 2,036,000 square feet of gross leasable area at an initial cash yield of 6.9%
  • Sold 24 properties for $83.1 million producing $22.6 million of gains on sales
  • Raised $273.1 million in net proceeds from the issuance of 5,880,862 common shares

 

The company also announced 2017 FFO guidance of $2.42 to $2.48 per share and estimated 2017 AFFO to be $2.46 to $2.52 per share. This FFO guidance equates to net earnings before any gains or losses from the sale of real estate, impairment charges or severance charges of $1.37 to $1.43 per share plus $1.05 per share of expected real estate related depreciation and amortization. The guidance is based on current plans, assumptions, and estimates and is subject to the risks and uncertainties more fully described in this press release and the company’s reports filed with the Securities and Exchange Commission.

Craig Macnab, Chief Executive Officer, commented: “Strong acquisition activity in 2016 will support continued growth in per share results in 2016 and 2017. Our recent issuance of 5.20% preferred shares marks the second lowest preferred dividend rate in the REIT industry and is consistent with our long-term conservative positioning of our balance sheet.”

Click here for the full press release.

 

 

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