ORLANDO, Fla. (AP) _ National Retail Properties (NNN) on Tuesday reported a key measure of profitability in its fourth quarter. The results surpassed Wall Street expectations.
The Orlando, Florida-based real estate investment trust said it had funds from operations of $103.5 million, or 65 cents per share, in the period.
The average estimate of nine analysts surveyed by Zacks Investment Research was for funds from operations of 64 cents per share.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had net income of $28 million, or 18 cents per share.
The retail real estate investment trust, based in Orlando, Florida, posted revenue of $159 million in the period. Its adjusted revenue was $158.8 million, also surpassing Street forecasts. Six analysts surveyed by Zacks expected $157.8 million.
For the year, the company reported funds from operations of $418.7 million, or $2.68 per share. Revenue was reported as $621.4 million.
National Retail Properties expects full-year funds from operations in the range of $2.76 to $2.81 per share.
The company's shares have increased 11 percent since the beginning of the year. The stock has increased 44 percent in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on NNN at https://www.zacks.com/ap/NNN