Earnings

Orlando, Florida, November 3, 2015 – 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, 2015. Highlights include:

Operating Results:

  • Revenues and net earnings, FFO, Recurring FFO and AFFO available to common stockholders and diluted per share amounts:
Quarter Ended Nine Months Ended
September 30, September 30,
2015 2014 2015 2014
(in thousands, except per share data)
Revenues $ 123,143 $ 109,856 $ 356,537 $ 319,532
Net earnings available to common stockholders $ 46,339 $ 39,081 $ 128,789 $ 110,268
Net earnings per common share $ 0.34 $ 0.31 $ 0.96 $ 0.89
FFO available to common stockholders $ 77,940 $ 65,369 $ 221,873 $ 188,700
FFO per common share $ 0.58 $ 0.52 $ 1.66 $ 1.53
Recurring FFO available to common stockholders $ 77,993 $ 65,390 $ 222,510 $ 188,956
Recurring FFO per common share $ 0.58 $ 0.52 $ 1.67 $ 1.53
AFFO available to common stockholders $ 79,516 $ 66,644 $ 226,819 $ 192,072
AFFO per common share $ 0.59 $ 0.53 $ 1.70 $ 1.56

Third Quarter 2015 Highlights:

FFO per share and Recurring FFO per share increased 11.5% over prior year results

  • AFFO per share increased 11.3% over prior year results
  • Portfolio occupancy was 99.1% at September 30, 2015, as compared to 98.8% at June 30, 2015 and March 31, 2015
  • Invested $263.8 million in 97 properties with an aggregate 732,000 square feet of gross leasable area at an initial cash yield of 7.2%
  • Sold five properties for $8.2 million producing $1.9 million of gains on sales, net of income tax
  • Raised $38.2 million in net proceeds from the issuance of 1,045,972 common shares
  • Results include $1.95 million of rental revenue from a 2013 tenant default settlement

Read the full press release here.