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National Retail Properties, Inc. (NNN) SEC Filing 10-Q Quarterly Report for the period ending Thursday, March 31, 2022

SEC Filings

NNN Quarterly Reports

National Retail Properties, Inc.

CIK: 751364 Ticker: NNN

 

Exhibit 99.1

img41624055_0.jpg 

NEWS RELEASE

 

For information contact:

 

Kevin B. Habicht

 

Chief Financial Officer

 

(407) 265-7348

FOR IMMEDIATE RELEASE

 

February 9, 2022

 

 

RECORD ANNUAL RESULTS AND INCREASED 2022 GUIDANCE

ANNOUNCED BY NATIONAL RETAIL PROPERTIES, INC.

 

Orlando, Florida, February 9, 2022 – National Retail Properties, Inc. (NYSE: NNN), a real estate investment trust, today announced operating results for the quarter and year ended December 31, 2021. Highlights include:

 

Operating Results:

Revenues and net earnings, FFO, Core FFO and AFFO available to common stockholders and diluted per share amounts:

 

 

 

Quarter Ended

 

 

Year Ended

 

 

 

 

December 31,

 

 

December 31,

 

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

 

 

 

(in thousands, except per share data)

 

 

Revenues

 

$

187,261

 

 

$

163,284

 

 

$

726,407

 

 

$

660,681

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings available to common stockholders

 

$

65,129

 

 

$

56,802

 

(1)

$

264,217

 

 

$

210,859

 

(1)

Net earnings per common share

 

$

0.37

 

 

$

0.33

 

(1)

$

1.51

 

 

$

1.22

 

(1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FFO available to common stockholders

 

$

120,529

 

 

$

107,565

 

 

$

467,833

 

 

$

428,236

 

 

FFO per common share

 

$

0.69

 

 

$

0.62

 

 

$

2.68

 

 

$

2.49

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Core FFO available to common stockholders

 

$

131,426

 

 

$

109,331

 

 

$

500,058

 

 

$

446,681

 

 

Core FFO per common share

 

$

0.75

 

 

$

0.63

 

 

$

2.86

 

 

$

2.59

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AFFO available to common stockholders

 

$

135,132

 

(2)

$

119,764

 

(3)

$

534,792

 

(2)

$

431,444

 

(3)

AFFO per common share

 

$

0.77

 

(2)

$

0.69

 

(3)

$

3.06

 

(2)

$

2.51

 

(3)

 

(1)
Includes the write-off of $7,034 (or $0.04 per share) and $21,792 (or $0.12 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 ($2,949) and ($24,945) of net straight-line accrued rent from net rent deferral repayments from the COVID-19 rent deferral lease amendments for the quarter and year ended December 31, 2021, respectively. Excluding such, AFFO per common share would have been $0.76 and $2.92 for the quarter and year ended December 31, 2021, respectively.
(3)
Amounts include ($2,507) and $30,474 of net straight-line accrued rent from net rent deferrals (repayments) from the COVID-19 rent deferral lease amendments for the quarter and year ended December 31, 2020, respectively. Excluding such, AFFO per common share results would have been $0.68 and $2.68 for the quarter and year ended December 31, 2020, respectively.

2021 Highlights:

Dividend yield of 4.4% at December 31, 2021
Annual dividend per common share increased to $2.10 marking the 32nd consecutive year of annual dividend increases - the third longest record of consecutive annual dividend increases of all public REITs and 99% of all public companies
Maintained high occupancy levels at 99.0%, with a weighted average remaining lease term of 10.6 years, at December 31, 2021 as compared to 98.6% at September 30, 2021, and 98.5% at December 31, 2020

 

 


The following information was filed by National Retail Properties, Inc. (NNN) on Wednesday, February 9, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside National Retail Properties, Inc.'s 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Parenthetical)
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Equity
Condensed Consolidated Statements Of Equity (Parenthetical)
Condensed Consolidated Statements Of Income And Comprehensive Income
Derivatives
Derivatives (Narrative) (Details)
Derivatives (Tables)
Derivatives (Terminated Derivatives) (Details)
Fair Value Of Financial Instruments
Fair Value Of Financial Instruments (Details)
Line Of Credit Payable
Line Of Credit Payable (Details)
Notes Payable
Notes Payable (Details)
Notes Payable (Tables)
Organization And Summary Of Significant Accounting Policies
Organization And Summary Of Significant Accounting Policies (Changes In Aoci) (Details)
Organization And Summary Of Significant Accounting Policies (Computation Of Basic And Diluted Earnings Per Share) (Details)
Organization And Summary Of Significant Accounting Policies (Narrative) (Details)
Organization And Summary Of Significant Accounting Policies (Policies)
Organization And Summary Of Significant Accounting Policies (Summary Of Nnn's Investment Portfolio) (Details)
Organization And Summary Of Significant Accounting Policies (Tables)
Organization And Summary Of Significant Accounting Policies - (Summary Of Tenants Classified As Cash Basis) (Details)
Real Estate
Real Estate ((Impairments) (Details)
Real Estate (Commitments) (Details)
Real Estate (Dispositions) (Details)
Real Estate (Held For Sale) (Details)
Real Estate (Intangible Assets And Liabilities) (Details)
Real Estate (Key Information For Leases) (Details)
Real Estate (Rental Income) (Details)
Real Estate (Summary Of Real Estate Subject To Operating Leases) (Details)
Real Estate (Tables)
Real Estate - (Amortization Of Acquired Lease Intangibles) (Details)
Stockholders' Equity
Stockholders' Equity (Atm Program) (Details)
Stockholders' Equity (Dividends) (Details)
Stockholders' Equity (Drip) (Details)
Stockholders' Equity (Tables)
Subsequent Events
Subsequent Events (Details)

Material Contracts, Statements, Certifications & more

National Retail Properties, Inc. provided additional information to their SEC Filing as exhibits

Ticker: NNN
CIK: 751364
Form Type: 10-Q Quarterly Report
Accession Number: 0000950170-22-006956
Submitted to the SEC: Tue May 03 2022 8:34:12 AM EST
Accepted by the SEC: Tue May 03 2022
Period: Thursday, March 31, 2022
Industry: Real Estate Investment Trusts

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