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Annual Results Announced By National Retail Properties, Inc.


Annual Results Annou

iCrowdNewswire   Feb 18, 2021  12:43 PM ET

National Retail Properties, Inc. , a real estate investment trust, today announced operating results for the quarter and year ended December 31, 2020.  Highlights include:

Operating Results:

 

Quarter Ended

 

Year Ended

 

December 31,

 

December 31,

 

2020

 

2019

 

2020

 

2019

 

(in thousands, except per share data)

Revenues

$

163,284

   

$

173,376

   

$

660,681

   

$

670,487

 
               

Net earnings available to common stockholders

$

56,802

(1)

 

$

58,534

   

$

210,859

(1)

 

$

258,183

 

Net earnings per common share

$

0.33

(1)

 

$

0.34

   

$

1.22

(1)

 

$

1.56

 
               

FFO available to common stockholders

$

107,565

   

$

110,445

   

$

428,236

   

$

446,661

 

FFO per common share

$

0.62

   

$

0.65

   

$

2.49

   

$

2.71

 
               

Core FFO available to common stockholders

$

109,331

   

$

120,301

   

$

446,681

   

$

455,186

 

Core FFO per common share

$

0.63

   

$

0.70

   

$

2.59

   

$

2.76

 
               

AFFO available to common stockholders

$

119,764

(2)

 

$

122,205

   

$

431,444

(2)

 

$

462,325

 

AFFO per common share

$

0.69

(2)

 

$

0.71

   

$

2.51

(2)

 

$

2.80

 

(1)   Includes the write-off of $7,034 (or $0.04 per share) and $21,792 (or $0.13 per share) of receivables due to reclassifying certain tenants as cash basis for accounting purposes during the quarter and year ended December 31, 2020, respectively.

(2)   Amounts include the net straight-line accrued rent impact of the rent deferrals (repayments) from the COVID-19 rent deferral lease amendments of ($2,507) and $30,474 for the quarter and year ended December 31, 2020, respectively. Absent such, AFFO per common share results would have been $0.68 and $2.68 for the quarter and year ended December 31, 2020, respectively.

2020 Highlights:

Selected Highlights for the quarter ended December 31, 2020:

During the year ended December 31, 2020, NNN entered into rent deferral lease amendments with certain tenants for an aggregate $50,719,000 and $1,410,000 of rent originally due for the year ending December 31, 2020 and 2021, respectively. The rent deferral lease amendments required the deferred rents to be repaid at a later time during the lease term.  Approximately $3,259,000 of the deferred rent was repaid in 2020.  Deferred rents of $36,794,000$10,944,000, and $1,132,000 are due to be repaid during the years ended December 31, 2021, 2022 and 2023, respectively.

The company announced 2021 Core FFO guidance of $2.55 to $2.62 per share and estimated 2021 AFFO to be $2.77 to $2.84 per share. The Core FFO guidance equates to net earnings of $1.42 to $1.49 per share, plus $1.13 per share of expected real estate depreciation and amortization and excludes any gains from the sale of real estate, and any charges for impairments. The guidance is based on current plans and assumptions and subject to risks and uncertainties more fully described in this press release and the company’s reports filed with the Securities and Exchange Commission.

Jay Whitehurst, Chief Executive Officer, commented: “National Retail Properties posted solid fourth quarter results, with continued high occupancy, strong rent collections and renewed acquisition volume, all bolstered by a fortress-like balance sheet.  The value of our consistent, long-term focus was never more apparent than in 2020, as our team of experienced associates addressed the challenges and opportunities of the COVID-19 pandemic and related economic turmoil. This long-term approach to all aspects of our business and our culture positions us well to continue creating shareholder value in the years ahead.” 

National Retail Properties invests primarily in high-quality retail properties subject generally to long-term, net leases.  As of December 31, 2020, the company owned 3,143 properties in 48 states with a gross leasable area of approximately 32.5 million square feet and with a weighted average remaining lease term of 10.7 years.  For more information on the company, visit www.nnnreit.com.

Management will hold a conference call on February 11, 2021, at 10:30 a.m. ET to review these results.  The call can be accessed on the National Retail Properties web site live at http://www.nnnreit.com.  For those unable to listen to the live broadcast, a replay will be available on the company’s web site.  In addition, a summary of any earnings guidance given on the call will be posted to the company’s web site.



Contact Information:

http://www.nnnreit.com








Tags:    Wire Real Estate, Wire, United States, English