NNN REIT, Inc., a renowned real estate investment trust, has just announced its operating results for the quarter ended March 31, 2023. The company continues to demonstrate its robust performance and commitment to delivering long-term shareholder value.
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Highlights of the First Quarter 2023
During the first quarter of 2023, NNN REIT achieved impressive results across various areas:
- FFO per share increased by 6.7% compared to the previous year.
- Core FFO per share witnessed a growth of 3.9% compared to the previous year.
- AFFO per share also experienced a notable increase of 3.8% compared to the previous year.
- NNN REIT maintained high occupancy levels at 99.4% and a weighted average remaining lease term of 10.3 years as of March 31, 2023. This reflects the company’s stability and commitment to long-term partnerships.
- The company made property investments totaling $156.2 million, including the acquisition of 43 properties with over 275,000 square feet of gross leasable area.
- Additionally, NNN REIT sold six properties, generating $11.9 million, with gains of $6.3 million at a cap rate of 6.6%.
- NNN REIT successfully raised $16.9 million in net proceeds from the issuance of 367,569 common shares.
- The company maintained its sector-leading 12.9-year weighted average debt maturity for unsecured debt.
According to Steve Horn, the Chief Executive Officer of NNN REIT, the company had a solid start to 2023. With over $155 million in property acquisitions and a 19-year average lease term, NNN REIT continues to maintain high occupancy levels in its portfolio. The 3.9% Core FFO growth, coupled with strategic balance sheet management and wider investment cap rates, positions NNN REIT to provide long-term shareholder value throughout 2023.
About NNN REIT
NNN REIT invests primarily in high-quality retail properties, which are subject to long-term, net leases. As of March 31, 2023, the company owned 3,449 properties in 49 states, covering a gross leasable area of approximately 35.3 million square feet. The properties have an impressive weighted average remaining lease term of 10.3 years. NNN REIT stands out as one of the few publicly traded REITs that have consistently increased annual dividends for 33 or more consecutive years.
Visit the official website of NNN REIT at 5 WS for more information about the company.
Earnings Report Conference Call
NNN REIT will hold a conference call on May 2, 2023, at 10:30 a.m. ET to provide a comprehensive review of its results of operations. Investors and stakeholders can access the live call on the NNN REIT website at www.nnnreit.com. In case you are unable to listen to the live broadcast, a replay will be available on the company’s website. Additionally, a summary of any earnings guidance provided during the call will be posted online.
Disclaimer
This press release may contain “forward-looking” statements, which are not strictly historical in nature. These statements are characterized by terms such as “believe,” “expect,” “in position,” “intend,” “may,” “estimated,” or other similar words or expressions. Please note that forward-looking statements are subject to known and unknown risks, which may cause actual future results to differ materially from expected results. These risks include general economic conditions, changes in interest rates, the preferences and financial condition of tenants, and the potential impacts of COVID-19 or any epidemic/pandemic on the company’s business operations and financial position.
For a comprehensive understanding of the risks and factors that could impact actual results, please refer to the company’s Securities and Exchange Commission filings. NNN REIT, Inc. undertakes no obligation to publicly release the results of any revisions to the forward-looking statements made in this press release.
To learn more about Funds From Operations (FFO), Core Funds From Operations (Core FFO), and Adjusted Funds From Operations (AFFO), please refer to the financial information accompanying this release.
Source: NNN REIT, Inc.
