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ORLANDO-Locally based National Retail Properties Inc. on Monday posted a 4% increase in revenue for the second quarter, to $58.7 million, while its net income fell 8% over the year to $25.3 million. Through the first six months of 2009, revenue rose 6% to $116.6 million while earnings declined 13% to $58.1 million.

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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