Earnings
Orlando, Florida, February 11, 2020 – National Retail Properties, Inc. (NYSE: NNN), a real estate investment trust, today announced operating results for the quarter and year ended December 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

Year Ended

December 31,

December 31,

2019

 2018 2019

2018

(in thousands, except per share data)

Revenues

 $

173,376

 $

158,976

 $

670,487

 $

622,661
Net earnings available to common stockholders $

58,534

 $

27,980

 $

258,183

 $

258,120
Net earnings per common share $

0.34

 $

0.17

 $

1.56

 $

1.65
FFO available to common stockholders

$

 110,445 $ 82,491 $ 446,661 $

395,337
FFO per common share $

0.65

 $ 0.52 $ 2.71 $

2.53
Core FFO available to common stockholders $

120,301

 $ 101,001 $ 455,186 $

414,590
Core FFO per common share $

0.70

 $ 0.63 $ 2.76 $

2.65
AFFO available to common stockholders $

122,205

 $ 103,523 $ 462,325 $

418,702
AFFO per common share $

0.71

 $ 0.65 $ 2.80 $

2.68
  • Portfolio occupancy was 99.0% at December 31, 2019 as compared to 99.1% at September 30, 2019, and 98.2% at December 31, 2018
2019 Highlights:
  • Increased annual FFO per common share 7.1%
  • Increased annual Core FFO per common share 4.2%
  • Increased annual AFFO per common share 4.5%
  • Dividend yield of 3.8% at December 31, 2019
  • Annual dividend per common share increased 4.1% to $2.03 marking the 30th consecutive year of annual dividend increases – making the company one of only three equity REITs and less than 90 publicly traded companies in America to have increased annual dividends for 30 or more consecutive years
  • Maintained high occupancy levels at 99.0% with a weighted average remaining lease term of 11.2 years
  • Invested $752.5 million in 210 properties with an aggregate gross leasable area of approximately 3,164,000 square feet at an initial cash yield of 6.9%
  • Sold 59 properties for $126.2 million, producing $32.1 million of gains on sale, net of noncontrolling interest, at a cap rate of 5.9%
  • Raised $524.8 million in net proceeds from issuance of 9,706,940 common shares
  • $766.4 million availability on bank credit facility at December 31, 2019
  • 7% of properties are unencumbered with secured mortgage debt
  • Total average annual shareholder return of 13.6% over the past 25 years exceeds industry and general equity averages
Selected Highlights for the quarter ended December 31, 2019:
  • Investments:
  • $242.9 million in property investments, including the acquisition of 79 properties with an aggregate gross leasable area of approximately 519,000 square feet at an initial cash yield of 6.8%
  • Dispositions:
  • Sold 16 properties with net proceeds of $31.4 million, producing $7.0 million of gains on sales at a cap rate of 6.4%
  • Long-term capital:
    • Raised $3.0 million in net proceeds from the issuance of 53,791 common shares
Jay Whitehurst, Chief Executive Officer, commented: “2019 was a year of significant milestones for National Retail Properties: our 35th year in business; our 25th year listed on the New York Stock Exchange, and most importantly, our 30th year of consecutive annual dividend increases.  Our steady execution continued to produce impressive outcomes.  Our Core FFO per share increased by 4.2% over 2018 and our long-term total shareholder returns continued to exceed the REIT averages while, in our opinion, taking below average risk.  Moreover, the continued execution of our long-term focused business plan positions National Retail Properties to continue this enviable track record of consistent performance into 2020 and beyond.” National Retail Properties invests primarily in high-quality retail properties subject generally to long-term, net leases.  As of December 31, 2019, the company owned 3,118 properties in 48 states with a gross leasable area of approximately 32.5 million square feet and with a weighted average remaining lease term of 11.2 years.  For more information on the company, visit nnnreit.com. Management will hold a conference call on February 11, 2020, at 10:30 a.m. ET to review these results.  The call can be accessed on the National Retail Properties web site live at https://nnnreit.nnnr.staging.findsomewinmore.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 to see the full press release.

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