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Net Lease REIT FFO Dips

ORLANDO-Commercial Net Lease Realty Inc. posts a decrease in fourth quarter FFO and earnings.

By Jennifer D. Duell | Updated on February 06, 2006

ORLANDO-One of the largest triple-net owners of retail space in the country, Commercial Net Lease Realty Inc., posted fourth quarter results below analyst expectations, but ended 2005 in decent shape.

For the fourth quarter 2005, funds from operations (FFO) fell to $19.6 million, or 36 cents per share, from $20.8 million, or 39 cents per share, a year ago. Analysts were expecting FFO of 39 cents per share, according to Thomson Financial.

Net earnings were also down during the fourth quarter with the REIT posting profit of $16.8 million or 31 cents per share, compared to $17.9 million, or 34 cents per share. Meanwhile, revenue for the quarter increased to $41 million from $32.4 million from the fourth quarter 2004.

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