National Retail Properties Q3 FFO $0.71, raises 2021 Core FFO guidance to $2.80-$2.84

NNN REIT, INC.

2021-Q3 EPS reported $1.14 revenue$539,146,000

Q3 revenues $180.4M; net earnings $0.45/share; FFO $0.71; AFFO $0.75 (or $0.73 ex-deferral repayments).
Occupancy 98.6% with 10.6-year weighted avg lease term; acquired 49 properties for $246.8M at 6.4% cash yield.
Issued $450M 3.000% senior notes due 2052; ended quarter with $543.5M cash, $0 drawn on $1.1B credit line.
2021 Core FFO guidance raised to $2.80-$2.84/share (from $2.75-$2.80); AFFO estimated $3.00-$3.04.
2022 Core FFO guidance $2.90-$2.97/share; AFFO $2.99-$3.06; reflects mid-single-digit growth strategy.

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