2/6/2012 10:29 AM ET
(RTTNews) - Real estate investment trust National Retail Properties, Inc. (NNN: News ) reported Monday funds from operations or FFO for the fourth quarter that nearly doubled from last year, reflecting revenue growth. The company also raised its FFO forecast for the full-year 2012, citing strong investment activity in 2011.
The Orlando, Florida-based company reported FFO of $41.04 million or $0.42 per share for the fourth quarter, higher than $23.99 million or $0.29 per share in the prior-year quarter.
Excluding items, adjusted FFO grew to $0.41 per share from last year's $0.38 per share. On average, 11 analysts polled by Thomson Reuters expected the company to report earnings of $0.37 per share for the fourth quarter. Analysts' estimates typically exclude special items.
Net earnings available to common stockholders improved to $25.87 million or $0.26 per share from $12.52 million or $0.15 per share in the same quarter of last year.
Revenues for the quarter rose to $74.40 million from $59.52 million in the prior year quarter, boosted by growth in rental and earned income as well as real estate transactions, and came in above seven Wall Street analysts' consensus estimate of $73.34 million.
For fiscal 2011, the company reported FFO of $139.67 million or $1.57 per share, higher than $108.33 million or $1.31 per share in the prior year. Excluding items, adjusted FFO grew to $1.57 per share from last year's $1.45 per share. Analysts expected the company to report earnings of $1.55 per share for fiscal 2011.
Net earnings available to common stockholders improved to $85.54 million or $0.96 per share from $66.21 million or $0.80 per share in the year ago.
Total revenues for the full year decreased to $265.79 million from $277.89 million in the previous year. Street was looking for full-year 2011 revenues of $263.85 million.
Looking ahead fiscal 2011, the company said it now expects FFO in a range of $1.65 to $1.70 per share and adjusted FFO in a range of $1.74 to $1.79 per share. Previous forecast for FFO was in a range of $1.62 to $1.67 per share and adjusted FFO in a range of $1.72 to $1.77 per share. Street analysts' currently expect FFO of $1.66 per share for the year.
In Monday's regular trading session, NNN is currently trading at $27.22, down $0.04 or 0.15% on a volume of 0.13 million shares.
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by RTT Staff Writer
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