National Retail Properties: Q1 Earnings Snapshot
ORLANDO, Fla. (AP) _ National Retail Properties (NNN) on Tuesday reported a key measure of profitability in its first quarter. The results beat Wall Street expectations.
The Orlando, Florida-based real estate investment trust said it had funds from operations of $133.5 million, or 76 cents per share, in the period.
The average estimate of nine analysts surveyed by Zacks Investment Research was for funds from operations of 64 cents per share.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had net income of $52.1 million, or 30 cents per share.
The retail real estate investment trust, based in Orlando, Florida, posted revenue of $179.8 million in the period. Its adjusted revenue was $179.2 million, which also topped Street forecasts. Six analysts surveyed by Zacks expected $165.7 million.
National Retail Properties expects full-year funds from operations in the range of $2.91 to $2.96 per share.
The company’s shares have increased 15% since the beginning of the year. The stock has risen 49% in the last 12 months.