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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
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NNN Revenue by Segment
NNN Revenue by Geographic Location
Revenue by Segment
Rental Income Revenue
CapyFin.comDirect Financing Leases Revenue
CapyFin.comPercentage Rent Revenue
CapyFin.comTenant Reimbursements Revenue
CapyFin.comInterest & Other Income Revenue
CapyFin.comRevenue by Geographic Location
Texas Revenue
CapyFin.comFlorida Revenue
CapyFin.comIllinois Revenue
CapyFin.comGeorgia Revenue
CapyFin.comOhio Revenue
CapyFin.comIndiana Revenue
CapyFin.comTennessee Revenue
CapyFin.comNorth Carolina Revenue
CapyFin.comVirginia Revenue
CapyFin.com 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.
- Forward-looking statements involve known and unknown risks, which may cause the company’s actual future results to differ materially from expected results.
Revenue & Expenses
Visualization of income flow from segment revenue to net income