Funds from operations for the second quarter increased slightly from the same period last year to $36 million, while six-month FFO remained stable at $71.1 million. The company invested $12 million in development of 126,000 square feet of gross leasable area in its investment portfolio. It also sold three investment properties totaling 46,000 square feet with net proceeds of $5.6 million.
"Our balance sheet remains strong and our portfolio is performing well as we maintain a high occupancy level (97%) in a challenging retail environment," National Retail CEO Craig Macnab stated in a release. "We are well-positioned to take advantage of the acquisition opportunities that we expect to be available in the future."
National Retail invests primarily in high-quality retail properties subject generally to long-term, net leases. The company owns 999 investment properties in 44 states with a gross leasable area of approximately 11.4 million square feet.
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