National Retail Properties Inc. (NNN, Financial) filed Quarterly Report for the period ended 2012-09-30.
National Retail Properties Inc has a market cap of $3.41 billion; its shares were traded at around $31.77 with a P/E ratio of 19.2 and P/S ratio of 12.8. The dividend yield of National Retail Properties Inc stocks is 5%. National Retail Properties Inc had an annual average earning growth of 1.2% over the past 10 years.
Rental Income. Rental Income increased in amount and slightly increased as a percent of the total revenues from continuing operations for the quarter and nine months ended September 30, 2012, as compared to the same period in 2011. The increase for the quarter and nine months ended September 30, 2012, is primarily due to the acquisition of 123 properties with aggregate gross leasable area of approximately 2,040,000 square feet during the nine months ended September 30, 2012 and 218 properties with aggregate gross leasable area of approximately 3,448,000 square feet during 2011.
Real Estate. Real estate expenses increased for the nine months ended September 30, 2012 but decreased for the quarter ended September 30, 2012, as compared to the same periods in 2011. Real estate expenses decreased as a percentage of total operating expenses and as a percentage of revenues from continuing operations. The increase in expense for the nine months ended September 30, 2012, is primarily due to an increase in tenant reimbursable expenses for certain properties acquired in 2011. The decrease for the quarter ended September 30, 2012, is primarily resulting from a reduction of expenses due to the leasing of certain vacant properties.
Impairment – Commercial Mortgage Residual Interests Valuation. In connection with the independent valuations of the Residuals fair value, during the nine months ended September 30, 2012 and 2011, NNN recorded an other than temporary valuation adjustment of $2,718,000 and $396,000, respectively, as a reduction of earnings from operations. No other than temporary valuation adjustments were recorded during the quarters ended September 30, 2012 and 2011, respectively.
The following table summarizes the earnings from discontinued operations for the nine months ended September 30 (dollars in thousands):
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National Retail Properties Inc has a market cap of $3.41 billion; its shares were traded at around $31.77 with a P/E ratio of 19.2 and P/S ratio of 12.8. The dividend yield of National Retail Properties Inc stocks is 5%. National Retail Properties Inc had an annual average earning growth of 1.2% over the past 10 years.
Highlight of Business Operations:
NNN further reviewed its conclusions in previous periods, commencing in 2009, with respect to the realizability of the remaining deferred tax assets. Upon further review, NNN determined that its available sources of income supported full realizability of the gross deferred tax assets as of December 31, 2009, 2010 and 2011, respectively. As a result, NNN determined that it had previously understated its deferred income tax benefit in the years ended December 31, 2010 and 2009 by $3.1 million and $4.6 million, respectively, and understated its net deferred tax assets by $7.7 million as of December 31, 2011 and 2010, respectively, in its financial statements for the three-year period ended December 31, 2011. NNN corrected this in third quarter of 2012 by reversing the valuation allowance and recording an income tax benefit of $7.7 million. NNN reviewed the impact of correcting the prior period errors in 2012 as well as its impact on prior periods in accordance with SAB Topics 1.M and 1.N and determined that the misstatements did not have a material effect on the Company s financial position, results of operations, trends in earnings, or cash flows for any of the periods presented.Rental Income. Rental Income increased in amount and slightly increased as a percent of the total revenues from continuing operations for the quarter and nine months ended September 30, 2012, as compared to the same period in 2011. The increase for the quarter and nine months ended September 30, 2012, is primarily due to the acquisition of 123 properties with aggregate gross leasable area of approximately 2,040,000 square feet during the nine months ended September 30, 2012 and 218 properties with aggregate gross leasable area of approximately 3,448,000 square feet during 2011.
Real Estate. Real estate expenses increased for the nine months ended September 30, 2012 but decreased for the quarter ended September 30, 2012, as compared to the same periods in 2011. Real estate expenses decreased as a percentage of total operating expenses and as a percentage of revenues from continuing operations. The increase in expense for the nine months ended September 30, 2012, is primarily due to an increase in tenant reimbursable expenses for certain properties acquired in 2011. The decrease for the quarter ended September 30, 2012, is primarily resulting from a reduction of expenses due to the leasing of certain vacant properties.
Impairment – Commercial Mortgage Residual Interests Valuation. In connection with the independent valuations of the Residuals fair value, during the nine months ended September 30, 2012 and 2011, NNN recorded an other than temporary valuation adjustment of $2,718,000 and $396,000, respectively, as a reduction of earnings from operations. No other than temporary valuation adjustments were recorded during the quarters ended September 30, 2012 and 2011, respectively.
The following table summarizes the earnings from discontinued operations for the nine months ended September 30 (dollars in thousands):
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