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NNN - 2011 Results - Just The Facts

|Includes:National Retail Properties, Inc. (NNN)

National Retail Properties, Inc. ( NNN) announced operating results for the quarter and year ended December 31, 2011. Highlights include:

  • Portfolio occupancy was 97.4% at December 31, 2011, as compared to 97.2% at September 30, 2011, and 96.9% at December 31, 2010;
  • Increased FFO per share 8.3% from $1.45 in 2010 to $1.57 in 2011;
  • Dividends per share increased to $1.53 (+ 1.3%) marking the 22nd consecutive year of annual dividend increases;
  • increased 2012 FFO guidance to $1.65 to $1.70 per share (prior was $1.54 - $1.56), AFFO to be $1.74 to $1.79 per share (prior was $1.67 - $1.69);
All in all, a good quarter. I continue to like NNN equity and preferred vs. O (on a yield and valuation basis).

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

Additional disclosure: I am long NNN-C

Stocks: NNN