NNN REIT Q3 Profit Rises; Lifts FY Core FFO/shr Guidance

(RTTNews) - NNN REIT Inc. (NNN), a real estate investment trust, reported that its third quarter net earnings available to common stockholders rose to $106.79 million or $0.59 per share from $88.42 million or $0.50 per share in the prior year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.47 per share for the third quarter. Analysts' estimates typically exclude special items.

Funds from operations available to common stockholders for the quarter were $147.22 million or $0.81 per share up from $139.76 million or $0.79 per share in the prior year.

Revenues for the third quarter grew to $205.13 million from $193.47 million in the prior year. Analysts expected revenue of $204.7 million for the quarter.

The company raised its 2023 Core FFO guidance to a range of $3.19 to $3.23 per share from the prior outlook of $3.17 to $3.22 per share. Analysts expect annual earnings of $1.99 per share.

The 2023 AFFO is estimated to be $3.22 to $3.26 per share. The Core FFO guidance equates to net earnings of $1.88 to $1.92 per share, plus $1.31 per share of expected real estate depreciation and amortization and excludes any gains from the sale of real estate, charges for impairments and executive retirement costs.

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