National Retail Properties (NNN) Tops Q1 EPS by 5c, Revenues Beat; Affirms FY19 EPS Guidance Above Consensus

National Retail Properties (NYSE: NNN) reported Q1 EPS of $0.44, $0.05 better than the analyst estimate of $0.39. Revenue for the quarter came in at $163.71 million versus the consensus estimate of $161.6 million.

First Quarter 2019 Highlights:

• FFO and AFFO per common share increased 1.5% over prior year results
• Portfolio occupancy was 98.2% at March 31, 2019 as compared to 98.2% on December 31, 2018 and 99.2% on March 31, 2018
• Invested $117.0 million in property investments, including the acquisition of 33 properties with an aggregate 434,000 square feet of gross leasable area at an initial cash yield of 7.0%
• Sold 17 properties for $19.4 million producing $10.4 million of gains on sales
• Raised $5.3 million net proceeds from the issuance of 101,180 common shares

Jay Whitehurst, Chief Executive Officer, commented: "2019 is off to a steady, consistent start for National Retail Properties, with occupancy remaining above our long-term average and our new acquisitions being driven by our relationship tenants at strong initial cash yields, with future rent growth, and with long-term triple net leases. Coupled with our low leveraged, flexible balance sheet, we remain well positioned to continue our consistent per share growth on a multi-year basis."

GUIDANCE:

National Retail Properties sees FY2019 EPS of $1.60-$1.65, versus the consensus of $1.56.

For earnings history and earnings-related data on National Retail Properties (NNN) click here.

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