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National Retail Posts Higher Revenue

ORLANDO-The REIT sees lower earnings but stable FFO through the first half of the year.

By Carl Cronan | Updated on August 03, 2009

ORLANDO-Locally based National Retail Properties Inc. on Monday posted a 4% increase in revenue for the second quarter, to $58.7 million, while its net income fell 8% over the year to $25.3 million. Through the first six months of 2009, revenue rose 6% to $116.6 million while earnings declined 13% to $58.1 million.

Funds from operations for the second quarter increased slightly from the same period last year to $36 million, while six-month FFO remained stable at $71.1 million. The company invested $12 million in development of 126,000 square feet of gross leasable area in its investment portfolio. It also sold three investment properties totaling 46,000 square feet with net proceeds of $5.6 million.

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