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Sep 30, 2023
NNN Q3 2023 Earnings Report
NNN REIT, Inc. announced its Q3 2023 operating results and increased 2023 guidance.
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.
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.comInterest & Other Income 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
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