ORLANDO, Fla. (AP) — ORLANDO, Fla. (AP) — National Retail Properties (NNN) on Tuesday reported a key measure of profitability in its first quarter. The results topped Wall Street expectations.
The Orlando, Florida-based real estate investment trust said it had funds from operations of $148.2 million, or 82 cents per share, in the period.
The average estimate of seven analysts surveyed by Zacks Investment Research was for funds from operations of 80 cents per share.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had net income of $90.2 million, or 50 cents per share.
The retail real estate investment trust, based in Orlando, Florida, posted revenue of $204.1 million in the period. Its adjusted revenue was $203.6 million, which also beat Street forecasts. Six analysts surveyed by Zacks expected $200.2 million.
National Retail Properties expects full-year funds from operations in the range of $3.19 to $3.25 per share.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on NNN at https://www.zacks.com/ap/NNN
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