NYSE$NNN
National Retail Properties Inc · Q2 2023 earnings
Q2 2023 earnings · · Investor relations
Briefing
NNN REIT, Inc. announced operating results for the second quarter of 2023 and increased its 2023 guidance.
NNN REIT reported a solid quarter with increased FFO per share by 3.9% and Core FFO per share by 1.3%. The company invested $181.3 million in real estate, including 36 properties, and increased Core FFO guidance for 2023.
- FFO per share increased 3.9% over prior year results.
- Core FFO per share increased 1.3% over prior year results.
- Maintained high occupancy levels at 99.4% as of June 30, 2023.
- $181.3 million in property investments, including the acquisition of 36 properties at an initial cash cap rate of 7.2%.
Headline financials
Revenue & EPS history
NNN · Revenue · Quarterly
$203M
Revenue by segment
NNN · $202M total across 4 segments · Q2 2023
- Rental income - operating leases$198M+6.4%97.6%
- Tenant reimbursements$4.36M+1.5%2.2%
- Percentage rent$291K-1.4%0.1%
- Direct financing lease income$143K-4.7%0.1%
Forward guidance
NNN REIT increased its Core FFO guidance for 2023 from a range of $3.14 to $3.20 per share to a range of $3.17 to $3.22 per share. The 2023 AFFO is estimated to be $3.20 to $3.25 per share.
Tailwinds
- Net earnings per common share excluding any gains on disposition of real estate, impairment charges, and executive retirement costs $1.88 - $1.93 per share
- Real estate depreciation and amortization per share $1.29 per share
- Core FFO per share $3.17 - $3.22 per share
- AFFO per share $3.20 - $3.25 per share
- Disposition volume $100 - $120 Million
Headwinds
- General and administrative expenses $43 - $45 Million
- Real estate expenses, net of tenant reimbursements $8 - $10 Million
- Acquisition volume $600 - $700 Million
- Guidance is based on current plans and assumptions and subject to risks and uncertainties more fully described in this press release and the company's reports filed with the Commission.
- general economic conditions, including inflation, local real estate conditions, changes in interest rates, increases in operating costs, the preferences and financial condition of the company's tenants, the availability of capital
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 Q2 2023
+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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