Stock Monitor: Invesco Mortgage Capital Post Earnings Reporting
LONDON, UK / ACCESSWIRE / May 29, 2018 / If you want access to our free earnings report on National Retail Properties, Inc. (NYSE: NNN) ("National Retail"), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=NNN. The Company posted its financial results on May 01, 2018, for the first quarter of the fiscal year 2018 (Q1 FY18). The Company's quarterly core funds from operations (FFO) per share grew 11.7% on a y-o-y basis, outperforming market consensus estimates. Register today and get access to over 1,000 Free Research Reports by joining our site below:
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Earnings Highlights and Summary
During Q1 FY18, National Retail's total revenues came in at $152.84 million versus $141.43 million in Q1 FY17. The Company's total revenues for the reported quarter outperformed market forecasts of $151.1 million.
The Orlando, Florida-based Company generated revenues of $148.61 million from rental and earned income in Q1 FY18, up 8.2% from $137.308 million in Q1 FY17. The Company's real estate expense reimbursement from tenants was $4.16 million during the reported quarter compared to $3.86 million in the prior year's same period. Furthermore, the Company's interest and other income from real estate transactions were $73 thousand in Q1 FY18 compared to $274 thousand in Q1 FY17.
The retail real estate investment trust (REIT) reported net earnings available to common stockholders of $94.70 million, or $0.62 per diluted share, in Q1 FY18 compared to $51.62 million, or $0.35 per diluted share, in Q1 FY17. The Company's core FFO stood at $103.03 million, or $0.67 per diluted share, during Q1 FY18 compared to $88.12 million, or $0.60 per diluted share, in Q1 FY17. Wall Street had expected the Company to report core FFO of $0.65 per diluted share for the reported period.
National Retail's general and administrative (G&A) expenses stood at $8.70 million in the reported quarter compared to $8.92 million in Q1 FY17. The Company's total operating expenses grew to $61.57 million in Q1 FY18 from $55.93 million in Q1 FY17. The Company's operating income was $91.27 million in the reported quarter versus $85.50 million in the previous year's comparable quarter. Furthermore, the Company's period end occupancy was 99.2% in Q1 FY18 versus 99.1% in Q1 FY17.
For the quarter ended March 31, 2018, the Company invested $177.01 million in property investments, including the acquisition of 52 properties with aggregate 400,000 square feet of gross leasable area at an initial cash yield of 6.7%. Moreover, it sold 15 properties for $71.63 million, which produced gains on sales of $38.60 million.
Cash Matters and Balance Sheet
The Company's net cash provided by operating activities was $130.00 million during Q1 FY18 versus $117.19 million in the year ago corresponding period. As on March 31, 2018, National Retail had a cash and cash equivalents balance $4.00 million versus $1.36 million as on December 31, 2017.
In its guidance for FY18, National Retail's management forecasts net earnings per share to be in the range of $1.51 to $1.55. The Company's core FFO per share is projected to be between $2.62 and $2.66 for FY18.
Stock Performance Snapshot
May 25, 2018 - At Friday's closing bell, National Retail Properties' stock was marginally up 0.49%, ending the trading session at $40.72.
Volume traded for the day: 413.08 thousand shares.
Stock performance in the last month – up 6.93%; previous three-month period – up 4.98%; and past twelve-month period – up 6.62%
After last Friday's close, National Retail Properties' market cap was at $6.23 billion.
Price to Earnings (P/E) ratio was at 30.90.
The stock has a dividend yield of 4.67%.
The stock is part of the Financial sector, categorized under the REIT - Diversified industry.
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