National Retail Properties, Inc. (NNN) has reported a 55.62 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $66.09 million, or $0.37 a share in the quarter, compared with $42.47 million, or $0.24 a share for the same period last year.
Revenue during the quarter grew 11.73 percent to $141.20 million from $126.38 million in the previous year period.
Total expenses were $55.29 million for the quarter, up 8.75 percent or $4.45 million from year-ago period. Operating margin for the quarter expanded 107 basis points over the previous year period to 60.84 percent.
Operating income for the quarter was $85.91 million, compared with $75.54 million in the previous year period.
For financial year 2017, National Retail Properties, Inc. projects diluted earnings per share to be in the range of $1.37 to $1.43.
Revenue from real estate activities during the quarter increased 11.81 percent or $14.88 million to $140.81 million.
Income from operating leases during the quarter rose 12.25 percent or $14.84 million to $135.95 million. Revenue from tenant reimbursements was $4.73 million for the quarter, up 3.75 percent or $0.17 million from year-ago period.
Revenue from other real estate activities during the quarter was $0.13 million, down 51.52 percent or $0.14 million from year-ago period.
Other income during the quarter was $0.39 million, down 12.11 percent or $0.05 million from year-ago period.
Craig Macnab, chief executive officer, commented "We are delighted to report another excellent year at NNN, with per share FFO results and acquisitions activity all being records. We were pleased with our capital market activity in 2016 with well executed debt and preferred offerings which were attractively priced and improved our long term cost of capital. As we head into 2017, our balance sheet positions us well for building shareholder value, growing per share results and continuing our 27 year record of annual increases in our dividend."
Real estate inventory plunged 58.54 percent or $33.68 million to $23.85 million on Dec. 31, 2016. Net receivables were at $4.67 million as on Dec. 31, 2016, down 61.19 percent or $7.36 million from year-ago.
Investments stood at $11.23 million as on Dec. 31, 2016, down 22.65 percent or $3.29 million from year-ago.
Total assets stood at $6,334.15million as on Dec. 31, 2016. On the other hand, total liabilities were at $2,417.22 million as on Dec. 31, 2016.
Return on assets was at 1.43 percent in the quarter. At the same time, return on equity was at 1.38 percent in the quarter.
Debt moves up
Total debt was at $2,311.69 million as on Dec. 31, 2016, up 16.99 percent or $335.74 million from year-ago. Shareholders equity was at $3,916.93 million as on Dec. 31, 2016. Meanwhile, debt to equity ratio was at 0.59 percent in the quarter.
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