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National Retail Properties Management Discusses Q2 2012 Results - Earnings Call Transcript

Finally, despite the vagaries of the accounting for this investment, it is a, small; and b, has been a very profitable successful investment for NNN. National Retail Properties continues to be extremely well positioned. Our access to attractively priced capital continues to be outstanding and with our strong balance sheet, we have plenty of dry powder to deploy as we identify carefully underwritten acquisition opportunities. Kevin?

Kevin B. Habicht

Thanks, Craig. Let me start by saying, we will make certain statements that may be considered to be forward-looking statements under federal securities law. The company's actual future results may differ significantly from the matters discussed in these forward-looking statements and we may not release these revisions to these forward-looking statements to reflect changes after the statements were made. Factors and risks that could cause actual results to differ materially from expectations are disclosed from time to time in greater detail in the company's filings with the SEC and in this morning's press release.

With that out of the way, this morning, we reported second quarter FFO of $0.41 per share and AFFO of $0.46 per share. The FFO results included a $2.7 million noncash impairment charge in connection with our mortgage residual valuation. Excluding this item, it brings FFO to $0.43 per share, which results in a 13.2% increase over prior year levels. On the same basis, first half FFO per share also increased 13.2% from $0.76 per share to $0.86 per share. So 2012 continues to track -- be on track to generate 8% growth in FFO per share, which is consistent with our prior guidance.

As usual, the strong results were a combination of maintaining high occupancy and making new accretive investments while keeping our balance sheet strong. Occupancy was 98.2% at quarter end. That's up 70 basis points from the prior quarter and 130 basis points from a year ago. And as Craig mentioned, we completed a $115 million of accretive acquisitions in the second quarter.

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