Enjoy access to a free NMLS renewal class when you attend an in-person event.
- 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.