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Jun 30, 2024
NNN Q2 2024 Earnings Report
Second quarter operating results announced with increased 2024 guidance.
Key Takeaways
NNN REIT reported an increase in FFO and Core FFO per share by 3.8% and AFFO per share by 5.0% compared to the prior year. The company maintained high occupancy levels at 99.3% and invested $110.5 million in property acquisitions.
FFO and Core FFO per share increased 3.8% over prior year results.
AFFO per share increased 5.0% over prior year results.
Maintained high occupancy levels at 99.3% with a weighted average remaining lease term of 10.0 years.
Invested $110.5 million in property investments, acquiring 16 properties with an aggregate gross leasable area of approximately 272,000 square feet at an initial cash cap rate of 7.9%.
NNN
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NNN Revenue by Segment
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.com Forward Guidance
NNN REIT increased its Core FFO guidance for 2024 from a range of $3.25 to $3.31 per share to a range of $3.27 to $3.33 per share. The 2024 AFFO is estimated to be $3.31 to $3.37 per share.
Positive Outlook
- Net earnings per share excluding any gains on disposition of real estate, impairment charges, and executive retirement costs: $1.93 - $1.99 per share
- Real estate depreciation and amortization per share: $1.34 per share
- Core FFO per share: $3.27 - $3.33 per share
- AFFO per share: $3.31 - $3.37 per share
- Acquisition volume: $400 - $500 Million
Challenges Ahead
- General and administrative expenses: $46 - $48 Million
- Real estate expenses, net of tenant reimbursements: $10 - $11 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