ORLANDO, Fla. (AP) -- National Retail Properties Inc. on Tuesday raised its estimate for its 2011 funds from operations, citing an increase in its projected acquisition volume.
The real estate investment trust, which owns single-tenant retail properties, expects FFO per share to range from $1.52 to $1.55. Last month, it had forecast full-year FFO per share would range from $1.50 to $1.53.
Analysts are anticipating FFO of $1.52 a share, according to FactSet.
Based on its FFO forecast, National Retail Properties expects net earnings per share for the year to range from 93 cents to 96 cents. Analysts are expecting earnings of 93 cents.
FFO, a widely used gauge of real estate operating performance, adds depreciation and amortization expenses, as well as other non-operating items, to net income.
The company projects its acquisition volume will be between $400 million and $500 million this year, up from prior projections for volume of $200 million to $250 million.
So far this year, the REIT has acquired made roughly $290 million in investments, including acquiring 99 properties totaling 1.8 million square feet of gross leasable space.
Also on Tuesday, the company announced it has begun a public offering of 8 million shares of common stock.
National Retail Properties also expects to grant underwriters a 30-day option to buy up to 1.2 million more shares.
The company intends to use proceeds from the offering to pay back debt on its credit line, make acquisitions and for other general corporate purposes. |
