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Sep 30, 2024
NNN Q3 2024 Earnings Report
NNN REIT announced its Q3 2024 operating results.
Key Takeaways
NNN REIT reported a 3.7% increase in FFO and Core FFO per share compared to the prior year. The company maintained high occupancy levels at 99.3% and invested $113.6 million in property acquisitions.
FFO and Core FFO per share increased 3.7% over prior year results.
AFFO per share increased 2.4% over prior year results.
Maintained high occupancy levels at 99.3%, with a weighted average remaining lease term of 10.0 years.
Invested $113.6 million in property investments, including the acquisition of eight properties.
Revenue by Segment
Forward Guidance
NNN REIT narrowed its Core FFO per share guidance for 2024 to a range of $3.28 to $3.32 per share and estimates 2024 AFFO to be $3.31 to $3.35 per share.
Positive Outlook
- Net earnings per share excluding any gains on disposition of real estate, impairment charges, and executive retirement costs $1.93 - $1.97 per share
- Real estate depreciation and amortization per share $1.35 per share
- Core FFO per share $3.28 - $3.32 per share
- AFFO per share $3.31 - $3.35 per share
- Acquisition volume $500 - $600 Million
Challenges Ahead
- General and administrative expenses $45 - $46 Million
- Real estate expenses, net of tenant reimbursements $11 - $12 Million
- Disposition volume $110 - $130 Million
- Guidance is based on current plans and assumptions and subject to risks and uncertainties
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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