National Retail Properties, Inc (NNN) has reported 8 percent fall in profit for the quarter ended Sep. 30, 2016. The company has earned $50.78 million, or $0.28 a share in the quarter, compared with $55.20 million, or $0.34 a share for the same period last year. Revenue during the quarter grew 9.26 percent to $134.54 million from $123.14 million in the previous year period.
Total expenses were $63.92 million for the quarter, up 35.77 percent or $16.84 million from year-ago period. Operating margin for the quarter contracted 928 basis points over the previous year period to 52.49 percent.
Operating income for the quarter was $70.62 million, compared with $76.06 million in the previous year period.
Revenue from real estate activities during the quarter increased 9.33 percent or $11.45 million to $134.16 million.
Income from operating leases during the quarter rose 9.85 percent or $11.71 million to $130.60 million. Revenue from tenant reimbursements was $3.41 million for the quarter, down 1.61 percent or $0.06 million from year-ago period.
Revenue from other real estate activities during the quarter was $0.14 million, down 59.13 percent or $0.20 million from year-ago period.
Other income during the quarter was $0.38 million, down 12.73 percent or $0.06 million from year-ago period.
Craig Macnab, Chief Executive Officer, commented: "Strong acquisition activity in 2016 will support continued growth in per share results in 2016 and 2017. Our recent issuance of 5.20% preferred shares marks the second lowest preferred dividend rate in the REIT industry and is consistent with our long-term conservative positioning of our balance sheet."
Real estate inventory stood at $29.23 million as on Sep. 30, 2016. Net receivables were at $7.40 million as on Sep. 30, 2016, down 40.56 percent or $5.05 million from year-ago.
Investments stood at $13.46 million as on Sep. 30, 2016, down 9.33 percent or $1.39 million from year-ago.
Total assets grew 9.48 percent or $507.13 million to $5,856.36 million on Sep. 30, 2016. On the other hand, total liabilities were at $2,277.28 million as on Sep. 30, 2016, up 4.27 percent or $93.23 million from year-ago.
Return on assets moved down 20 basis points to 1.20 percent in the quarter. At the same time, return on equity moved down 29 basis points to 1.17 percent in the quarter.
Debt moves up
Total debt was at $2,155.18 million as on Sep. 30, 2016, up 6.55 percent or $132.57 million from year-ago. Shareholders equity stood at $3,579.08 million as on Sep. 30, 2016, up 13.08 percent or $413.89 million from year-ago. As a result, debt to equity ratio went down 4 basis points to 0.60 percent in the quarter.
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