Loading...
•
Jun 30, 2023
NNN Q2 2023 Earnings Report
NNN REIT, Inc. announced operating results for the second quarter of 2023 and increased its 2023 guidance.
Key Takeaways
NNN REIT reported a solid quarter with increased FFO per share by 3.9% and Core FFO per share by 1.3%. The company invested $181.3 million in real estate, including 36 properties, and increased Core FFO guidance for 2023.
FFO per share increased 3.9% over prior year results.
Core FFO per share increased 1.3% over prior year results.
Maintained high occupancy levels at 99.4% as of June 30, 2023.
$181.3 million in property investments, including the acquisition of 36 properties at an initial cash cap rate of 7.2%.
NNN
NNN
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.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 increased its Core FFO guidance for 2023 from a range of $3.14 to $3.20 per share to a range of $3.17 to $3.22 per share. The 2023 AFFO is estimated to be $3.20 to $3.25 per share.
Positive Outlook
- Net earnings per common share excluding any gains on disposition of real estate, impairment charges, and executive retirement costs $1.88 - $1.93 per share
- Real estate depreciation and amortization per share $1.29 per share
- Core FFO per share $3.17 - $3.22 per share
- AFFO per share $3.20 - $3.25 per share
- Disposition volume $100 - $120 Million
Challenges Ahead
- General and administrative expenses $43 - $45 Million
- Real estate expenses, net of tenant reimbursements $8 - $10 Million
- Acquisition volume $600 - $700 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.
- general economic conditions, including inflation, local real estate conditions, changes in interest rates, increases in operating costs, the preferences and financial condition of the company's tenants, the availability of capital
Revenue & Expenses
Visualization of income flow from segment revenue to net income