NNN REIT在第二季度盈利超出预期后上调指引

NNN REIT (NYSE:NNN) raised its 2024 earnings guidance after Q2 results topped Wall Street expectations as the REIT's occupancy levels remained over 99%.

The net lease REIT now expects 2024 core FFO per share of $3.27-$3.33, compared with the average analyst estimate of $3.31 and NNN's previous guidance of $3.25-$3.31.

"Our thoughtful approach to raising and deploying capital, combined with our high occupancy and active management of our robust property portfolio, enables us to increase our core FFO per share guidance for 2024," said CEO Steve Horn.

Q2 core FFO per share of $0.83, beating the average analyst estimate of $0.82, was flat with Q1 and increased from $0.80 in Q2 2023.

Revenue of $216.8M, topping the $214.2M consensus, climbed from $215.4M in the prior quarter and $202.6M in last year's Q2.

Operating expenses climbed to $92.2M from $81.9M in Q1 and $77.8M in Q2 2023.

Occupancy stood at 99.3% at June 30, 2024, with a weighted average remaining lease term of 10.0 years, vs. 99.4% at March 31. 

NNN (NNN) stock rose 0.6% in Thursday premarket trading.

During the quarter, NNN (NNN) made $110.5M in property investments, including the acquisition of 16 properties with an aggregate gross leasable area of ~272K square feet at an initial cash cap rate of 7.9%.

It sold 14 properties during the quarter for $67.3M, producing $17.6M of gains on sales.

Conference call at 10:30 AM ET.

Earlier, NNN REIT FFO of $0.83 beats by $0.01, revenue of $216.81M beats by $2.6M