National Retail Properties Inc. (NNN), a real estate investment trust, said that its first-quarter Funds From Operations available to common stockholders rose to $61.64 million from the previous year's $54.64 million, with Funds From Operations or FFO per share improving to $0.51 from $0.47 in the same quarter last year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.51 per share for the quarter. Analysts' estimates typically exclude special items.
Recurring FFO per common share was $0.51 up from $0.48 in the prior year. AFFO per share was $0.51 compared to $0.49 last year.
Net earnings available to common stockholders grew to $34.47 million or $0.28 per share from $29.30 million or $0.25 per share in the prior year.
Revenues for the quarter grew to $104.06 million from last year's $92.46 million. Eight analysts estimated revenues of $104.09 million for the quarter.
National Retail Properties announced an increase in 2014 FFO guidance from a range of $1.94 to $1.99 to a range of $1.95 to $2.00 per share before any impairment expense. 2014 AFFO is estimated to be $2.01 to $2.06 per share. The FFO guidance equates to net earnings before any gains or losses from the sale of real estate of $1.07 to $1.12 per share, plus $0.88 per share of expected real estate depreciation, amortization and impairments. Analysts project annual earnings per share of $2.04.
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