Earnings
  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 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 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. Please click here for the full press release.

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