Welcome to our dedicated page for NNN REIT news (Ticker: NNN), a resource for investors and traders seeking the latest updates and insights on NNN REIT stock.
NNN REIT, Inc. (NYSE: NNN) is a prominent real estate investment trust specializing in single-tenant retail properties, typically under long-term, net leases. Established in 1984, NNN commenced trading on the New York Stock Exchange in 1994. The company is renowned for its impressive track record of increasing annual dividends for over 34 consecutive years, making it a solid investment choice for shareholders.
NNN REIT owns a diversified portfolio of 3,546 high-quality retail properties across 49 states, with a gross leasable area of about 36.1 million square feet. The properties are leased to over 400 tenants in 38 different industry classifications, including convenience stores, automotive services, fitness centers, theaters, restaurants, and banks. The company's properties are predominantly located in the South and Southeast regions of the United States, with rents from convenience stores and restaurants comprising the majority of its revenue.
In recent developments, NNN REIT reported solid operational performance in the first quarter of 2024, with nearly $125 million in property acquisitions. These acquisitions yielded an initial cash cap rate of 8% and had an 18-year weighted average remaining lease term. The company's robust property portfolio, coupled with over $1 billion in liquidity, positions NNN to deliver long-term shareholder value.
Financially, NNN REIT has maintained a strong balance sheet with significant free cash flow and liquidity. As of the first quarter of 2024, the company’s Core Funds From Operations (Core FFO) guidance ranges from $3.25 to $3.31 per share, reflecting solid earnings growth and strategic investments. The company also boasts a high level of occupancy and exceptional lease renewal percentages, further bolstering its financial health.
Recent financial highlights include securing a $500 million 10-year unsecured note offering, which enhances NNN's ability to execute its multi-year strategy amidst challenging capital market conditions. Additionally, the company's unsecured bank credit facility has been amended to increase borrowing capacity to $1.2 billion, with options to extend maturity to April 2029, demonstrating strong support from its banking partners.
For more information and updates on NNN REIT, Inc., visit their official website at www.nnnreit.com.
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