NYSE$NNN
National Retail Properties Inc · Q1 2024 earnings
Q1 2024 earnings · · Investor relations
Briefing
NNN REIT, Inc. announced operating results for the first quarter of 2024.
NNN REIT reported increased revenues and net earnings for Q1 2024, with FFO and Core FFO per share increasing by 3.8% and AFFO per share increasing by 2.4%. The company maintained high occupancy levels at 99.4% and invested $124.5 million in property acquisitions.
- FFO and Core FFO per share increased 3.8% over prior year results.
- AFFO per share increased 2.4% over prior year results.
- Maintained high occupancy levels at 99.4%, with a weighted average remaining lease term of 10.0 years, at March 31, 2024 as compared to 99.5% at December 31, 2023 and 99.4% at March 31, 2023.
- Invested $124.5 million in property investments, including the acquisition of 20 properties with an aggregate gross leasable area of approximately 284,000 square feet at an initial cash cap rate of 8.0%.
Headline financials
Revenue & EPS history
NNN · Revenue · Quarterly
$215M
Revenue by segment
NNN · $205M total across 5 segments · Q3 2023
- Rental income - operating leases$200M+6.1%97.6%
- Tenant reimbursements$4.09M+5.5%2.0%
- Percentage rent$336K+43.0%0.2%
- Interest & other income$276K-25.2%0.1%
- Direct financing lease income$140K-5.4%0.1%
Forward guidance
NNN REIT provided 2024 earnings guidance, anticipating Core FFO per share of $3.25 - $3.31 and AFFO per share of $3.29 - $3.35.
Tailwinds
- Net earnings per share excluding any gains on disposition of real estate, impairment charges, and executive retirement costs $1.94 - $2.00 per share
- Real estate depreciation and amortization per share $1.31 per share
- Core FFO per share $3.25 - $3.31 per share
- AFFO per share $3.29 - $3.35 per share
- Acquisition volume $400 - $500 Million
Headwinds
- General and administrative expenses $46 - $48 Million
- Real estate expenses, net of tenant reimbursements $9 - $11 Million
- Disposition volume $80 - $120 Million
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q1 2024
+0.1%
Avg return
Earnings day
+1.1%
Avg return
5 days after
+1.6%
Avg return
30 days after
51%
35 / 68 earnings
Positive
+6.9%
Q3 2023
Best reaction
-5.6%
Q3 2024
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +0.6% | +2.0% | +2.3% | |
| Q4 2025 | -0.5% | +2.4% | +3.9% | |
| Q3 2025 | -2.6% | -0.5% | -0.6% | |
| Q1 2025 | +0.3% | +2.2% | +1.6% | |
| Q4 2024 | +5.7% | +6.3% | +9.9% | |
| Q3 2024 | -5.6% | -6.9% | -4.3% | |
| Q2 2024 | +3.7% | +4.1% | +4.7% | |
| Q1 2024 | +2.6% | +3.9% | +3.1% | |
| Q4 2023 | -0.7% | -0.7% | +6.4% | |
| Q3 2023 | +6.9% | +6.6% | +13.8% | |
| Q2 2023 | -5.4% | -4.6% | -7.6% | |
| Q1 2023 | +0.4% | +2.7% | -1.7% | |
| Q4 2022 | -0.3% | -0.6% | -8.7% | |
| Q3 2022 | +0.9% | +1.9% | +9.3% | |
| Q2 2022 | -0.7% | -0.4% | -4.7% | |
| Q1 2022 | +5.3% | +1.2% | +2.8% | |
| Q4 2021 | -1.4% | -1.3% | +0.7% | |
| Q3 2021 | +1.6% | +2.4% | -2.7% | |
| Q2 2021 | -1.9% | -0.6% | -2.2% | |
| Q1 2021 | +0.0% | +3.3% | +1.8% | |
| Q4 2020 | +0.5% | -0.8% | +5.1% | |
| Q3 2020 | +5.1% | +3.9% | +19.0% | |
| Q2 2020 | +1.4% | +2.6% | +2.3% | |
| Q1 2020 | -3.4% | +4.5% | +16.5% | |
| Q4 2019 | -2.4% | -0.3% | -23.5% | |
| Q3 2019 | -1.1% | -4.5% | -4.4% | |
| Q2 2019 | +1.8% | +2.5% | +7.5% | |
| Q1 2019 | +0.7% | +2.2% | +1.7% | |
| Q4 2018 | -3.3% | -2.1% | -0.5% | |
| Q3 2018 | +0.3% | +3.0% | +7.1% | |
| Q2 2018 | +0.9% | +2.4% | +3.3% | |
| Q1 2018 | +1.2% | +4.8% | +8.9% | |
| Q4 2017 | -1.1% | +2.2% | +2.0% | |
| Q3 2017 | +1.4% | +3.4% | +3.8% | |
| Q2 2017 | +1.5% | +1.3% | +4.6% | |
| Q1 2017 | -1.0% | -4.5% | -8.1% | |
| Q4 2016 | -0.5% | +0.4% | -2.2% | |
| Q3 2016 | +0.1% | +2.0% | -3.3% | |
| Q2 2016 | -2.1% | -4.1% | -6.6% | |
| Q1 2016 | +3.5% | — | — | |
| Q4 2015 | +1.2% | — | — | |
| Q3 2015 | -0.5% | — | — | |
| Q2 2015 | +0.8% | — | — | |
| Q1 2015 | -5.0% | — | — | |
| Q4 2014 | +1.1% | — | — | |
| Q3 2014 | -0.1% | — | — | |
| Q2 2014 | +0.3% | — | — | |
| Q1 2014 | +1.6% | — | — | |
| Q4 2013 | +1.6% | — | — | |
| Q3 2013 | -2.4% | — | — | |
| Q2 2013 | -1.2% | — | — | |
| Q1 2013 | +2.5% | — | — | |
| Q4 2012 | +1.4% | — | — | |
| Q3 2012 | -1.3% | — | — | |
| Q2 2012 | +0.3% | — | — | |
| Q1 2012 | +0.8% | — | — | |
| Q2 2009 | -0.2% | — | — | |
| Q4 2011 | -0.2% | — | — | |
| Q3 2011 | -2.6% | — | — | |
| Q2 2011 | -2.4% | — | — | |
| Q1 2010 | -1.1% | — | — | |
| Q1 2011 | +0.7% | — | — | |
| Q4 2008 | +2.0% | — | — | |
| Q4 2010 | +2.0% | — | — | |
| Q3 2009 | -0.9% | — | — | |
| Q3 2010 | -0.9% | — | — | |
| Q4 2009 | -0.8% | — | — | |
| Q2 2010 | -0.8% | — | — |
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