Orlando, Florida, May 2, 2016 – National Retail Properties, Inc. (NYSE: NNN), a real estate investment trust, today announced its operating results for the quarter ended March 31, 2016. Highlights include:
Operating Results:
- Revenues and net earnings, FFO, Recurring FFO and AFFO available to common stockholders and diluted per share amounts:
| Quarter Ended | |||||||
| March 31, | |||||||
| 2016 | 2015 | ||||||
| (in thouhttp://investors.nnnreit.com/file.aspx?IID=103064&FID=34124209sands, except per share data) | |||||||
| Revenues | $ | 126,980 | $ | 116,187 | |||
| Net earnings available to common stockholders | $ | 61,824 | $ | 45,119 | |||
| Net earnings per common share | $ | 0.44 | $ | 0.34 | |||
| FFO available to common stockholders | $ | 80,098 | $ | 70,843 | |||
| FFO per common share | $ | 0.57 | $ | 0.54 | |||
| Recurring FFO available to common stockholders | $ | 80,318 | $ | 70,999 | |||
| Recurring FFO per common share | $ | 0.57 | $ | 0.54 | |||
| AFFO available to common stockholders | $ | 81,749 | $ | 72,123 | |||
| AFFO per common share | $ | 0.58 | $ | 0.55 | |||
First Quarter 2016 Highlights:
- FFO per share and Recurring FFO per share increased 5.6% over prior year results
- AFFO per share increased 5.5% over prior year results
- Portfolio occupancy was 99.1% at March 31, 2016, consistent with December 31, 2015, and 98.8% at March 31, 2015
- Invested $125.2 million in property investments, including the acquisition of 46 properties with an aggregate 591,000 square feet of gross leasable area at an initial cash yield of 7.0%
- Sold 10 properties for $52.8 million producing $16.9 million of gain on sales
- Raised $88.0 million net proceeds from the issuance of 1,999,410 common shares
National Retail Properties announced an increase in 2016 FFO guidance from a range of $2.29 to $2.35 to a range of $2.31 to $2.36 per share before any impairment expense. The 2016 AFFO is estimated to be $2.36 to $2.41 per share.
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