National Retail Properties, Inc. (NYSE:NNN) Q2 2022 Results Conference Call August 3, 2022 10:30 AM ET
Company Participants
Steve Horn - President and Chief Executive Officer
Kevin Habicht - Chief Financial Officer
Conference Call Participants
Brad Heffern - RBC Capital Markets
Spenser Allaway - Green Street
Nicholas Joseph - Citigroup
Wes Golladay - Baird
Ronald Kamdem - Morgan Stanley
Tayo Okusanya - Credit Suise
John Massocca - Ladenburg
Linda Tsai - Jefferies
Chris Lucas - Capital One Securities
Operator
Good morning, ladies and gentlemen, and welcome to the National Retail Properties Second Quarter 2022 Earnings Call. [Operator Instructions]
It is now my pleasure to turn the floor over to your host, Steve Horn, CEO. Sir, the floor is yours.
Steve Horn
Thank you, Ali. Good morning, and welcome to the National Retail Properties Second Quarter 2022 Earnings Call. Joining me on the call is Chief Financial Officer, Kevin Habicht. As this morning's press release reflects National Retail Properties performance in 2022 continues to produce strong results, including continued high occupancy, impressive recons and solid acquisitions driven by our proprietary tenant relationships. We are in a position to continue enhancing shareholder value as we move into the second half of 2022 and beyond.
In July, we announced roughly a 4% increase in our common stock dividend to be paid on 15 August, thus making 2022 our 33rd consecutive annual dividend increase. National Retail Properties is one of the select companies of under 90 U.S. public companies, including only two other REITs, which have achieved this impressive track record.
Based on our continued consistent performance, we announced today a further increase in our 2022 guidance of core FFO per share to a range of $3.07 to $3.12 per share. Our long-standing strategy is designed to deliver consistent per share growth on a multiyear basis. This discipline of long growth is reflected in our second guidance increase this year.
Turning to the highlights of National Retail Properties second quarter financial results. Our portfolio of 3,305 freestanding single-tenant retail properties continue to perform exceedingly well, maintained high occupancy level of 99.1%, which remains above our long-term average of 98% plus or minus a fraction. We also collected 99.7% of the rents due for the second quarter. Staying a little bit more on rent collections. The rent deferrals that we provided to a select tenants during the early days of the pandemic continue to track as we expect.