Core Insights - NNN REIT, Inc. has achieved 34 consecutive years of annual dividend increases, making it one of only three REITs to do so [5][6] - The company focuses on high-quality retail properties with long-term leases, owning 3,546 properties across 49 states, totaling approximately 36.1 million square feet of gross leasable area [2][4] - NNN REIT maintains a high occupancy rate of 99.4%, which is above its 25-year average of 98.1% [6] Company Strategy - The company's strategy emphasizes Core FFO (Funds From Operations) per share growth year-over-year, targeting mid-single digit growth to support dividend increases while keeping the payout ratio low [5][6] - NNN REIT's acquisition approach is long-term and relationship-based, partnering with large regional or national operators to enhance its portfolio [6] Financial Performance - In the previous year, NNN REIT invested $819.7 million in property investments, acquiring 165 properties [6]

Introduction NNN is a net lease REIT guided by a highly defensive business approach. It generally targets middle-market retail / service-oriented properties. peterschreiber.media/iStock via Getty Images Investment thesis NNN REIT (NYSE:NNN) has a fortress-like balance sheet, great business metrics, a highly defensive strategy reflected both in their financing and investment activities, as well as long-term and durable relationships with key partners that support its deal sourcing capabilities. The Company o ...

For the quarter ended March 2024, NNN REIT (NNN) reported revenue of $214.83 million, up 5.5% over the same period last year. EPS came in at $0.84, compared to $0.50 in the year-ago quarter.The reported revenue compares to the Zacks Consensus Estimate of $213.22 million, representing a surprise of +0.75%. The company delivered an EPS surprise of +1.20%, with the consensus EPS estimate being $0.83.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street exp ...

Financial Data and Key Metrics Changes - The company reported quarterly core FFO results of $0.83 per share for Q1 2024, an increase of $0.03 or 3.8% compared to $0.80 per share in the previous year [47] - AFFO results were $0.84 per share for the first quarter, which is $0.02 or 2.4% higher than the year-ago results [47] - Occupancy remained high at 99.4%, above the long-term average of approximately 98% [34][48] - G&A expenses increased by 2.7% year-over-year to $12.6 million, representing 5.8% of revenues for the quarter [48] - The AFFO dividend payout ratio for Q1 2024 was 67%, resulting in approximately $50.6 million of free cash flow for the quarter [48] Business Line Data and Key Metrics Changes - The leasing department successfully leased seven assets to QSR and auto service tenants, achieving a 91% rent recapture from prior rent [34] - The company invested $125 million in 20 new properties at an initial cash cap rate of 8%, which is 40 basis points wider than the previous quarter and 100 basis points year-over-year [42][43] - The company sold six income-producing properties, raising nearly $19 million for reinvestment [41] Market Data and Key Metrics Changes - The cap rate for the quarter was reported at 8%, with expectations for stabilization in the second quarter pricing [38][39] - The company noted that the property insurance market has hardened, but it has not significantly impacted tenants' businesses [2] Company Strategy and Development Direction - The company aims to maintain acquisition volume primarily through sale leaseback transactions with stable tenants, with a guidance range of $400 million to $500 million for 2024 [50] - The company is focused on enhancing shareholder value and actively managing its portfolio [22] - The balance sheet remains strong, with a credit facility capacity increased to $1.2 billion, positioning the company well for future acquisitions [39] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in tenant ability to pay rent, with no significant concerns regarding rent coverage levels [1] - The company anticipates further cap rate expansion in the latter half of the year if the "higher for longer" interest rate narrative continues [13] - Management remains optimistic about navigating uncertainties and believes the fundamentals of the business are in good shape [60] Other Important Information - The company ended the quarter with $831 million of annual base rent in place for all leases as of March 31, 2024 [53] - The weighted average debt maturity was reported at 11.8 years, which will help mitigate refinancing headwinds [49] Q&A Session Summary Question: What is included in guidance for the year regarding bad debt? - The company assumes 100 basis points of rent loss in its guidance, which is consistent with historical realized losses of 30 to 50 basis points [66] Question: Can you provide details on lease termination fee income? - The company had unusually high lease termination fee income of $4.2 million in Q1, which is above the average of $3 million annually [52][93] Question: What is the status of tenants on the watch list? - Frisch's and other tenants have been monitored, with no significant changes reported. The company is in dialogue with tenants regarding their performance [73][80] Question: How does the company plan to handle upcoming debt maturities? - The company has optionality in its balance sheet and does not provide specific guidance on capital markets activities [78] Question: What is the outlook for acquisition opportunities? - The company is primarily focused on its current tenant roster for acquisition volume and is not seeing significant competition from other capital providers [85]

NNN REIT (NNN) came out with quarterly funds from operations (FFO) of $0.84 per share, beating the Zacks Consensus Estimate of $0.83 per share. This compares to FFO of $0.82 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an FFO surprise of 1.20%. A quarter ago, it was expected that this retail real estate investment trust would post FFO of $0.82 per share when it actually produced FFO of $0.82, delivering no surprise.Over the last four quarters, the ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the quarterly period ended March 31, 2024 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the transition period from to Commission file number 001-11290 NNN REIT, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) ...

Operating Results: Exhibit 99.1 NEWS RELEASE For information contact: Kevin B. Habicht Chief Financial Officer (407) 265-7348 FOR IMMEDIATE RELEASE May 1, 2024 FIRST QUARTER 2024 OPERATING RESULTS ANNOUNCED BY NNN REIT, INC. Orlando, Florida, May 1, 2024 – NNN REIT, Inc. (NYSE: NNN), a real estate investment trust, today announced its operating results for the quarter ended March 31, 2024. Highlights include: • Revenues and net earnings, FFO, Core FFO and AFFO and diluted per share amounts: | | | Quarter En ...

ORLANDO, Fla., May 1, 2024 /PRNewswire/ -- NNN REIT, Inc. (NYSE: NNN), a real estate investment trust, today announced its operating results for the quarter ended March 31, 2024. Highlights include: Operating Results: Revenues and net earnings, FFO, Core FFO and AFFO and diluted per share amounts: Quarter EndedMarch 31, 2024 2023 (dollars in thousands, except per share data) Revenues $ 215,407 $ 204,108 Net earnings $ 94,371 $ 90,167 <td colspa ...

A restaurant waitress serves guests. alvarez/E+ via Getty Images Hard truths. Some people avoid them. Some people find liberation in them. I tend to fit in the latter group. One of the tougher truths of life that applies to personal finances is as follows: As long as there is life, bills tend to follow not far behind. Upon entering adulthood, this becomes a distressing reality for many. Unless somebody has someone who sets them up with a carefully constructed multi-million-dollar trust fund, they will pro ...

Funtap Thesis Given the current macroeconomic environment and high interest rates REITs have taken a hit on their valuations. NNN REIT Inc (NYSE:NNN) is a REIT that offers good diversification amongst sectors and tenants, have good debt management as well as debt maturity profile and trades at an attractive valuation which makes NNN a buy. Introduction and Performance NNN is a real estate investment trust (REIT) with a well diversified portfolio of triple net leased properties across the United States. ...