National Retail Properties Q1 Core FFO $0.77 beats; raises 2022 guidance to $3.01-$3.08

NNN REIT, INC.

2022-Q1 EPS reported $0.46 revenue$190,279,000

Q1 Core FFO $0.77 per share (up from $0.69 YoY); AFFO $0.79 per share (up from $0.76).
Revenues $190.3M, net earnings $81.4M ($0.46 EPS) vs $52.1M ($0.30) in prior year.
Occupancy 99.2% (10.6-year avg lease term); invested $210.8M in 59 properties at 6.2% initial yield.
Raised 2022 Core FFO guidance to $3.01-$3.08 per share (from $2.93-$3.00); AFFO forecast $3.08-$3.15.
Balance sheet: $53.7M cash, zero drawn on $1.1B revolver, 100% fixed-rate debt with 14.5-year avg maturity.

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