NNN Reit (NYSE:NNN) narrowed its full-year guidance after posting slightly better-than-expected Q3 EPS on Thursday. The quarter's revenue beat by a healthy margin.

The net lease REIT adjusted its guidance for core FFO per share to $3.28-$3.32 from its prior outlook of $3.27-$3.33, keeping its midpoint unchanged at $3.30. That compares with the average analyst estimate of $3.33.

Q3 core FFO per share of $0.84, topping the $0.83 consensus estimate, rose from $0.83 in Q2 and $0.81 in last year's Q3.

Revenue of $218.6M, beating the $215.3M consensus, increased from $216.8M in the prior quarter and $205.1M a year ago.

""NNN continues to perform consistently, with a 3.7% increase in FFO and core FFO per share results in the third quarter 2024 compared to prior year results," said CEO Steve Horn.

Operating expenses dipped to $82.8M from $92.2M in Q2 and increased from $77.5M in Q3 2023.

Occupancy stood at 99.3% at Sept. 30, 2024, with a weighted average remaining lease term of 10.0 years, unchanged from June 30.

NNN (NYSE:NNN) stock rose 1.2% in Thursday premarket trading.

During the quarter, NNN (NNN) made $113.6M in property investment, including the acquisition of eight properties with an aggregate gross leasable area of approximately 626,000 square feet at an initial cash cap rate of 7.6%.

It sold nine properties during the quarter for $20.0M, producing $7.8M of gains on sales.

Conference call at 10:30 AM ET.

Earlier, NNN REIT FFO of $0.84 beats by $0.01, revenue of $218.56M beats by $3.3M