Research Desk Line-up: Colony NorthStar Post Earnings Coverage
LONDON, UK / ACCESSWIRE / August 17, 2017 /Pro-Trader Daily has just published a free post-earnings coverage on National Retail Properties, Inc. (NYSE: NNN) ("National Retail"), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=NNN, following the Company's release of its second quarter fiscal 2017 operating results on August 01, 2017. The retail real estate investment trust based in Orlando, Florida reported better than expected revenue and funds from operations (FFO) results. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:
Get more of our free earnings reports coverage from other constituents of the REIT - Diversified industry. Pro-TD has currently selected Colony NorthStar, Inc. (NYSE: CLNS) for due-diligence and potential coverage as the Company announced on August 08, 2017, its financial results for Q2 2017 which ended on June 30, 2017 and also declared a cash dividend of $0.27 per share of Class A and Class B common stock for Q3 2017. Register for a free membership today, and be among the early birds that get access to our report on Colony NorthStar when we publish it.
At Pro-TD, we make it our mission to bring you news that matter about the stock you follow. Today, our research desk covers a blog story on NNN; also brushing on CLNS. With the links below you can directly download the report of your stock of interest free of charge at:
For the quarter ended June 30, 2017, National Retail reported revenue of $145.55 million compared to revenue of $130.93 million in Q2 2016. The Company's revenue numbers exceeded Wall Street's estimates of $142.8 million.
National Retail's portfolio occupancy was 99.3% at June 30, 2017, compared to 99.1% at March 31, 2017, and 99.0% at December 31, 2016.
For Q2 2017, National Retail reported net earnings attributable to common shareholders of $9.45 million, or $0.33 per share, compared to net income of $43.08 million, or $0.30 per share, in Q2 2016. The Company posted Core funds from operations (FFO) available to common shareholders of $95.43 million, or $0.64 per share, compared to Core FFO of $84.40 million, or $0.59 per share, in the year ago same period.
National Retail recorded adjusted funds from operations (AFFO) of $0.65 per share for Q2 2017 compared to $0.60 in Q2 2016. The Company's AFFO numbers surpassed analysts' expectations of $0.62.
Acquisition and Disposition Activities
During Q2 2017, National Retail invested $299.5 million in property investments, including the acquisition of 140 properties with an aggregate 832,000 square feet of gross leasable area at an initial cash yield of 6.9%. On a year-to-date basis, the Company has acquired 164 single-tenant retail properties for $407 million at an additional cash yield of 6.9%, with an average lease term of 19 years and an average cost per property of just over $2.5 million each. The Company stated that given its active acquisition pace for H1 2017, coupled with its pipeline of both relationship and marketed transactions, the Company has raised its 2017 acquisition guidance to $550 million to $650 million.
During Q2 2017, National Retail sold eight properties for $9.3 million; producing $2.7 million of gains on sales, net of non-controlling interests. During H1 2017, the Company sold 25 properties and harvested approximately $48 million in disposition proceeds to be recycled into new acquisitions.
During Q2 2017, National Retail issued $25.1 million of common equity via its ‘At the Market' facility at an average price of $43 per share. The Company's equity rate on a year-to-date basis totaled $74 million.
During H1 2017, the weighted average outstanding balance on National Retail's $650 million bank line was $69 million. The Company noted that all of its debt was fixed rate and the weighted average debt maturity was 6.3 years with a weighted average interest rate of 4.4%.
As of June 30, 2017, National Retail's debt to gross book assets was 35.9%. The Company's debt-to-EBITDA was 4.8x at June 30, 2017. Interest coverage was 4.7x for Q2 2017, and fixed charge coverage was 3.6x for the reported quarter.
As of June 30, 2017, National Retail owned 2,675 properties in 48 states with a gross leasable area of approximately 28.1 million square feet and with a weighted average remaining lease term of 11.5 years.
On Wednesday, August 16, 2017, the stock closed the trading session at $41.11, rising 1.73% from its previous closing price of $40.41. A total volume of 1.72 million shares have exchanged hands, which was higher than the 3-month average volume of 1.28 million shares. National Retail Properties' stock price rallied 3.66% in the last one month and 10.30% in the past three months. The stock is trading at a PE ratio of 35.78 and has a dividend yield of 4.62%. The stock currently has a market cap of $6.22 billion.
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