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National Retail Properties' (NNN) CEO Jay Whitehurst on Q2 2018 Results - Earnings Call Transcript

Aug. 01, 2018 11:54 PM ETNNN REIT, Inc. (NNN)
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National Retail Properties, Inc. (NYSE:NNN) Q2 2018 Earnings Conference Call August 1, 2018 10:30 AM ET


Jay Whitehurst – Chief Executive Officer

Kevin Habicht - Chief Financial Officer


Collin Mings – Raymond James

Nick Joseph – Citi

Kevin Egan – Morgan Stanley

Joshua Dennerlein – Bank of America

Todd Stender – Wells Fargo

John Massocca – Ladenburg Thalmann

Chris Lucas – Capital One


Greetings, and welcome to National Retail Properties Second Quarter 2018 Operating Results. At this time all participants are in a listen-only mode and a brief question-and-answer session will follow the formal presentation. [Operator Instructions] And as a reminder, this conference is being recorded.

I would now like to turn the conference over to Jay Whitehurst, CEO. Thank you. Please go ahead.

Jay Whitehurst

Thank you, Brenda. Good morning, and welcome to the National Retail Properties Second Quarter 2018 Earnings Call. Joining me on this call is our Chief Financial Officer, Kevin Habicht. After some brief opening remarks, I'll turn the call over to Kevin to discuss our financial results in more detail.

National Retail Properties continued its consistent performance in the second quarter. To sum, our occupancy rate, acquisition volume and balance sheet management may appear to be the same old boring results. But to us, it's a validation of our business strategy to maximize shareholder value by consistently growing our FFO per share on a multiyear basis, and the outcomes achieved by consistently executing our strategy remain impressive.

In July, we announced a 5.3% increase in our annual dividend to $2 per share. This makes 2018 our the 29th consecutive year of annual dividend increases, a feat that's been accomplished by only 3 REITs and by fewer than 90 public companies in the United States. As of June 30, the total annual return for NNN shareholders once again outperformed REIT

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