Real estate investment trust National Retail Properties, Inc. (NNN) reported Thursday that net earnings for the first quarter grew to $96.46 million or $0.51 per share from $94.37 million or $0.52 per share in the prior-year quarter.
Funds from Operations or FFO, available to common stockholders for the quarter were $158.73 million or $0.85 per share, up from $151.26 million or $0.83 per share last year.
Core FFO, available to common stockholders was $160.91 million or $0.86 per share, compared to $151.58 million or $0.83 per share a year ago.
Adjusted FFO available to common stockholders was $163.02 million or $0.87 per share, compared to $153.26 million or $0.84 per share a year ago
On average, three analysts polled by Thomson Reuters expect the company to report earnings of $0.48 per share for the quarter. Analysts' estimates typically exclude special items.
Revenues for the quarter grew to $230.85 million from $215.41 million in the same quarter last year. Analysts expected revenues of $219.84 million for the quarter.
Looking ahead to fiscal 2025, the company now projects core FFO in a range of $3.33 to $3.38 per share, AFFO in a range of $3.39 to $3.44 per share and net earnings in a range of $1.97 to $2.02 per share, plus $1.36 per share of expected real estate depreciation and amortization and excludes any gains from the sale of real estate, charges for impairments and executive retirement costs.
The Street is currently looking for earnings of $1.98 per share for the year.
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