National Retail Properties, Inc. (NNN) has reported a 4.21 percent rise in profit for the quarter ended Mar. 31, 2017. The company has earned $73.66 million, or $0.35 a share in the quarter, compared with $70.68 million, or $0.44 a share for the same period last year.
Revenue during the quarter grew 11.38 percent to $141.43 million from $126.98 million in the previous year period.
Total expenses were $55.93 million for the quarter, up 13.03 percent or $6.45 million from year-ago period. Operating margin for the quarter contracted 58 basis points over the previous year period to 60.45 percent.
Operating income for the quarter was $85.50 million, compared with $77.50 million in the previous year period.
Revenue from real estate activities during the quarter increased 11.71 percent or $14.82 million to $141.35 million.
Income from operating leases during the quarter rose 12.10 percent or $14.82 million to $137.30 million. Revenue from tenant reimbursements was $3.86 million for the quarter, up 7.52 percent or $0.27 million from year-ago period.
Revenue from other real estate activities during the quarter was $0.19 million, down 59.18 percent or $0.27 million from year-ago period.
Other income during the quarter was $0.08 million, down 81.19 percent or $0.37 million from year-ago period.
Jay Whitehurst, chief executive officer, commented: "Early 2017 results are off to a good start which has put us in position to increase the lower end of our 2017 guidance. The portfolio and balance sheet remain in excellent condition and we continue to find opportunities to deploy capital accretively into high quality properties sourced both through our deep tenant relationships and in the open market. Lastly, on behalf of all the associates at National Retail Properties, I want to say "Thank You” to Craig Macnab for his thirteen years of inspiring leadership as our CEO and Chairman."
Real estate inventory stood at $7.26 million as on Mar. 31, 2017. Net receivables were at $3.11 million as on Mar. 31, 2017, down 77.45 percent or $10.68 million from year-ago.
Investments stood at $10.30 million as on Mar. 31, 2017, down 27.33 percent or $3.88 million from year-ago.
Total assets grew 10.12 percent or $561.87 million to $6,114.77 million on Mar. 31, 2017. On the other hand, total liabilities were at $2,439.84 million as on Mar. 31, 2017, up 15.16 percent or $321.10 million from year-ago.
Return on assets moved up 1 basis points to 1.40 percent in the quarter. At the same time, return on equity moved down 40 basis points to 1.40 percent in the quarter.
Debt moves up
Total debt was at $2,312.49 million as on Mar. 31, 2017, up 17.40 percent or $342.70 million from year-ago. Shareholders equity stood at $3,674.93 million as on Mar. 31, 2017, up 7.01 percent or $240.77 million from year-ago. As a result, debt to equity ratio went up 6 basis points to 0.63 percent in the quarter.
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