Loading...
•
Mar 31, 2023
NNN Q1 2023 Earnings Report
NNN REIT, Inc. announced operating results for the quarter ended March 31, 2023.
Key Takeaways
NNN REIT had a solid start to 2023 with property acquisitions of $155 million at a 7% initial cap rate. The company maintained high occupancy levels and achieved 3.9% Core FFO growth.
FFO per share increased 6.7% over prior year results
Core FFO per share increased 3.9% over prior year results
AFFO per share increased 3.8% over prior year results
Maintained high occupancy levels at 99.4%, with a weighted average remaining lease term of 10.3 years, at March 31, 2023 as compared to 99.4% at December 31, 2022 and 99.2% at March 31, 2022
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
NNN REIT provided 2023 earnings guidance, expecting Core FFO per share to be between $3.14 and $3.20 and AFFO per share between $3.19 and $3.25.
Positive Outlook
- Net earnings per common share excluding any gains on disposition of real estate, impairment charges, and executive retirement costs $1.87 - $1.93 per share
- Real estate depreciation and amortization per share $1.27 per share
- Core FFO per share $3.14 - $3.20 per share
- AFFO per share $3.19 - $3.25 per share
- Acquisition volume $500 - $600 Million
Challenges Ahead
- General and administrative expenses $43 - $45 Million
- Real estate expenses, net of tenant reimbursements $8 - $10 Million
- Disposition volume $100 - $120 Million
- Guidance is based on current plans and assumptions and subject to risks and uncertainties more fully described in this press release and the company's reports filed with the Commission.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
Loading earnings performance data...
Loading earnings reaction data...