Skip to main content

National Retail Properties Posts 2Q 2021 Results

David Krechevsky
Aug 03, 2021
National Retail Properties

Says It Collected 99% Of Rent Due In June & July

KEY TAKEAWAYS
  • Maintained a 98.3% occupancy level
  • Property investments totaled $102.9 million

National Retail Properties Inc., an Orlando, Fla.-based real estate investment trust, today reported net earnings of $68.54 million in the second quarter of 2021, up 64% from the same quarter last year. 

The trust also reported earnings of $120.6 million for the first six months of the year, up nearly 18% from he same period last year.

National Retail noted that, as of July 28, it had collected approximately 99% of rent due for the quarter ended June 30, and nearly 99% of rent originally due in July 2021. It also maintained a 98.3% occupancy level, with a weighted average remaining lease term of 10.6 years, as of June 30, as compared to 98.3 as of March 31, 2021, and 98.5% as of December 31, 2020.

The trust invested $102.9 million in property investments during the quarter, including acquiring 29 properties with an aggregate of 173,000 square feet of gross leasable area, at an initial cash yield of 6.7%.

The trust also sold 15 properties for $22.9 $22.9 million during the quarter, producing $4.2 million in gains on sales.

For the first six months of 2021, National Retail invested $208.6 million in property, including acquiring 58 properties with an aggregate of 528,000 square feet of gross leasable area at an initial cash yield of 6.5%. It also sold 26 properties for $40.4 million, producing $8.5 million of gains on sales.

"National Retail Properties produced another quarter of strong results, driven by continued high occupancy, impressive rent collections and solid acquisitions from relationship tenants, all supported by a low leverage, flexible balance sheet," said Jay Whitehurst, CEO of National Retail. 

National Retail Properties invests primarily in high-quality retail properties subject generally to long-term, net leases. As of June 30, the company owned 3,173 properties in 48 states, with a gross leasable area of approximately 32.7 million square feet and a weighted average remaining lease term of 10.6 years.

To read the full report, click here.

Published
Aug 03, 2021
More from
Operations
Answering The Magic Question

The more you focus on the commission “split,” the more you have turned your job into a commodity.

Sales and Marketing
Sep 20, 2021
Keep The Plan On Track

Process, Practicality and Priorities: How does your company stack up?

Operations
Sep 20, 2021
What To Do After Firing A Loan Officer

Balancing company and customer needs.

Operations
Aug 05, 2021
Time To Take A Look At How You Tap Into New Talent

New ideas, new people key to keeping your company on top

C-Suite Strategies
Jul 25, 2021
How to Make Sure You Don’t Get Audited

And what steps to take if you do

Operations
Jul 24, 2021
Your Word Is Your Bond

What it means to develop a company or office culture

Operations
Jul 24, 2021