NYSE$NNN
National Retail Properties Inc · Q3 2023 earnings
Q3 2023 earnings · · Investor relations
Briefing
NNN REIT, Inc. announced its Q3 2023 operating results and increased 2023 guidance.
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.
Headline financials
Revenue & EPS history
NNN · Revenue · Quarterly
$205M
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
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.
Tailwinds
- 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
Headwinds
- Real estate expenses, net of tenant reimbursements $8 - $10 Million
- Acquisition volume $700 - $800 Million
- Disposition volume $100 - $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 Q3 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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