National Retail Properties reports 4Q results

Associated Press |

ORLANDO, Fla. (AP) _ National Retail Properties (NNN) on Tuesday reported a key measure of profitability in its fourth quarter. The results fell short of Wall Street expectations.

The real estate investment trust, based in Orlando, Florida, said it had funds from operations of $95.7 million, or 63 cents per share, in the period.

The average estimate of nine analysts surveyed by Zacks Investment Research was for funds from operations of 64 cents per share.

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 $63.6 million, or 42 cents per share.

The retail real estate investment trust, based in Orlando, Florida, posted revenue of $150.2 million in the period. Its adjusted revenue was $149.5 million, topping Street forecasts. Six analysts surveyed by Zacks expected $148.7 million.

For the year, the company reported funds from operations of $379.1 million, or $2.54 per share. Revenue was reported as $584.9 million.

National Retail Properties expects full-year funds from operations in the range of $2.64 to $2.68 per share.

The company's shares have fallen 13 percent since the beginning of the year. The stock has dropped 16 percent in the last 12 months.

This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on NNN at https://www.zacks.com/ap/NNN

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