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Last10K.com | 10-Q Quarterly Report Tue May 03 2022
Exhibit 99.1
NEWS RELEASE |
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For information contact: |
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Kevin B. Habicht |
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Chief Financial Officer |
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(407) 265-7348 |
FOR IMMEDIATE RELEASE |
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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:
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Revenues and net earnings, FFO, Core FFO and AFFO available to common stockholders and diluted per share amounts:
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Quarter Ended |
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Year Ended |
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December 31, |
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December 31, |
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2021 |
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2020 |
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2021 |
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2020 |
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(in thousands, except per share data) |
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Revenues |
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$ |
187,261 |
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$ |
163,284 |
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$ |
726,407 |
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$ |
660,681 |
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Net earnings available to common stockholders |
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$ |
65,129 |
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$ |
56,802 |
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(1) |
$ |
264,217 |
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$ |
210,859 |
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(1) |
Net earnings per common share |
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$ |
0.37 |
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$ |
0.33 |
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(1) |
$ |
1.51 |
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$ |
1.22 |
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(1) |
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FFO available to common stockholders |
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$ |
120,529 |
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$ |
107,565 |
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$ |
467,833 |
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$ |
428,236 |
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FFO per common share |
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$ |
0.69 |
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$ |
0.62 |
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$ |
2.68 |
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$ |
2.49 |
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Core FFO available to common stockholders |
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$ |
131,426 |
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$ |
109,331 |
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$ |
500,058 |
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$ |
446,681 |
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Core FFO per common share |
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$ |
0.75 |
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$ |
0.63 |
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$ |
2.86 |
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$ |
2.59 |
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AFFO available to common stockholders |
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$ |
135,132 |
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(2) |
$ |
119,764 |
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(3) |
$ |
534,792 |
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(2) |
$ |
431,444 |
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(3) |
AFFO per common share |
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$ |
0.77 |
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(2) |
$ |
0.69 |
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(3) |
$ |
3.06 |
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(2) |
$ |
2.51 |
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(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:
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Dividend yield of 4.4% at December 31, 2021
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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
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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.
View differences made from one quarter to another to evaluate National Retail Properties, Inc.'s financial trajectory
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National Retail Properties, Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2022 10-K Annual Report includes:
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Other - Other Highlight
On an ongoing basis, management evaluates its estimates and assumptions; however, actual results may differ from these estimates and assumptions, which in turn could have a material impact on NNNs consolidated financial statements.
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Financial - Shares Highlight
In February 2021, NNN filed a shelf registration statement that was automatically effective with the Commission for its DRIP, which permits NNN to issue up to 6,000,000 shares of common stock.
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Financial - Expense Highlight
Operating expenses increased for the quarter ended March 31, 2022, as compared to the same period in 2021, primarily due to the increase in executive retirement costs and depreciation and amortization.
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Revenue - Product Highlight
The lost revenues and increased property expenses resulting from vacant Properties or the inability to collect lease revenues could have a material adverse effect on the liquidity and results of operations if NNN is unable to re-lease the Properties at comparable rental rates and in a timely manner.
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Financial - Expense Highlight
These construction commitments, at March 31, 2022, are outlined in the table below (dollars in thousands): (1) Includes land, construction costs, tenant improvements, lease costs and capitalized interest.
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Financial - Expense
Depreciation and amortization expenses increased...Read more
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Financial - Debt
The table below presents material...Read more
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Financial - Debt
Debt issuance costs for all...Read more
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Financial - Shares
NNN?s capital resources have and...Read more
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Financial - Debt
In August 2020, NNN filed...Read more
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Financial - Earnings
High occupancy levels coupled with...Read more
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Legal - Other
Further, forward-looking statements speak only...Read more
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Other - Other
The improvements of such Properties...Read more
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Other - Other
(2) Includes dollars invested in...Read more
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Other - Other
Although management believes that the...Read more
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Other - Other
As a part of NNN's...Read more
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Other - Other
As part of NNN's financing...Read more
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Other - Other
24 As a result of...Read more
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Other - Other
As of March 31, 2022,...Read more
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Financial - Expense
In connection with the Credit...Read more
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Financial - Debt
Material Cash Requirements NNN's material...Read more
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Financial - Income
Upon the issuance of the...Read more
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Revenue - Geography
The key indicators for NNN...Read more
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Financial - Debt
The Credit Facility bears interest...Read more
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Financial - Dividend
In April 2022, NNN declared...Read more
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Other - Other
The following outlines the common...Read more
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Financial - Expense
Each note issuance is summarized...Read more
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Financial - Expense
Interest expense increased for the...Read more
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Financial - Expense
Management anticipates that the costs...Read more
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Financial - Income
Rental income increased for the...Read more
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Financial - Debt
The following is a summary...Read more
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Other - Other
This announcement has several implications,...Read more
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Financial - Income
The increase is primarily due...Read more
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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