NNN Q1 2024 Earnings Report
Key Takeaways
NNN REIT reported increased revenues and net earnings for Q1 2024, with FFO and Core FFO per share increasing by 3.8% and AFFO per share increasing by 2.4%. The company maintained high occupancy levels at 99.4% and invested $124.5 million in property acquisitions.
FFO and Core FFO per share increased 3.8% over prior year results.
AFFO per share increased 2.4% over prior year results.
Maintained high occupancy levels at 99.4%, with a weighted average remaining lease term of 10.0 years, at March 31, 2024 as compared to 99.5% at December 31, 2023 and 99.4% at March 31, 2023.
Invested $124.5 million in property investments, including the acquisition of 20 properties with an aggregate gross leasable area of approximately 284,000 square feet at an initial cash cap rate of 8.0%.
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NNN Revenue by Segment
Forward Guidance
NNN REIT provided 2024 earnings guidance, anticipating Core FFO per share of $3.25 - $3.31 and AFFO per share of $3.29 - $3.35.
Positive Outlook
- Net earnings per share excluding any gains on disposition of real estate, impairment charges, and executive retirement costs $1.94 - $2.00 per share
- Real estate depreciation and amortization per share $1.31 per share
- Core FFO per share $3.25 - $3.31 per share
- AFFO per share $3.29 - $3.35 per share
- Acquisition volume $400 - $500 Million
Challenges Ahead
- General and administrative expenses $46 - $48 Million
- Real estate expenses, net of tenant reimbursements $9 - $11 Million
- Disposition volume $80 - $120 Million
Revenue & Expenses
Visualization of income flow from segment revenue to net income