NYSE$NNN
National Retail Properties Inc · Q4 2024 earnings
Q4 2024 earnings · · Before market open · Investor relations
Briefing
NNN REIT reported stable revenue growth and strong portfolio management in Q4 2024.
NNN REIT, Inc. achieved a slight increase in revenue and net income for Q4 2024, driven by stable rental income and strategic property acquisitions. The company maintained high occupancy levels and continued its streak of annual dividend increases. However, earnings per share saw a slight decline due to operational costs.
- Revenue grew by 1.04% YoY to $218,482,000.
- Net income increased by 1.25% YoY to $97,894,000.
- Adjusted EPS declined to $0.82 from $0.85 YoY.
- Maintained a high occupancy rate of 98.5%.
Headline financials
Revenue & EPS history
NNN · Revenue · Quarterly
$218M
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 expects stable growth in 2025, supported by a strong balance sheet and continued property investments.
Tailwinds
- Core FFO per share guidance: $3.33 - $3.38.
- AFFO per share guidance: $3.39 - $3.44.
- Targeting $500M - $600M in property acquisitions.
- Maintained full availability of $1.2B credit line.
- Dividend streak extended to 35 years.
Headwinds
- Guided net earnings per share expected to be lower at $1.97 - $2.02.
- Dispositions expected to range between $80M - $120M, reducing asset base.
- Continued tenant issues, with eviction proceedings for 64 properties.
- General and administrative expenses projected to rise to $47M - $48M.
- Macroeconomic uncertainties, including interest rate fluctuations.
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 Q4 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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