National Retail Properties: 1Q Earnings Snapshot
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ORLANDO, Fla. (AP) _ National Retail Properties (NNN) on Tuesday reported a key measure of profitability in its first quarter. The results exceeded Wall Street expectations.
The real estate investment trust, based in Orlando, Florida, said it had funds from operations of $102.9 million, or 67 cents per share, in the period.
The average estimate of 10 analysts surveyed by Zacks Investment Research was for funds from operations of 65 cents per share.
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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 $94.7 million, or 62 cents per share.
The retail real estate investment trust, based in Orlando, Florida, posted revenue of $152.8 million in the period, which also beat Street forecasts. Six analysts surveyed by Zacks expected $151.1 million.
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National Retail Properties expects full-year funds from operations in the range of $2.66 to $2.70 per share.
The company's shares have dropped 12 percent since the beginning of the year. The stock has fallen almost 10 percent in the last 12 months.
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This story was generated by Automated Insights using data from Zacks Investment Research. Access a Zacks stock report on NNN at https://www.zacks.com/ap/NNN