National Retail Properties (NNN) Reaffirms FY11, FY12 FFO Guidance

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NNN Hot Sheet

EPS Growth %: +15.8%

Financial Fact:
Equity in earnings of unconsolidated affiliate: 150K

Today's EPS Names:
TARO, BRLI, TLB, More

National Retail Properties, Inc. (NYSE: NNN) today announced it affirmed its 2011 FFO guidance of $1.54 to $1.56 per share before any impairment expense and estimated AFFO guidance of $1.67 to $1.69 per share. This FFO guidance equates to net earnings, before any gains or losses from the sale of real estate, of $0.94 to $0.96 per share plus $0.60 per share of expected real estate depreciation and amortization.

The Company also affirmed its 2012 FFO guidance of $1.62 to $1.67 per share and estimated AFFO guidance of $1.72 to $1.77 per share. This FFO guidance equates to net earnings, before any gains or losses from the sale of real estate, of $1.04 to $1.09 per share plus $0.58 per share of expected real estate related depreciation and amortization. This guidance incorporates the issuance of 8,050,000 common shares pursuant to the equity offering which closed December 5, 2011, and is based on current plans, assumptions, and estimates and is subject to the risks and uncertainties more fully described in this press release and the Company's reports filed with the Securities and Exchange Commission.

The Street's consensus for FY11 and FY12 FFO expectations are $1.56 and $1.65.

Craig Macnab, Chairman and CEO, said: "We now estimate new property acquisition investment surpassing $700 million in 2011. These acquisitions and our recently completed equity offering position us well for solid 2012 per share growth while maintaining our strong balance sheet."

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