Increased Common Dividend Declared by NNN REIT, Inc.

Rhea-AI Summary

NNN REIT, Inc. (NYSE: NNN) has announced a 2.7% increase in its quarterly dividend to 58 cents per share, payable on August 15, 2024, to shareholders of record as of July 31, 2024. This marks the 35th consecutive annual dividend increase for the company, making it one of only three publicly traded REITs to achieve this milestone. CEO Steve Horn attributes this consistent growth to a disciplined capital deployment strategy and a strong, flexible balance sheet.

As of March 31, 2024, NNN REIT owned 3,546 properties across 49 states, with a gross leasable area of approximately 36.1 million square feet and a weighted average remaining lease term of 10.0 years. The company primarily invests in high-quality retail properties subject to long-term, net leases.

Positive

• Increased quarterly dividend by 2.7% to 58 cents per share
• 35th consecutive annual dividend increase
• One of only three publicly traded REITs with 35+ years of consecutive dividend increases
• Strong portfolio of 3,546 properties across 49 states
• Long weighted average remaining lease term of 10.0 years

Negative

• None.

-- Marks 35^th Consecutive Annual Dividend Increase --

ORLANDO, Fla., July 15, 2024 /PRNewswire/ -- The Board of Directors of NNN REIT, Inc. (NYSE: NNN), a real estate investment trust, today announced a quarterly dividend of 58 cents per share payable August 15, 2024 to shareholders of record as of July 31, 2024. The 2.7% increase in the quarterly dividend marks the 35^th consecutive annual dividend increase. NNN is one of only three publicly traded REITs to have increased its annual dividend for 35 or more consecutive years.

Steve Horn, Chief Executive Officer, commented: "Maintaining a multi-year perspective has kept NNN in position to increase the annual dividend for the 35^th consecutive year in 2024.  A disciplined capital deployment strategy and a strong, flexible balance sheet have allowed NNN to continue this impressive track record of consistent growth."

NNN REIT invests primarily in high-quality retail properties subject generally to long-term, net leases. As of March 31, 2024, the Company owned 3,546 properties in 49 states with a gross leasable area of approximately 36.1 million square feet and a weighted average remaining lease term of 10.0 years. For more information on the company, visit www.nnnreit.com.

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SOURCE NNN REIT, Inc.

FAQ

What is the new quarterly dividend amount for NNN REIT (NYSE: NNN)?

NNN REIT (NYSE: NNN) has declared a new quarterly dividend of 58 cents per share, representing a 2.7% increase from the previous dividend.

When will NNN REIT (NYSE: NNN) pay its latest quarterly dividend?

NNN REIT (NYSE: NNN) will pay its latest quarterly dividend on August 15, 2024, to shareholders of record as of July 31, 2024.

How many consecutive years has NNN REIT (NYSE: NNN) increased its annual dividend?

NNN REIT (NYSE: NNN) has increased its annual dividend for 35 consecutive years, making it one of only three publicly traded REITs to achieve this milestone.

How many properties does NNN REIT (NYSE: NNN) own as of March 31, 2024?

As of March 31, 2024, NNN REIT (NYSE: NNN) owned 3,546 properties across 49 states, with a gross leasable area of approximately 36.1 million square feet.

What is the weighted average remaining lease term for NNN REIT's (NYSE: NNN) properties?

The weighted average remaining lease term for NNN REIT's (NYSE: NNN) properties is 10.0 years as of March 31, 2024.