NNN Q3 2023 Earnings Report
Key Takeaways
NNN REIT reported revenues of $205.13 million and net earnings available to common stockholders of $106.79 million for the third quarter of 2023. The company maintained high occupancy levels at 99.2% and invested $212.5 million in property acquisitions. Core FFO guidance for 2023 was increased to a range of $3.19 to $3.23 per share.
FFO and Core FFO per common share increased 2.5% over the prior period.
AFFO per common share increased 1.2% over the prior period.
Maintained high occupancy levels at 99.2%, with a weighted average remaining lease term of 10.1 years.
Invested $212.5 million in property investments, acquiring 46 properties with an aggregate gross leasable area of approximately 449,000 square feet.
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NNN Revenue by Segment
NNN Revenue by Geographic Location
Forward Guidance
Core FFO guidance for 2023 was increased from a range of $3.17 to $3.22 per share to a range of $3.19 to $3.23 per share. The 2023 AFFO is estimated to be $3.22 to $3.26 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 - $1.92 per share
- Real estate depreciation and amortization per share $1.31 per share
- Core FFO per share $3.19 - $3.23 per share
- AFFO per share $3.22 - $3.26 per share
- General and administrative expenses $43 - $45 Million
Challenges Ahead
- Real estate expenses, net of tenant reimbursements $8 - $10 Million
- Acquisition volume $700 - $800 Million
- Disposition volume $100 - $120 Million
Revenue & Expenses
Visualization of income flow from segment revenue to net income