Earnings
Orlando, Florida, May 4, 2020 – National Retail Properties, Inc. (NYSE: NNN), a real estate investment trust, today announced its operating results for the quarter ended March 31, 2020.  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,

2020

2019

(in thousands, except per share data)
Revenues

$

 175,063 $

163,712
Net earnings available to common stockholders

$

 60,693 $

71,441
Net earnings per common share

$

 0.35 $

0.44
FFO available to common stockholders

$

 102,509 $

110,345
FFO per common share

$

 0.60 $

0.68

Core FFO available to common stockholders

 $ 119,188 $

109,014
Core FFO per common share

$

 0.70 $

0.67
AFFO available to common stockholders

$

 121,750 $

110,631
AFFO per common share

$

 0.71 $

0.68
First Quarter 2020 Highlights:
  • Core FFO per common share increased 4.5% over prior year results
  • AFFO per common share increased 4.4% over prior year results
  • Portfolio occupancy was 98.8% at March 31, 2020 as compared to 99.0% on December 31, 2019 and 98.2% on March 31, 2019
  • Invested $67.2 million in property investments, including the acquisition of 21 properties with an aggregate 217,000 square feet of gross leasable area at an initial cash yield of 6.9%
  • Sold 14 properties for $36.3 million producing $12.8 million of gains on sales
  • Issued $400 million principal amount of 2.50% senior unsecured notes due 2030 generating net proceeds of $395.1 million
  • Issued $300 million principal amount of 3.10% senior unsecured notes due 2050 generating net proceeds of $290.5 million
  • Paid off $325 million principal amount of 3.800% senior unsecured notes due 2022
  • Ended the quarter with $217.4 million of cash and no amounts drawn on $900 million bank credit facility
In light of the rapidly evolving and uncertain impact of the COVID-19 pandemic on the economic environment, National Retail Properties has determined to withdraw its previously issued 2020 earnings guidance. NNN is actively working with its tenants that have been impacted by the COVID-19 pandemic.  As of April 29, 2020, NNN has collected approximately 52% of rent originally due in April 2020 and certain tenants, representing approximately 37% of annualized base rent, have requested short-term rent deferrals of usually 30 to 90 days. NNN is negotiating terms with these tenants that would require deferred rental payments to be paid in late 2020 through late 2021. Jay Whitehurst, Chief Executive Officer, commented: “The first quarter reflected another solid, consistent performance by National Retail Properties, highlighted by fortifying our balance sheet with $700 million of well-priced long term unsecured debt and repayment of our 2022 debt maturities. Although the sudden and unexpected impact of the coronavirus pandemic and related economic turmoil has recently affected many of our tenants, we are continuing to focus on the long-term as we maintain our strong liquidity position, work with our tenants to address the reality of their business interruption, and plan ahead for the time when this turmoil is behind us.” National Retail Properties invests primarily in high-quality retail properties subject generally to long-term, net leases.  As of March 31, 2020, the company owned 3,125 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 11.1 years.  For more information on the company, visit nnnreit.nnnr.staging.findsomewinmore.com. Management will hold a conference call on May 4, 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. For the full financial tables, click here.

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