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%.
Revenue by Segment
Revenue by Geographic Location
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.
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...