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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.
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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.comArizona Revenue
CapyFin.com 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
- Actual operating results may differ materially from what is expressed or forecast
Revenue & Expenses
Visualization of income flow from segment revenue to net income