For the fourth quarter, the net loss was $23.1 million compared with net income of $25.5 million a year earlier, with this year's results including $42.2 million in impairments. Revenue for the quarter remained practically even at $57.8 million.
Recurring funds from operations for 2009 totaled $129 million, down 4.7% from $135.3 million the prior year. FFO for the final quarter was $29.8 million, down 33.5% from $32.6 million a year earlier.
The company bought eight properties totaling 290,000 square feet of gross leasable area for $36.3 million, while selling nine properties with 234,000 square feet, netting $15.6 million for a gain of $2.4 million. Occupancy in its portfolio remained stable over the year at 96.4%.
"Our balance sheet is extremely strong, which will allow us to take advantage of acquisition opportunities as they become available," National Retail CEO Craig Macnab stated in a release. "While the acquisition volume has not been robust, we are encouraged with the quality of the opportunities that we are seeing."
National Retail invests primarily in high-quality retail properties with long-term net leases. It owns at least 1,000 investment properties with 11.4 million square feet in 44 states.
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